Royal Challengers Bengaluru could soon have new owners. Sources told CNBC-TV18 that Diageo has started the process of selling its stake in the IPL franchise, with Citi appointed as the transaction advisor.
The company is seeking close to $2 billion, though buyers are said to be pushing back over the one-shot payment structure. Among those interested is Serum Institute’s Adar Poonawalla, who has emerged as a potential frontrunner.
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Both Diageo and Poonawalla have refused to comment, but Diageo India’s MD and CEO Praveen Someshwar has already hinted at a shift, calling RCB “exciting” but “non-core” for the business.
IPL RCB ownership talks heat up with $2 billion Diageo sale, Adar Poonawalla linked
If completed, the deal could rank among the biggest in IPL history. Diageo is understood to be chasing a $2 billion price tag for RCB. Sources say the price tag has made buyers cautious given the requirement for a one-shot payment.
Sources said buyers are keen on acquiring the entire stake, not part of the franchise.
Poonawalla, the CEO of Serum Institute of India, has emerged as one of the names in contention. While he has stayed silent on the matter, industry chatter suggests his presence could raise the stakes.
A Diageo spokesperson declined to fuel the buzz, telling CNBC-TV18, “We don’t comment on market speculation.”
Praveen Someshwar echoed a similar line earlier this month. Asked directly about the possibility of a sale, he said, “RCB is an exciting business, but it is non-core for Diageo.” That remark, coupled with Diageo’s decision to hire Citi as an advisor, only added fire to the rumours.
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The timing is also notable. Torrent Group recently signed a definitive agreement to acquire a 67% majority stake in Gujarat Titans in a deal that reportedly valued the franchise at around ₹7,500 crore.
With IPL valuations surging, Diageo appears intent on cashing in while the market is red hot.
IPL RCB sale rumours intensify as Lalit Modi claims deal could set record in IPL history
Adding to the drama, IPL’s first commissioner Lalit Modi weighed in on Instagram, suggesting RCB’s availability as a “whole” franchise makes it unique.
“I am sure having won the IPL last season and also with its strong base of fans and off course the Team itself and a great management team - it could be the only Team which would be available as a whole,” Modi wrote.
He went on to predict that the sale would “set a new record valuation” and establish a new floor price for all IPL teams.
For now, nothing is confirmed, but if Diageo does seal a $2 billion exit, RCB’s sale would cement the IPL as not just India’s crown jewel but one of the fastest-growing sporting properties worldwide.