A consortium led by India’s Aditya Birla Group has agreed to acquire Indian Premier League (IPL) franchise Royal Challengers Bengaluru (RCB) in a transaction valuing the franchise at approximately $1.8bn, according to a report by Bloomberg.
The buyer group includes The Times of India Group, Bolt Ventures and Blackstone, marking the private equity firm’s first investment in a professional sports team. It is the first sports team investment for Blackstone, which is investing through its Private Equity Strategies fund, targeting high-net-worth individuals.
The deal follows a strategic review by United Spirits, the Indian subsidiary of Diageo, which owned the franchise via Royal Challengers Sports. The transaction had been closely watched as a benchmark for valuations across the IPL, where team stakes are increasingly attracting global institutional capital.
The IPL has evolved into one of the most commercially successful sports leagues globally, drawing comparisons with major competitions such as the English Premier League. Strong media rights demand and growing international interest have underpinned rising franchise valuations, despite some recent moderation at the league level.
Secondary transactions in IPL teams now typically require full upfront payment, increasing the capital intensity of deals and driving consortium-led acquisitions involving private equity, strategic investors and ultra-high-net-worth individuals.
The transaction comes amid a broader trend of monetisation by early investors in IPL franchises. Recent deals, including the sale of a majority stake in Gujarat Titans by CVC Capital Partners, highlight sustained demand for cricket assets linked to India’s growing consumer market.
