March 15, 2026 – European private equity giant’s binding bid could make RCB the most expensive franchise sale in cricket history
Swedish private equity firm EQT Group is preparing a binding bid for Royal Challengers Bengaluru (RCB). The offer could value the IPL franchise between $2 billion and $2.1 billion. This would surpass the $1.8 billion non-binding proposal from Avram Glazer’s Lancer Capital. Binding bids are due by March 16, with the deal expected to close by March 31.
The sale marks a pivotal moment for global cricket’s commercial landscape. RCB is currently owned by United Spirits Limited, the Indian subsidiary of beverage conglomerate Diageo. The London-listed parent company announced a strategic review of its stake in November 2025. Investment bank Citi is managing the sell-side process, according to industry reports.
A Crowded Field of Heavyweight Bidders
Nine to ten bidders advanced past the initial non-binding offer stage. Among the shortlisted names are Adar Poonawalla, CEO of Serum Institute of India. Ranjan Pai, chairman of Manipal Group, is also reportedly in contention. Other bidders include Premji Invest, the Times of India Group, and US-based businessman Sanjay Govil. However, EQT’s aggressive pricing has reportedly disrupted competitor strategies ahead of the deadline.
Why EQT’s Bid Stands Out
EQT is the world’s second-largest private equity firm by funds raised. The Stockholm-based firm manages approximately €266 billion ($285 billion) in assets. Its portfolio spans infrastructure, real estate, and technology across 22 global offices. In January 2026, EQT agreed to acquire Coller Capital for up to $3.7 billion. The firm also operates EQT Private Capital Asia, which deepens its regional footprint. This RCB pursuit would be its first direct investment in a professional cricket franchise.
IPL Valuations Signal a New Asset Class
The IPL’s total business value reached $18.5 billion in 2025, according to Houlihan Lokey. That figure represents a 12.9% year-over-year increase. The league’s standalone brand value also climbed 13.8% to $3.9 billion. RCB topped the franchise brand-value chart at $269 million, overtaking Mumbai Indians ($242 million) and Chennai Super Kings ($235 million).
The IPL’s 2023–2027 media rights deal with Disney Star and Viacom18 is valued at $6 billion. Tata Group extended its title sponsorship through 2028 in a $300 million agreement. These revenue streams provide franchises with predictable cash flows before each season begins.
RCB’s Unique Brand Equity
RCB won its maiden IPL title in 2025, ending a 17-year championship drought. The franchise enters the 2026 season as defending champions. RCB became the first IPL team to cross 20 million Instagram followers. The 2025 IPL final recorded 678 million views on JioHotstar. That figure surpassed the figure for the India-Pakistan match during the ICC Championship. Such digital engagement is a key factor driving the franchise’s premium valuation.
Broader Market Context
RCB’s sale is not an isolated event. Parallel ownership processes are underway at Rajasthan Royals and Kolkata Knight Riders. India’s sports market is projected to reach $130 billion by 2030, per industry estimates. Global investors increasingly view IPL franchises as high-yield, diversified assets. A BCCI-mandated salary cap of ₹120 crore acts as a built-in margin protector for franchise owners.
Analysts say the final bid amounts could set new benchmarks for franchise cricket globally. The outcome will signal whether institutional capital views cricket as par with football and basketball.
Sources & References
1. Houlihan Lokey, “IPL Brand Valuation Study 2025,” July 2025 hl.com
2. CricToday, “RCB attract Swedish private equity bidder,” March 14, 2026, crictoday.com
3. Storyboard18 / Moneycontrol, “Diageo advances RCB sale process,” February 2026
4. Wikipedia / PEI 300, “EQT AB – Assets Under Management,” 2025 edition
5. NewsX, “IPL 2026: RCB Ownership Battle Heats Up,” March 14, 2026
6. Sunday Guardian Live, “Why RCB is IPL’s Most Valuable Franchise,” March 14, 2026
