RCB cricket sale clears CCI approval in $1.78bn deal

Royal Challengers Bengaluru’s sale has moved a step closer after India’s Competition Commission approved the proposed acquisition of Royal Challengers Sports by an Aditya Birla-led consortium. The deal was agreed at approx $1.78 billion, and covers the company behind both the men’s IPL franchise and the women’s WPL team. United Spirits announced the sale in March as part of a full divestiture, with BCCI ratification still the main public closing step remaining.

The approved buyer structure is broader than the headline version suggests. Diageo India named the buyers as a consortium including the Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone’s BXPE strategy, while legal reporting on the CCI approval also referenced entities including Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities and Asia Investment Topco II. Reuters also reported that Aryaman Vikram Birla is set to become chairman and Satyan Gajwani vice-chairman after completion. The transaction therefore brings together corporate India, media capital, sports-focused investment and private equity inside one of the most visible platforms in franchise cricket.

The financial profile helps explain the valuation. Reuters reported that RCB generated about $56 million in revenue in 2024-25, up 73% over three years, giving the buyer exposure not only to one of the strongest fan brands in Indian sport but also to a dual-team structure spanning the IPL and WPL. That makes the asset more than a single-franchise acquisition. It is a broader cricket platform with media exposure, sponsorship upside and a growing women’s sports component already built in.