RCB franchise sold for over Rs 16,000 crore in record-breaking IPL deal

BENGALURU, India (AP) — Royal Challengers Bengaluru, the current Indian Premier League cricket champion, have agreed to be bought by a conglomerate of investors from India and the United States in a deal valuing the franchise at nearly $1.78 billion (more than 16,000 crore).

RCB’s new owners will be a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures, founded by sports investor David Blitzer, and American asset management firm Blackstone.

They’re buying RCB and the franchise’s Women’s Premier League team from United Spirits Limited.

The deal was announced on Tuesday, four days before RCB begins the defense of its IPL title.

It is subject to approval from the Board of Control for Cricket in India and other regulatory authorities.

RCB are one of the original eight IPL teams and counts India star Virat Kohli among its current players.

Aryaman Vikram Birla, director, Aditya Birla Group, is the new chairman of the franchise. At the same time, Satyan Gajwani of The Times of India Group will serve as Vice Chairman.

“Over the past two decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket, creating enormous value for India. RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport. We are delighted to become custodians of this asset and committed to further building this extraordinary legacy,” Kumar Mangalam Birla, Chairman, Aditya Birla Group, said in a statement.

Satyan Gajwani, who is the chairman of Times Internet Limited, is pleased with the outcome.

“RCB are the defending champions and the most popular brand in the Indian Premier League. The Times of India Group, along with our partners, will ensure that RCB become a global sporting institution, while remaining in Bengaluru and Karnataka. We are committed to the people who gave their best to the championship-winning culture, players, coaches, leadership team and the fans. We will support the franchise as they get ready to take the pitch on Saturday to defend the title.”

Earlier, the 2008 champions Rajasthan Royals, were bought by a US-based consortium for USD 1.63 billion (approx Rs 15,290 crore). The group includes Kal Somani, Rob Walton from the Walmart family and the Hamp family (Ford Motor Company).

Somani is an Arizona-based tech entrepreneur who is associated with IntraEdge, Truyo.Ai and Academian.