Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone to acquire cricket franchise Royal Challengers Bengaluru

Consortium to acquire the reigning IPL and WPL champion franchise, and one of the most iconic franchises in global sport - from United Spirits Limited (Diageo India) in a transaction valued at INR 166.6 billion (approximately US$1.78 billion)

Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s perpetual private equity strategy, BXPE (Blackstone) have signed a definitive agreement to acquire 100% of Royal Challengers Bengaluru (RCB), encompassing both the men’s Indian Premier League franchise and the Women’s Premier League franchise, from United Spirits Limited (USL), a subsidiary of Diageo plc. The transaction values the franchise at INR 166.6 billion (approximately US$1.78 billion).

The acquisition is subject to customary closing conditions, including approval from the Board of Control for Cricket in India (BCCI), the Competition Commission of India, and other applicable regulatory authorities. Under the new ownership structure, Aryaman Vikram Birla, Director, Aditya Birla Group, will serve as Chairman and Satyan Gajwani of The Times of India Group will serve as Vice Chairman of the franchise.

Statements from the Partners Kumar Mangalam Birla, Chairman, Aditya Birla Group, said “Over the past 2 decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket creating enormous value for India. RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport. We are delighted to become custodians of this asset and committed to further building this extraordinary legacy.”

Satyan Gajwani, Chairman, Times Internet Limited, said: “RCB is the reigning champion and the most popular brand in the IPL. As The Times of India Group, together with our partners, we will build RCB into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase. We are committed to the people who built this championship-winning culture - the players, coaches, the leadership team, and the fans. We look forward to supporting the team as they take the pitch on Saturday to defend RCB’s title.”

David Blitzer, Founder, Bolt Ventures, said: “RCB has a world-class fanbase, and the IPL is one of the  great growth stories in global sport. Having invested in clubs and leagues around the world, I believe the opportunity at RCB stands out. We look forward to working alongside our partners and the BCCI to build on the franchise’s championship success.”

Viral Patel, Chief Executive Officer of BXPE, said: “We are excited to invest in RCB, building on Blackstone’s long-standing commitment to India. RCB stands out as one of the most popular sports franchises in the world with a powerful brand, a loyal fan base, and multiple avenues for growth. Together with our partners, we look forward to supporting the franchise’s enduring legacy and continued success."

Aryaman Vikram Birla, Director, Aditya Birla Group, said: “It is a privilege to come together in this partnership to shape the next phase of growth for RCB. This partnership brings together a deep understanding of sports, media and consumer businesses. Together, we will continue to Play Bold - on the pitch, in the community, and for the fans who make RCB what it is.”

Praveen Someshwar, Managing Director & CEO, USL, said: “This transaction marks an important milestone for USL as we sharpen focus on our core beverage alcohol business to unlock its true potential with sustained growth, and to continue delivering on long-term value creation for our stakeholders. RCB has grown into the most prominent and commercially successful franchise in the IPL and WPL. Guided by its ‘Play Bold’ philosophy and a strong competitive spirit, it has built a globally recognized brand and a passionate fan base. We are excited for the future of RCB under the stewardship of the new owners. As Sports enters a new phase of growth in India & globally, we believe this is in the best interest of the franchise and our stakeholders. On behalf of USL, I thank everyone who has contributed to RCB’s journey for their continued support - the BCCI, the fans, players and employees.”

Royal Challengers Sports Private Limited, a subsidiary of Diageo India, owns the Royal Challengers Bengaluru (RCB). The Royal Challengers Bengaluru (often abbreviated as RCB) are a franchise cricket team based in Bengaluru, Karnataka, that plays in the Indian Premier League (IPL). One of the original eight teams, RCB have reached the IPL Final on four occasions, winning the title for the first time in 2025. The franchise also recorded three consecutive Playoff appearances between 2020 and 2022. In 2024, the team qualified by winning six out of six games from the bottom of the points table with a 1% chance. The squad consists of a fine blend of proven stars of the international arena and emerging talent.

Royal Challengers Bengaluru emerged champions in the Women’s Premier League 2024 and reclaimed the title in 2026, becoming the first franchise to simultaneously hold both the IPL and WPL titles. RCB won the rights to own and operate a team in the Women’s Premier League with a bid of 901 Crores in January 2023 and shaped a bold squad in the auction with the buy of distinguished Indian opener Smriti Mandhana (INR 3.40 CR), who also became the most expensive buy not only at WPL but among all other women’s cricket leagues in the world.

RCB has adopted the philosophy #PlayBold, which resonates on and off the field – ‘Defeats don’t defeat us, the Challenger Spirit keeps us alive’. Download the RCB Mobile Application to know more.
 

The Acquiring Consortium

The acquiring consortium brings together four partners with complementary strengths across sport, media, technology, and brand-building:

Aditya Birla Group is one of India’s largest and most respected conglomerates, with operations spanning over 40 countries and a legacy of over 165 years. ABG’s extensive portfolio of consumer-facing brands, large retail footprint, deep corporate relationships and robust governance and compliance frameworks positions it well to lead RCB’s next phase.

The Times of India Group is one of India’s largest media conglomerates and operates the most comprehensive ecosystem across news and cricket. Through Cricbuzz (the world’s leading cricket platform), Willow TV (North America’s home of cricket), and ownership in Major League Cricket (USA) and the London Spirit (The Hundred, UK), Times brings extensive capabilities in cricket media, sports IP, fan engagement, and international expansion.

Bolt Ventures is the private investment platform of David Blitzer, one of the most prominent and respected sports investors in the world. Blitzer’s portfolio includes ownership stakes in Crystal Palace F.C. (EPL), the Philadelphia 76ers (NBA), the New Jersey Devils (NHL), the Washington Commanders (NFL), the Cleveland Guardians (MLB), Real Salt Lake (MLS), and multiple other franchises spanning the globe. Bolt brings significant experience in sports operations, franchise governance, and value creation across the industry’s biggest and best sports leagues.

Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.
 

Transaction Detail

The transaction values Royal Challengers Bengaluru at INR 166.6 billion (approximately US$1.78 billion) and encompasses both the men’s IPL franchise and the women’s WPL franchise. Completion of the transaction is subject to approval from the BCCI, the IPL Governing Council, and other applicable regulatory approvals.

A&W Capital, Moelis, and Khaitan & Co served as advisors and counsel for the buyers. Citi India and AZB Partners served as the sell-side advisor and counsel to USL.