As per a media release issued by USL, its board has approved the sale of the franchise to a consortium comprising Aditya Birla Group, the Times of India Group, Bolt Ventures and Blackstone’s perpetual private equity strategy, BXPE. After this deal, USL said, both RCB teams, which were being run by its subsidiary Royal Challengers Sports Private Limited, will now be “owned and operated” by the consortium.

Last November, global alcohol and beverage giant Diageo, which owns USL in India, said in its filings to India’s market regulator the Securities and Exchange Board of India (SEBI) that it was conducting a “strategic review” of its investment in RCB. Diageo said cricket was a non-core area for the company and it was aiming to close the sale by March 31 this year.

The next step will involve the deal being ratified by the BCCI as well as the Competition Commission of India before the consortium formally takes charge of the franchise.

Among the eight original franchises when IPL started in 2008, the Bengaluru team was the second-most expensive at the time, bought for USD 111. 6 million by Vijay Mallya-owned United Breweries Group. In 2023, RCB owners bid 901 crore (USD 110 million approx.) to buy the Bengaluru franchise in the WPL, making it the third-most expensive among the five women’s teams.

“RCB’s championship-winning culture, its deep connection to Bengaluru, and one of the most passionate fanbases in world sport make this an extraordinary opportunity,” the consortium said. “We are committed to taking RCB to new heights, on the pitch and beyond.”

Praveen Someshwar, managing director and CEO at USL, said RCB “has grown into the most prominent and commercially successful franchise” in the IPL and the WPL. “Guided by its ‘Play Bold’ philosophy and a strong competitive spirit, it has built a globally recognised brand and a passionate fan base,” he said. “We are excited for the future of RCB under the stewardship of the new owner. 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.”

The consortium itself is an alliance of a diverse set of investors who are well-established in their fields. Aditya Birla Group is a renowned global conglomerate with diverse interests from metals to cement to fashion to retail. Bolt Ventures is owned by prominent sports investor David Blitzer, who has ownership stakes in Crystal Palace (Premier League), the Philadelphia 76ers (NBA), New Jersey Devils (NHL), Washington Commanders (NFL), Cleveland Guardians (MLB) and Real Salt Lake (MLS) in his vast portfolio.

Blackstone is the world’s largest alternative asset manager, dealing in real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. The Times of India Group is a media giant in India and also has ownership stakes in both MLC and London Spirit teams in the Hundred.