After finally clinching their first-ever IPL title in 2025, Royal Challengers Bengaluru (RCB) has become the hottest topic in the cricket business world. But while fans are still celebrating the historic win, behind-the-scenes developments suggest a major change could be on the horizon: a potential sale of the franchise by its current owner, Diageo.
Why Diageo Might Exit
RCB is currently owned by Diageo Great Britain, which holds the team through its Indian arm, United Spirits. While the team has grown significantly in brand value, insiders suggest that managing an IPL franchise is considered a non-core activity for a liquor-focused multinational like Diageo.
According to a report by CricketMan2, Diageo is exploring both full and partial sales of the RCB franchise. Rising operational costs, regulatory restrictions on sponsorship, and pressures to maintain profitability have all contributed to the decision. Despite winning the title, RCB’s financial structure hasn’t aligned well with Diageo’s long-term business goals.
The $2 Billion Valuation Realistic or Overpriced?
One of the most debated aspects of this potential deal is the valuation pegged at around USD 2 billion (₹16,600 to ₹17,500 crore). Some see this figure as steep, but others argue it’s grounded in future media rights projections.
As explained by OneIndia, the upcoming JioStar merger could boost IPL broadcasting to over 500 million subscribers, significantly increasing revenue potential. If IPL subscription plans fetch ₹100 per month across that user base, revenue over five seasons could cross $10 billion, a key metric justifying RCB’s hefty price tag.
Who Are the Interested Buyers?
At least six prominent suitors have emerged as potential RCB buyers, according to multiple sources:
- Adar Poonawalla (Serum Institute of India): A serious contender, he’s reportedly considering a partnership with U.S. investors.
- Parth Jindal (JSW Group): Currently co-owns Delhi Capitals and would need to exit that franchise if he wishes to acquire RCB.
- Gautam Adani (Adani Group): Previously bid for the Ahmedabad team in 2022.
- A Delhi-based industrialist: Still unnamed, but said to have multi-sector interests.
- Two U.S.-based private equity firms: Currently in exploratory discussions.
As per a detailed article on Cricbuzz, some of these parties have already held conversations with Diageo. The Jindal and Adani groups’ involvement would require clearance from the BCCI due to existing IPL stakes and potential regulatory overlaps.
Roadblocks and Legal Concerns
While the financials are enticing, the legal and operational landscape is complicated. Most notably, the June 4 stampede tragedy outside Bengaluru’s M. Chinnaswamy Stadium casts
a long shadow over the deal. The venue has remained largely inactive since the incident, and ongoing investigations could deter certain investors.
Additionally, Diageo’s Indian arm is reportedly reluctant to give up the team, seeing it as a valuable marketing tool within India’s massive cricket-watching population. This internal disagreement could delay or even derail any final sale decision.
Final Thoughts: Will RCB Actually Be Sold?
Whether RCB ultimately changes hands or not depends on several factors: Diageo’s internal alignment, regulatory approvals, valuation negotiations, and legal resolution around the stadium tragedy.
Two global banks, including Citi, have been appointed as transaction advisors, signaling Diageo’s seriousness but also the complexity — of this move.
What’s clear is this: RCB, once mocked for its trophy-less run, is now a championship-winning franchise with billion-dollar potential. The next few weeks could determine whether a new owner steps in or if Diageo decides to hold onto one of IPL’s most valuable teams.
