On January 28, Moneycontrol was the primary to report that non-binding bids for the high-profile deal had been sought by early February, amid a frenzy of greater than 50 non-disclosure agreements by events. The report had added that Manipal Group chairman Pai had entered superior discussions to kind a consortium with US personal fairness main KKR, with Singapore’s Temasek additionally exploring participation because the third investor within the mix, if required. Funding financial institution Citi was working the sell-side course of, the report added additional.
Serum Institute of India’s CEO Poonawalla again in October had referred to the RCB divestment on X, saying “on the proper valuation, @RCBTweets is a superb group.” Later he posted, “Over the following few months, shall be placing in a powerful and aggressive bid for @RCBTweets, among the best groups within the IPL.”
RCSPL’s enterprise includes possession of the favored Royal Challengers Bengaluru (RCB) franchise group, which participates within the males’s Indian Premier League (IPL) and Ladies’s Premier League (WPL) cricket tournaments hosted yearly by the BCCI.
The submission of proposals follows a strategic evaluation of RCSPL (non-core to USL’s alcobev enterprise) initiated in November and anticipated to conclude by March 31, 2026.
“The deadline for the submission of non-binding bids was earlier this week, on February 2, i.e Monday and the method has acquired a number of non-binding bids, probably close to double digit, from strategics in addition to sponsors or personal fairness companies,” mentioned one of many individuals above.
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A second individual mentioned {that a} shortlist of suitors can be determined inside the subsequent week or ten days. Due diligence on the proposed transaction will observe.
Based on a 3rd individual, “EQT has signed massive cheques prior to now in India and Premji Make investments is eyeing not all the one hundred pc stake in RCSPL, however a majority stake as a substitute. All choices are on the desk and relying on the funding technique, one can not rule out these funds becoming a member of arms with different suitors if required.”
A fourth individual added, “The non-binding bids by Dr Pai and Adar Poonawalla are more likely to haven’t specified any companions for now, which might be finalised at a later stage.”
Personal fairness large Blackstone can also be planning to submit a possible non-binding bid, however no ultimate resolution has been taken, a fifth individual mentioned.
There’s additionally trade buzz concerning the potential curiosity and participation of QIA (Qatar Funding Authority) and Carlyle within the course of, however Moneycontrol couldn’t independently verify the identical.
All of the 5 individuals above spoke to Moneycontrol on the situation of anonymity.
In response to an in depth e-mail question from Moneycontrol, USL father or mother Diageo, EQT, Premji Make investments , Adar Poonawalla and Blackstone declined to remark. An e-mail despatched to the Manipal Group remained unanswered on the time of publishing this text. An instantaneous remark couldn’t be ascertained from QIA and Carlyle.
“Although the sell-side ask for a 100% stake in RCSPL is round $2 billion, a couple of potential suitors are eager to worth the goal between $1.5 billion to $1.7 billion. Additional readability will emerge on valuations put up due diligence, in the course of the binding bid stage. Funding financial institution Citi is steering the mega transaction,” the Moneycontrol report of January 28 had elaborated.
Race for RCB: Who’re the opposite potential suitors?
On January 23, ‘The State of Play’ first reported that Temasek was exploring a partnership with Pai and personal fairness main TPG is backing Poonawalla. It additionally reported that The Occasions of India Group, whose digital arm, Occasions Web, owns Cricbuzz and Willow TV, was evaluating each Royal Challengers Bengaluru in addition to Rajasthan Royals.
By the way, in early 2025, a consortium of tech head honchos together with Satya Nadella, Sundar Pichai, and Occasions Web VC Satyan Gajwani acquired a 49% stake in The Hundred‘s London Spirit for a staggering £295 million.
Moreover, Bloomberg reported earlier {that a} consortium led by US entrepreneur Kal Somani was within the race for Rajasthan Royals. Apparently, he’s an current investor within the IPL group. It was instantly unclear if Somani had additionally positioned a non-binding bid for RCB. Personal fairness giants Blackstone and Carlyle have been additionally named by Bloomberg and Mint as potential suitors for the Diageo owned franchise.
Personal fairness companies have invested and exited IPL groups prior to now. In February 2025, the Torrent Group acquired a 67% stake in Gujarat Titans from personal fairness agency CVC Capital Companions, valuing the group at round ₹7,500 crore ( $833 mn) as per reviews.
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M&A motion in IPL
Over and above RCB, there are parallel stake sale processes underway at different IPL groups as nicely.
On December 8, 2025, Moneycontrol had reported {that a} majority stake sale course of was underway at Rajasthan Royals, the winner of the inaugural IPL, concentrating on a valuation of $1 billion plus, with The Raine Group roped in because the sell-side advisor. The identical suitors might evince curiosity in each Rajasthan Royals and RCB, the report highlighted.
The report additionally indicated that relying on the technique of the incoming purchaser and the lead investor Manoj Badale, a 100% stake in Rajasthan Royals could also be accessible if possible to all stakeholders. Badale may also train the choice of ceding management however holding onto a component stake and never making a whole exit from the group, it added.
British-Indian entrepreneur Manoj Badale’s Rising Media Ventures holds round 65 per cent stake in Rajasthan Royals as per reviews, with minority traders together with American funding administration agency RedBird Capital Companions ( round 15 per cent stake) and Fox Company’s Lachlan Murdoch, amongst others.
Afterward December 18, 2025, Moneycontrol was the primary to report {that a} half stake sale was brewing at Kolkata Knight Riders.
The KKR franchise is owned by Knight Riders Sports activities Personal Ltd, which was arrange in 2008 as a three way partnership between Bollywood famous person Shah Rukh Khan’s Purple Chillies Leisure and actress Juhi Chawla and industrialist Jay Mehta-backed Mehta Group.
Based on reviews, Purple Chillies Leisure owns a majority stake of 55% within the three way partnership, Mehta Group owns the steadiness 45% stake, and the trio of Khan, Chawla and Mehta (Chawla’s husband) paid round $75 million for the group within the inaugural IPL public sale.
“In contrast to RCB and RR, that are exploring a proposed majority stake sale, in the case of KKR, solely the Mehta group plans to dump a minority stake and unlock worth. Funding financial institution Nomura has been mandated as an advisor,” the Moneycontrol report had mentioned.
Why is the IPL a profitable alternative?
As per the “IPL Valuation Research 2025” by Houlihan Lokey, the IPL enterprise worth has risen to $18.5 billion from $15.4 billiojn in 2023. Then again, the IPL model worth rose to $3.9 billion from $3.2 billion in 2023.
As per the research, RCB maintained the highest place on the model worth chart ($269 million), adopted by Mumbai Indians ($242 million), Chennai Tremendous Kings ($235 million) and Kolkata Knight Riders ($227 million).
The research additionally highlighted the distinction between the IPL and international sports activities leagues just like the NBA and EPL when it got here to features like switch charges and working prices.
“From a dealmaker’s lens, IPL represents a near-perfect mix of predictable money flows and price self-discipline, a rarity within the international sports activities asset universe. Revenues are underwritten by BCCI’s long-term, well-negotiated media rights contracts and front-loaded sponsorship offers, creating annuity-like money flows.
The highest franchisees clock ~₹6,500 million to ~₹7,000 million in annual revenues, with as much as 80% visibility secured earlier than the beginning of the match. On the price facet, the presence of a wage cap (₹1,200 million per group) features as an embedded margin protector, stopping wage inflation (a significant concern for international sports activities groups) and making certain aggressive parity amongst groups.
Furthermore, franchisees function with minimal fixed-asset publicity, benefitting from prepared entry to stadium infrastructure already created by BCCI, translating right into a capital-light mannequin with structurally excessive return on employed capital,” the report mentioned.
The research added, “When benchmarked towards international friends like EPL and NBA groups that wrestle with excessive participant switch charges, variable wages, and excessive stadium working prices (together with servicing stadium debt), IPL franchisees function with an asset-light, revenue-guaranteed mannequin, a construction that not solely cushions draw back danger but in addition amplifies working leverage on the upside. For institutional traders, this makes the IPL not only a sports activities league however a high-growth compounder within the leisure area, catering to a fast-growing fan base with rising disposable revenue and a powerful urge for food for premium digital experiences.”
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