Post submission of non-binding bids, around nine to ten suitors have been shortlisted for the next stage of the ongoing high-profile sale process of Royal Challengers Sports Private Limited ( RCSPL), a subsidiary of global liquor giant Diageo’s Indian arm United Spirits, multiple industry sources in the know told Moneycontrol.
RCSPL’s business comprises ownership of the popular Royal Challengers Bengaluru (RCB) franchise team, which participates in the men's Indian Premier League (IPL) and Women's Premier League (WPL) cricket tournaments hosted annually by the BCCI.
“ The bidders who have been selected for the next stage of this marquee transaction, which will set a fresh valuation benchmark for IPL teams, have been informed over the last weekend. Around 9 to 10 parties have made the cut, which is an unusually high figure for this stage of a transaction,” said one of the persons above.
“ Due diligence is set to begin this week and chosen bidders will be given access to the virtual data room, followed by management meetings,” a second person added.
According to three other persons, Serum Institute of India CEO Adar Poonawalla, Manipal Group Chairman Dr Ranjan Pai, Swedish private equity firm EQT and Manchester United co-owner Avram Glazer backed Lancer Capital LLC are among those who are likely to have moved on to the next round. Moneycontrol could not independently verify the names of the other shortlisted candidates.
As per previous media reports, other suitors linked to the RCSPL sale process include Bengaluru based investment firm Premji Invest, private equity giant Blackstone, NBFC Capri Global ( owner of WPL franchise UP Warriorz and ILT20 franchise Sharjah Warriorz), a combine led by The Times of India group executives and others ( a consortium led by Times Internet vice-chairman Satyan Gajwani and US tech leaders had acquired a 49 per cent stake in the London Spirit cricket franchise in early 2025), a consortium led by Arizona-based tech entrepreneur Kal Somani and Sanjay Govil, the owner of cricket team Washington Freedom and co-owner of cricket team Welsh Fire.
The State of Play was the first to report the interest of Avram Glazer led Lancer Capital in the mega sports deal.
“ Post due-diligence, at the time of submission of final, binding bids, it can be expected that the selected suitors will be asked to disclose the names of their consortium members if any. Beyond a certain threshold, the IRR ( internal rate of return), may not work out for some private equity partners, so the valuation range will be interesting going ahead,” a sixth person elaborated.
All the six persons above spoke to Moneycontrol on the condition of anonymity.
When contacted, Diageo, EQT and Poonawalla Group declined to comment. Moneycontrol is awaiting the response to an email query sent to Lancer Capital and Manipal Group. This article will be updated as soon as we hear from these parties.
RCB Sale: The story so far
On February 5, Moneycontrol was the first to report that Dr Ranjan Pai, Adar Poonawalla, EQT and Premji Invest had submitted non-binding bids for RCSPL.
The report had added that private equity giant Blackstone was planning to submit a potential non-binding bid, but had not taken a final decision along with industry buzz about the possible interest and participation of QIA (Qatar Investment Authority) and Carlyle in the process. TPG was linked with a possible tie-up with Adar Poonawalla.
Earlier on January 28, Moneycontrol was also the first to report that non-binding bids for the high-profile deal had been sought by early February, amid a frenzy of more than 50 non-disclosure agreements by interested parties.
The report had added that Manipal Group’s Dr Ranjan Pai had entered advanced discussions to form a consortium with US private equity major KKR, with Singapore’s Temasek also exploring participation as the third investor in the combine, if required. Investment bank Citi was running the sell-side process, the report added further.
“Though the sell-side ask for a 100 per cent stake in RCSPL is around $2bn, a few prospective suitors are keen to value the target between $1.5 bn to $1.7 bn. Further clarity will emerge on valuations post due diligence, during the binding bid stage, “ the Moneycontrol report of January 28 had elaborated.
Back on October 9, 2025, Adar Poonawalla, CEO of Serum Institute of India and Chairman of Poonawalla Fincorp had referred to the RCB divestment on social media platform X by posting ; “ At the right valuation, @RCBTweets is a great team.”
Later he posted, “ Over the next few months, will be putting in a strong and competitive bid for @RCBTweets, one of the best teams in the IPL.”
The submission of bids by suitors follow’s a strategic review of RCSPL (non-core to USL’s alcobev business) initiated in November and expected to conclude by March 31, 2026.
Private equity firms have invested and exited IPL teams in the past. In February 2025, the Torrent Group acquired a 67 per cent stake in Gujarat Titans from private equity firm CVC Capital Partners, valuing the team at around Rs 7,500 crore ( $833 mn) as per reports.
M&A action in IPL
Over and above RCB, there are parallel stake sale processes underway at other IPL teams as well.
On December 8, 2025, Moneycontrol had reported that a majority stake sale process was underway at Rajasthan Royals, the winner of the inaugural IPL, targeting a valuation of $1bn plus, with The Raine Group roped in as the sell-side advisor. The same suitors may evince interest in both Rajasthan Royals and RCB, the report highlighted.
The report also indicated that depending on the strategy of the incoming buyer and the lead investor Manoj Badale, a 100 per cent stake in Rajasthan Royals may be available if feasible to all stakeholders. Badale can also exercise the option of ceding control but holding onto a part stake and not making a complete exit from the team, it added.
British-Indian entrepreneur Manoj Badale's Emerging Media Ventures holds around 65 per cent stake in Rajasthan Royals as per reports, with minority investors including American investment management firm RedBird Capital Partners ( around 15 per cent stake) and Fox Corporation's Lachlan Murdoch, among others.
Later on December 18, 2025, Moneycontrol was the first to report that a part stake sale was brewing at Kolkata Knight Riders.
The KKR franchise is owned by Knight Riders Sports Private Ltd, which was set up in 2008 as a joint venture between Bollywood superstar Shah Rukh Khan's Red Chillies Entertainment and actress Juhi Chawla and industrialist Jay Mehta-backed Mehta Group.
According to reports, Red Chillies Entertainment owns a majority stake of 55 per cent in the joint venture, Mehta Group owns the balance 45 per cent stake, and the trio of Khan, Chawla and Mehta (Chawla's husband) paid around $75 mn for the team in the inaugural IPL auction.
"Unlike RCB and RR, which are exploring a proposed majority stake sale, when it comes to KKR, only the Mehta group plans to offload a minority stake and unlock value. Investment bank Nomura has been mandated as an advisor,” the Moneycontrol report had said.
As per the "IPL Valuation Study 2025" by Houlihan Lokey, the IPL business value has risen to $18.5 bn from $15.4 bn in 2023. On the other hand, the IPL brand value rose to $3.9 bn from $3.2 bn in 2023.
As per the study, RCB maintained the top position on the brand value chart ( $269 mn), followed by Mumbai Indians ($242 mn), Chennai Super Kings ($235 mn) and Kolkata Knight Riders ( $227 mn).
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