USL will offload its complete 100% stake in Royal Challengers Sports Private Limited (RCSPL), the entity that owns and manages the Royal Challengers Bengaluru teams in the Indian Premier League (IPL) and Women’s Premier League (WPL).
The board of USL approved the transaction on March 24, 2026, with a Share Purchase Agreement signed the same day. This sale involves 14,690 equity shares of RCSPL.
The purchasing consortium comprises the Aditya Birla Group, The Times of India Group, Bolt Ventures—owned by American investor David Blitzer—alongside Blackstone’s perpetual private equity strategy BXPE, along with related entities involved in the deal.
Upon finalization of the transaction, the consortium will gain complete ownership and operational rights of the franchise through RCSPL. USL will no longer retain any shareholding in RCSPL, and the company will no longer be a subsidiary of USL.
The completion of the deal is anticipated within six months, pending standard closing conditions and approvals from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India.
Reason for sale and company statement
USL stated that the sale is aligned with its strategy to divest non-core assets and concentrate on its primary beverage alcohol business. This deal also concludes a strategic review of RCSPL that commenced in November 2025.
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Praveen Someshwar, MD and CEO of USL, remarked: “This transaction marks a significant milestone for USL as we enhance focus on our core beverage alcohol business to realize its true potential with sustainable growth and continue delivering long-term value for our stakeholders. RCB has developed into the most prominent and commercially successful franchise in the IPL and WPL.”
He continued, “We are enthusiastic about RCB’s future under the new owner. As sports enter a new growth phase in India and globally, we believe this is in the best interest of the franchise and our stakeholders. On behalf of USL, I express gratitude to everyone who has contributed to RCB’s journey for their support—the BCCI, fans, players, and employees.”
The acquiring consortium stated, “We are honored to become custodians of RCB and appreciate USL and Diageo for the franchise they have established. RCB’s championship-winning culture, its strong ties to Bengaluru, and one of the most passionate fanbases in the world offer an extraordinary opportunity. We are committed to elevating RCB to new heights, both on and off the pitch.”
Financial details and IPL context
Royal Challengers Sports Private Limited reported a revenue of ₹504 crore in FY25 along with a net worth of ₹321 crore. The company’s revenue constituted about 1.9% of USL’s standalone revenues, while its net worth made up approximately 4.1% of USL’s standalone net worth.
The agreement encompasses standard conditions, representations, and warranties, along with transitional support services from USL after completion and a brand name coexistence arrangement between USL and RCSPL post-transaction.
This deal illustrates the increasing investor interest in IPL franchises. A Houlihan Lokey report appraised the IPL business at $18.5 billion, valuing the league brand at $3.9 billion, and recognized RCB as the highest-valued brand in the league at $269 million.
Under the new ownership structure, Aryaman Vikram Birla will assume the role of Chairman of RCB, with Satyan Gajwani of The Times of India Group taking on the Vice Chairman position. Citigroup India and AZB & Partners advised USL on the transaction.
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