The Indian Premier League (IPL) is set to scale unprecedented heights in terms of team valuations with the upcoming sales of Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR).
Sources close to the deal told NDTV's Rica Roy that the consortium led by Manipal Group's Ranjan Pai, alongside private equity giants Kohlberg Kravis Roberts (KKR) and Temasek, have taken pole position to close the RCB deal at $2 billion.
Meanwhile, Rajasthan Royals (RR) are expected to be sold for $1.7 billion, significantly higher than earlier market expectations.
RCB Sale Nears Finish Line
The RCB transaction, driven by Diageo-owned United Spirits' decision to conduct a ‘strategic review' of its ‘non-core' assets which began in November 2025 has now entered its final phase.
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The Pai-KKR-Temasek combine have emerged as the frontrunner, offering a blend of domestic expertise and global capital strength required to execute a deal of this scale, according to NDTV.
Swedish private equity firm EQT remain in contention, though momentum appears to have shifted decisively toward the leading consortium.
Diageo had set March 16 as the final day for interested parties to submit binding bids to acquire the franchise. Initial interest from the Glazer family (Manchester United owners) and Adar Poonawalla had reportedly cooled as the valuation crossed the $1.8 billion threshold, leaving EQT and the Pai-led consortium as the only remaining parties as the deal enters the “exclusivity” phase.
RCB are understood to have set a March 31, 2026 deadline to make a final decision. However, the eventual ownership transition will remain subject to BCCI approvals, which means we could see the keys being handed over in the midst of the IPL 2026 season.
At $2 billion, RCB would set a new benchmark for IPL franchise valuations, underlining the league's evolution into a premium global sports asset.
Rajasthan Royals Trigger Valuation Surprise
While RCB's numbers were anticipated, with the franchise on a steep rise in recent years, Rajasthan Royals' valuation is an outlier.
While early indications suggested that the franchise were looking to only sell a majority stake, it is understood that they are now open to a full sale.
Manoj Badale's Emerging Media IPL Ltd are the majority owners with 65% stake in RR. The remaining shares are divided between RedBird Capital Partners (15%), and Lachlan Murdoch (13%), with individual investors making up the remaining 7%.
Early-stage discussions had pegged RR in the $1.1–$1.3 billion range, but fresh developments suggest a late-stage bidding push has driven valuations up to $1.7 billion. The sale process is being handled by the Raine Group, who oversaw the sale of franchises in The Hundred and also managed the sales of Manchester United and Chelsea FC.
Key interested parties in RR include the Aditya Birla Group, working in partnership with investor David Blitzer, as well as the Mittal family (ArcelorMittal), both evaluating strategic entry into the IPL ecosystem.
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Kal Somani, a US-based entrepreneur who holds a minority stake in Rajasthan Royals, is also said to be interested. He has joined forces with Rob Walton, who is the eldest son of Walmart founder Sam Walton and is among the richest individuals in the world. Reports have suggested that former IPL chairman and founder, Lalit Modi, may have joined hands with Kal Somani's group to form a stronger bidding consortium.
Similar to RCB, The Royals too had a March 16 deadline for the final submission of binding bids, but hadn't yet decided on a date to finalise the deal. However, with bids exceeding their initial expectations, we could see a sale finalised sooner than expected.
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