RCB Auction Heats Up Without Manchester United’s Glazer
RCB sale enters final stage as EQT and Pai-led consortium remain, with Glazers and Poonawalla exiting high-stakes IPL bidding race
After a blockbuster clash of global sports titans, the sale process of Royal Challengers Bengaluru (RCB) has entered its final stage.
At least five parties initially expressed interest, but two serious bidding groups remain: Swedish private equity firm EQT and a consortium that includes Ranjan Pai of Manipal Hospitals, US private equity firm KKR and Singapore’s Temasek. A consortium of the Aditya Birla Group and Blackstone executive David Blitzer, who also co-owns the New Jersey Devils ice hockey team, is reportedly circling RCB, according to Moneycontrol.
Other high-profile contenders—including the Glazer family, co-owners of Manchester United, and Serum Institute CEO Adar Poonawalla—have withdrawn. Lancer Capital, the Glazers’ investment vehicle, had previously submitted a non-binding $1.8 billion bid, while Poonawalla had signaled serious intent on social media before exiting the race.
Moreover, Glazer’s bid targeted an acquisition of Royal Challengers Sports Private Limited (RCSPL), a wholly-owned subsidiary of Diageo’s United Spirits Limited, which owns both the men’s RCB IPL team and the women’s premier league team.
A High-Stakes Bidding War
Glazer faced stiff competition from other elite bidders. In addition to EQT and Pai, various other private equity firms expressed interest, including Premji Invest, Blackstone, and Carlyle. Poonawalla, Times of India Group, non-banking financial firm Capri Global, and US tycoon Sanjay Govil, owner of Major League Cricket’s Washington Freedom and Welsh Fire in Hundred, also considering buying RCB.
RCB’s allure stems from its breakthrough 2025 IPL title, Virat Kohli’s global stardom, over 100 million fans, $14.8 million in sponsorships for the 2025 financial year, and IPL’s highest brand valuation of $269 million.
This unlocks $55 million/year guaranteed media cash flows, two to three times resale potential over five years, and untapped US digital licensing.
This surge is amplified by the IPL’s $18.5 billion ecosystem, a 15% compound annual growth rate, and $6.2 billion media rights cycle (2023-27).
Diageo’s United Spirits’ larger strategic realignment within the company to focus on its core alcohol business and divest from non-core sports assets, ignited this frenzy in November 2025 via a full-stakes RCSPL sale process managed by Citigroup, with over 50 non-disclosure agreements (legal contracts prohibiting sharing of confidential information) signed by bidders for due diligence, targeting closure by March 31.
In 2021, Glazer had bid for Ahmedabad/Lucknow IPL teams but lost, pivoting to Desert Vipers (ILT20 UAE) in 2022. Meanwhile, Glazer’s ambitions extend beyond RCB, joining Capri Global, tech entrepreneur Kal Somani, Sanjay Govil, and Times of India Group in the race for acquiring Rajasthan Royals, another IPL cricket team, signalling a broader IPL consolidation wave in the wealthiest cricket event, and the second-richest sports league by revenue, trailing the National Football League.