A consortium comprising the Aditya Birla Group (one of the key shareholders of Vodafone Idea—Vi), The Times of India Group, Bolt Ventures, and Blackstone’s perpetual private equity strategy, BXPE (Blackstone), has signed a definitive agreement to acquire a 100 percent stake in the cricket franchise Royal Challengers Bengaluru (RCB) from United Spirits Limited (Diageo India). The transaction values the franchise—covering both the men's Indian Premier League (IPL) and Women’s Premier League (WPL) teams—at Rs 166.6 billion (approximately USD 1.78 billion), according to a joint statement dated March 24, 2026.
Regulatory Approvals and Leadership Structure
The acquisition remains subject to customary closing conditions, including approvals from the Board of Control for Cricket in India (BCCI), the Competition Commission of India, and other regulatory authorities. Post-acquisition, Aryaman Vikram Birla, Director, Aditya Birla Group, will serve as Chairman and Satyan Gajwani of The Times of India Group will serve as Vice Chairman of the franchise.
The buyers highlighted RCB’s strong brand equity, global fan base, and growth potential as key drivers behind the acquisition. The consortium aims to build RCB into a global sporting institution while retaining its strong regional identity in Bengaluru and Karnataka.
United Spirits Limited described the deal as a strategic move to sharpen its focus on its core beverage alcohol business and enhance long-term value creation. The company noted that RCB has evolved into one of the most commercially successful and widely recognized franchises in both the IPL and WPL, backed by a loyal fan base and a strong performance record.
Royal Challengers Bengaluru (RCB)
Royal Challengers Sports Private Limited, a subsidiary of Diageo India, owns the Royal Challengers Bengaluru (RCB). The Royal Challengers Bengaluru (often abbreviated as RCB) are a franchise cricket team based in Bengaluru, Karnataka, that plays in the Indian Premier League (IPL).
RCB secured its maiden IPL title in 2025 after multiple final appearances and consistent playoff performances. The franchise has also emerged champions in the women’s game, winning the WPL titles in 2024 and 2026, becoming the first to simultaneously hold both IPL and WPL championships.
The Acquiring Consortium
According to the official release, the acquiring consortium brings together four partners with complementary strengths across sport, media, technology, and brand-building. The Aditya Birla Group contributes its global business scale and consumer reach, while The Times of India Group adds significant media, sports, and digital capabilities. Bolt Ventures brings extensive experience in global sports investments, and Blackstone being the world’s largest alternative asset manager adds financial strength and institutional investment expertise.
Advisory support for the transaction was provided by A&W Capital, Moelis, and Khaitan & Co for the buyers, while Citi India and AZB Partners advised USL on the sale.
Leadership Quotes
Statements from the Partners
Kumar Mangalam Birla, Chairman, Aditya Birla Group, said “Over the past 2 decades, the 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.”
Satyan Gajwani, Chairman, Times Internet Limited, said: “RCB is the reigning champion and the 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 championship-winning culture - the players, coaches, the leadership team, and the fans. We look forward to supporting the team as they take the pitch on Saturday to defend RCB’s title.”
David Blitzer, Founder, Bolt Ventures, said: “RCB has a world-class fanbase, and the IPL is one of the great growth stories 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 the BCCI to build on the franchise’s championship success.”
Viral Patel, Chief Executive Officer 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."
Aryaman Vikram Birla, Director, Aditya Birla Group, said: “It is a privilege to come together in this partnership to shape the next phase of growth for RCB. This partnership brings together a deep understanding of sports, media and consumer businesses. Together, we will continue to Play Bold - on the pitch, in the community, and for the fans who make RCB what it is.”
Praveen Someshwar, Managing Director and CEO, USL, said: “This transaction marks an important milestone for USL as we sharpen focus on our core beverage alcohol business to unlock its true potential with sustained growth, and to continue delivering on long-term value creation for our stakeholders. RCB has grown into the most prominent and commercially successful franchise in the IPL and WPL. Guided by its ‘Play Bold’ philosophy and a strong competitive spirit, it has built a globally recognized brand and a passionate fan base. We are excited for the future of RCB under the stewardship of the new owners. As Sports enters a new phase of growth in India & globally, we believe this is in the best interest of the franchise and our stakeholders. On behalf of USL, I thank everyone who has contributed to RCB’s journey for their continued support - the BCCI, the fans, players and employees.”
