Royal Challengers Bengaluru’s ownership story has moved into a more serious and revealing phase, with Swedish private equity giant EQT Group now reportedly preparing a binding bid that could value the franchise at $2 billion to $2.1 billion. That figure, if it materialises, would make RCB one of the most prized properties in global franchise sport. The reported March 16 deadline for binding bids has turned what was initially a strategic review into a high-stakes contest for one of cricket’s rarest assets.
What makes this more than just another sale story is the nature of the asset on the table. United Spirits Ltd., Diageo’s India arm, formally announced in November 2025 that it was launching a strategic review of its investment in Royal Challengers Sports Private Limited, the wholly owned subsidiary that controls both the RCB men’s IPL team and the women’s WPL side. The company described RCSPL as a valuable and strategic asset but also non-core to its main business, making this as much a portfolio decision as a sporting one. USL had said that the process was expected to conclude by March 31, 2026.
EQT’s reported arrival signals how the IPL is now being viewed by global capital. Investors are no longer looking at franchises as vanity trophies owned solely by celebrities or corporate houses. They are increasingly treating them as a premium sports-media business with scarcity value, predictable pooled revenues, sponsorship upside and deep audience loyalty. Firms such as Kohlberg Kravis Roberts, Blackstone and Partners Group were reportedly studying IPL opportunities, underlining that private equity now sees cricket’s flagship as a scalable, serious asset rather than a quirky emerging-market sideshow.
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{{/usCountry}}For RCB specifically, that wider investor interest now has a much sharper edge. The franchise is now at the centre of an active contest involving multiple serious names. Avram Glazer’s Lacer Capital is said to have already placed a non-binding bid of around $1.8 billion, while Adar Poonawalla and Ranjan Pai-backed investors are also among those linked with the process. That immediately gives EQT’s presence more weight, placing the Swedish firm in a crowded, high-value race.
The next few days could define how serious that contest really is. With binding bids reportedly due by March 16 and the wider process expected to run until March 31, this is the point at which interest must translate into commitment.
RCB’s appeal is obvious enough. This is one of the IPL’s biggest brands, backed by a huge fan base, Virat Kohli’s long-standing association and the extra pull of heading into the new season as defending champions.