Global investors, including Manchester United co-owner Avram Glazer, are lining up billion-dollar bids to acquire Indian Premier League (IPL) franchises Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR).
The prospective valuations highlight the sharp escalation in IPL franchise prices over the past few years. The estimated bids for each team are expected to be close to, or even exceed, the combined value of the Lucknow Super Giants (LSG) and Gujarat Titans (GT) franchises, which were sold by the Board of Control for Cricket in India (BCCI) in 2021 for Rs 12,715 crore (approximately $1.69 billion).
Companies bidding for IPL franchisees RCB and RR
According to the ESPNcricinfo report, at least eight investors have been shortlisted for RCB, while five have made the cut for RR. RCB’s men’s and women’s teams are the reigning champions of the IPL and the Women’s Premier League (WPL), respectively, while RR were the inaugural IPL winners in 2008.
The shortlisted bidders for RCB include:
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Lancer Capital, owned by Avram Glazer -
Manipal Group, led by Ranjan Pai -
Serum Institute of India chief Adar Poonawalla -
Times of India Group -
EQT Private Capital; Capri Global -
US-based businessman Sanjay Govil -
Private investment firm Premji Invest
For RR, the five shortlisted bidders are Lancer Capital, Capri Global, Arizona-based technology entrepreneur Kal Somani, Govil, and Times of India Group.
RR and RCB’s expected valuations and sale structure
Citing people familiar with the process, the report added that RCB’s valuation could range between $1.2 billion and $1.8 billion, while RR is expected to fetch between $1.2 billion and $1.4 billion. These estimates are based on non-binding bids submitted in the initial round—held in January for RR and on February 2 for RCB.
Both franchises have reportedly offered bidders the option to acquire a 100 per cent stake. Apart from Lancer Capital, most bidders likely to be exploring consortium structures by bringing in additional investors.
Repeat bidders eye IPL entry
Several of the shortlisted investors have previously attempted to gain a foothold in the IPL. Capri Global and Lancer Capital were among the bidders for the Ahmedabad and Lucknow franchises in 2021. Capri Global had bid Rs 4,024 crore for each franchise, while Lancer Capital’s bids stood at Rs 4,128.65 crore for Ahmedabad and Rs 4,023.99 crore for Lucknow.
Lancer Capital currently owns the Desert Vipers team in the UAE’s ILT20 league. Capri Global owns Sharjah Warriorz in ILT20 and UP Warriorz in the WPL. Kal Somani, meanwhile, was announced by RR as an investor in 2021.
Timelines and approval process
According to the report, final bids for RR are scheduled for the first week of March. While no specific date has been fixed for RCB, bidders have been told the process will conclude in February. The second round will involve verification of technical eligibility before final bids are evaluated.
Once a winning bidder is selected, the parties will enter an exclusive negotiation phase before signing the contract. While the final decision rests with the current owners, the BCCI will need to ratify the sale and will receive 5 per cent of the transaction value, as stipulated in the IPL franchise agreement.
Raine Group is managing the sale process for RR, while Citigroup is overseeing the transaction for RCB.
Ownership background and past transactions
RCB is owned by Diageo, the global alcohol and beverages group, while RR is majority-owned by Manoj Badale’s Emerging Media, which holds about a 65 per cent stake. In November, Diageo told market regulator Sebi that it was conducting a strategic review of its RCB investment, describing cricket as a non-core business and indicating it aimed to complete the sale by March 31.
RR has seen multiple minority investors over the years. In 2021, RedBird Capital Partners acquired a 15 per cent stake in the franchise for an undisclosed amount.
RCB and RR were among the eight original IPL franchises auctioned in 2008. RCB was the second-most expensive team at the time, bought for $111.6 million, while RR was acquired for $67 million, when the dollar traded at around Rs 40.
The last major IPL ownership change came with Gujarat Titans. The franchise was initially bought by CVC Capital Partners in 2021 for Rs 5,625 crore. In 2025, Torrent Group acquired a 67 per cent stake in the team for Rs 5,050 crore.
