Mumbai: A consortium led by the Aditya Birla Group has emerged as the lead bidder to acquire Royal Challengers Bengaluru for a staggering USD 1.78 billion (approximately Rs 16,706 crore), sources said on Tuesday.
The consortium includes global investment firm Blackstone, led by CEO Viral Patel, Bolt Ventures owned by American investor David Blitzer, and media conglomerate Times of India.
According to sources, the group has reached an agreement with United Spirits Limited (USL) to acquire a 100 per cent stake in the franchise, which includes both the men’s and women’s teams. USL, a subsidiary of Diageo, had been looking to exit ownership as the franchise was no longer central to its business strategy.
As per the proposed arrangement, Aryaman Vikram Birla, Director of Aditya Birla Group, is set to become the chairman of the franchise, while Satyan Gajwani of Times of India will serve as vice chairman.
However, the deal is subject to approvals from the Board of Control for Cricket in India (BCCI), the IPL Governing Council, its Women’s Premier League counterpart, and the Competition Commission of India.
The development comes after the earlier high-profile acquisition of Rajasthan Royals by a US-based consortium led by Kal Somani for USD 1.63 billion (around Rs 15,290 crore). The consortium included Rob Walton of the Walmart family and members of the Hamp family associated with Ford Motor Company.
Kal Somani, an Arizona-based entrepreneur, is known for founding ventures such as IntraEdge, Truyo.Ai and Academian.
Other contenders in the race to acquire RCB included a Times Internet-led consortium and the Mittal family led by Aditya Mittal, CEO of ArcelorMittal.
If approved, the deal would mark one of the biggest franchise acquisitions in the history of the Indian Premier League.
