Manchester United co-owner Avram Glazer is among a packed list of investors sizing up full take-overs of Royal Challengers Bengaluru and Rajasthan Royals, with indicative offers nudging – and in some cases topping – the US$1.5 billion mark.
Eight parties have made RCB’s provisional shortlist and five are still in the running for the Royals. Both teams have left the door open for a 100 per cent sale, though final decisions rest with the current boards and must be ratified by the BCCI, which receives five per cent of any eventual fee.
“Anything below a billion-and-a-quarter dollars for these two is unlikely to get traction,” said a Mumbai-based sports-finance adviser involved in the talks. “There’s just too much proven upside in the IPL model.”
Who is circling?
• Lancer Capital (Glazer)
• Manipal Group (Ranjan Pai)
• Adar Poonawalla’s Serum Institute of India
• Times of India Group
• EQT Private Capital
• Capri Global
• US tech and sports investor Sanjay Govil
• Premji Invest
For the Royals, Capri Global, Lancer Capital, Arizona entrepreneur Kal Somani, Govil and Times of India remain engaged. Most are understood to be talking to additional backers in case a consortium structure becomes necessary.
How we got here
Both franchises invited non-binding bids in January (RR) and on 2 February (RCB). Those figures – roughly US$1.2–1.8 bn for Bengaluru and US$1.2–1.4 bn for Rajasthan – give the clearest clue yet to where final offers might land. By comparison, Lucknow and Ahmedabad sold for a combined INR 12,715 crore (about US$1.69 bn) in 2021.
“It’s a different landscape now,” noted Sneha Patel, a London-based analyst who has tracked the IPL since its launch. “Media rights have exploded, the women’s competition is up and running, and global T20 leagues are feeding the ecosystem rather than diluting it.”
Current ownership and next steps
Diageo controls RCB, whose men’s and women’s teams both lifted titles last season. Rajasthan are majority-owned by Manoj Badale’s Emerging Media. The Royals plan to open final bidding in the first week of March; RCB are working towards an as-yet-unspecified February date.
A second-stage vetting process – essentially financial and legal due diligence – must be completed before either club can enter exclusive negotiations with a preferred bidder.
“From our side the timetable is achievable,” said a person familiar with RCB’s sale. “But all parties know the BCCI still has the final sign-off.”
Why the IPL still appeals
For Capri Global and Lancer Capital the chase is familiar. Both failed when the IPL last auctioned new franchises in 2021 – Capri reportedly bid INR 4,024 crore for each licence, Lancer INR 4,128.65 crore for Ahmedabad and INR 4,023.99 crore for Lucknow. Since then Capri has bought stakes in UP Warriorz (WPL) and Sharjah Warriorz (ILT20), while Lancer owns Desert Vipers in the UAE league.
“The cross-league model is no longer experimental,” said Patel. “It’s proven to deliver year-round content and to unlock commercial synergies across markets.”
Even so, the sums remain eye-watering. Should the higher estimates be reached, RCB or RR would eclipse Manchester United’s 2005 sale price (about £790 m) and challenge the record figures seen in NFL and NBA transactions.
A note of caution
Not everyone expects a slam-dunk. One banker warned that the “IPO-style exuberance” of 2021 has cooled: “Debt is pricier and private equity is choosier. If the sellers set a number too high, they may have to wait.”
Still, with Glazer’s Lancer Capital, multi-billion-dollar funds like EQT and Premji Invest, and well-capitalised Indian corporates all in the mix, the auction rooms in Bengaluru and Jaipur promise a lively few weeks.
RCB and RR declined to comment on specifics but confirmed the process is “ongoing”. Final outcomes should be clearer by early March, barring late twists – something the IPL, on and off the pitch, seldom lacks.
