A bidding war is escalating for ownership of two prominent Indian Premier League (IPL) franchises, Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR), with Manchester United co-owner Avram Glazer emerging as a leading contender for both teams. Diageo, the parent company of RCB, initiated a sale process in November, while the sale of the Rajasthan Royals is being managed by The Raine Group.
RCB, fresh off a 2025 IPL title win, is anticipated to attract bids ranging from US$1.2 billion to US$1.8 billion, according to ESPNcricinfo. At least eight investors have reportedly expressed interest in acquiring the franchise. Among those pursuing RCB are Sweden-based private equity firm EQT, the Manipal Group led by Ranjan Pai, and investment firm Premji Invest. Pai is reportedly in discussions with KKR and Temasek to potentially form a consortium for his bid, according to MoneyControl.
Serum Institute of India CEO Adar Poonawalla has also confirmed his intention to submit a “strong and competitive” bid for RCB. Separately, the Rajasthan Royals have garnered interest from US-based tech entrepreneur Kal Somani.
Glazer, through his investment vehicle Lancer Capital, is among four parties bidding for both RCB and RR. He previously attempted to acquire IPL expansion teams in 2021. State of Play reports Glazer has submitted a US$1.8 billion bid for RCB, potentially the highest offer received to date. Glazer also owns the Desert Vipers franchise in the International League T20 (ILT20) and co-owns the Tampa Bay Buccaneers in the NFL.
Sanjay Govil, owner of the Washington Freedom in Major League Cricket (MLC) and a 49% stake in Welsh Fire, is also vying for both franchises. The Times of India media conglomerate and Capri Global, which already owns the Sharjah Warriorz (ILT20) and UP Warriorz (Women’s Premier League), are also pursuing both RCB and RR.
Under Board of Control for Cricket in India (BCCI) regulations, individuals or entities can only own one IPL team. This means any party actively pursuing both RCB and RR will be required to withdraw from one of the bidding processes. A ninth, undisclosed bidder for RCB has also been reported by State of Play, following earlier reports from MoneyControl suggesting Blackstone was preparing a non-binding bid.
Diageo, which acquired RCB through its purchase of United Spirits in 2012 for US$2.1 billion, views cricket as a “non-core” business and aims to complete the sale of RCB by March 31, 2026. The franchise was originally purchased in 2008 by Vijay Mallya for US$111.6 million. The sale of the Rajasthan Royals, majority-owned by Emerging Media Ventures and with minority shareholders including RedBird Capital Partners and Lachlan Murdoch, is expected to be finalized next month.
The Raine Group is leading the sale process for the Royals, with reports indicating a US$1.3 billion bid has already been received. The last IPL franchise to change hands was the Gujarat Titans, acquired by Torrent Group in February 2023 for a reported US$575 million.