EQT is preparing a binding offer for the owners of Royal Challengers Bengaluru, potentially valuing the Indian Premier League team at around $2bn–$2.1bn, according to a report by NDTV Sports citing unnamed people familiar with the matter.
If submitted at that level, the bid would exceed the roughly $1.8bn preliminary offer reportedly made by Avram Glazer through Lancer Capital during the earlier stage of the process.
The franchise is currently owned by United Spirits Limited, the Indian subsidiary of Diageo. United Spirits launched a strategic review of its stake in Royal Challengers Sports Private Limited in November 2025 as part of an assessment of non-core assets.
Royal Challengers Sports owns both the men’s IPL team and the franchise’s side in the Women’s Premier League.
Following the first round of non-binding offers last month, roughly nine to ten bidders are understood to have progressed to the next phase of the sale process. Other potential buyers include Adar Poonawalla and Ranjan Pai, alongside Lancer Capital and EQT.
Binding bids are due by 16 March, with the transaction expected to conclude by the end of March ahead of the upcoming season of the Indian Premier League.
