Aditya Birla Group, TOI, Bolt Ventures and Blackstone acquire RCB for $1.8bn

MUMBAI: Aditya Birla Group, The Times of India, Bolt Ventures, and Blackstone have signed a definitive agreement to acquire 100% of Royal Challengers Bengaluru (RCB), current holders of both the Indian Premier League and Women's Premier League titles, from United Spirits Ltd (USL), a subsidiary of Diageo Plc. The transaction has valued the franchise at $1.78 billion (about Rs 16,600 crore).

The acquisition is subject to customary closing conditions, including approval from BCCI, the IPL governing council, and other authorities.

Under the new ownership structure, which will come into place after IPL 2026, Aryaman Vikram Birla, director at Aditya Birla Group, will serve as RCB chairman while Satyan Gajwani of The Times of India Group will be vice-chairman. Birla played for Madhya Pradesh and was also part of the Rajasthan Royals squad.

In 2008, when BCCI floated IPL, United Spirits had submitted a winning bid of $111.6 million (approx Rs 485 crore) to acquire the franchise. In 2023, RCB paid Rs 901 crore to acquire the WPL team. In 2024, RCB won the WPL and followed it up with their first-ever IPL title win in 2025, becoming the first franchise to simultaneously hold both titles.

The deal makes RCB the most expensive IPL franchise sold so far. Adar Poonawalla, Ranjan Pai of Manipal Hospitals, private equity firms EQT, TPG and Temasek, and the Glazer family, which owns Manchester United, were among other interested bidders.

'We’ll build RCB into a global sporting institution'
Commenting on the RCB deal, Aditya Birla Group chairman Kumar Mangalam Birla said, “Over the past two decades, IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket, creating enormous value for India. RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport. We are delighted to become custodians of this asset and committed to further building this extraordinary legacy.”

Times Internet Ltd chairman Satyan Gajwani said, “RCB is the reigning champion and most popular brand in the IPL. As The Times of India Group, together with our partners, we will build RCB into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase. We are committed to the people who built this championshipwinning culture — the players, coaches, the leadership team and the fans. We look forward to supporting the team as they take the pitch to defend RCB’s title.”

David Blitzer, founder, Bolt Ventures, said, “RCB has a world-class fan base, and IPL is one of the great growth stories David Blitzer, founder, Bolt Ventures in global sport. Having invested in clubs and leagues around the world, I believe the opportunity at RCB stands out. We look forward to working alongside our partners and BCCI to build on the franchise’s championship success.”

Viral Patel, CEO of BXPE, said, “We are excited to invest in RCB, building on Blackstone’s long-standing commitment to India. RCB stands out as one of the most popular sports franchises in the world with a powerful brand, a loyal fan base, and multiple avenues for growth. Together with our partners, we look forward to supporting the franchise’s enduring legacy and continued success.” The franchise has featured some of T20’s greatest icons including Virat Kohli, Chris Gayle, AB de Villiers, Shane Watson, Anil Kumble, Glenn Maxwell, Yuvraj Singh and Faf du Plessis.

In 2013, after Kohli took over as captain, the franchise’s popularity catapulted. Kohli’s rise as Team India captain and cricket’s most authoritative brand coincided with RCB’s rise as one of IPL’s most followed teams. In 2025, Brand Finance had listed RCB as IPL’s second-most valuable brand after MI and among the three strongest IPL brands alongside Mumbai and Chennai. The same year, global investment bank Houlihan Lokey had also listed RCB as IPL’s foremost brand.