The Indian Premier League (IPL) has entered a new phase of blockbuster valuations, with two major franchise sales, Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR), together commanding over US$3.4bn (billion) or around ₹31,000 crore, signalling surging global investor appetite for cricket’s most lucrative league.
RCB Sold for ₹16,700 Crore
The sale is being executed through a share purchase agreement dated 24 March 2026, with a consortium comprising entities linked to Bolt Ventures, Aditya Birla group, funds managed by affiliates of Blackstone Inc, Times Internet, and Metropolitan Media Company.
Upon completion, subject to approvals from the Competition Commission of India (CCI) and Board of Control for Cricket in India (BCCI), USL will cease to hold any stake in RCSPL, and the franchise will no longer be its subsidiary.
According to media reports, including those by CNBC-TV18, the deal values RCB at about US$1.78bn or about ₹16,706 crore, making it one of the most expensive franchise transactions in IPL history.
Rajasthan Royals Deal at ₹15,000+ Crore
In a parallel development, Rajasthan Royals is set to be acquired by a consortium led by US-based entrepreneur Kal Somani for US$1.63bn or around ₹15,000–₹16,000 crore, according to multiple media reports.
The consortium includes prominent global investors such as Rob Walton of the Walmart family and members of the Ford family, including Sheila Ford Hamp,
CNBC-TV18 says.
Reports indicate that Mr Somani, an existing minority investor in the franchise, will take full control after the 2026 IPL season, with the deal expected to close post-tournament. The transaction will also require intimation to the BCCI, which is entitled to about 5% of the deal value under IPL franchise agreements.
Separately,
according to another report from CNBC-TV18, the ownership landscape of Rajasthan Royals is also witnessing legal contestation, with Raj Kundra moving the Bombay High Court to challenge an ex parte anti-suit injunction issued by the High Court of England and Wales over his 11.7% stake in the franchise. The court has allowed Mr Kundra to initiate proceedings in India, where he has termed the UK order as violative of natural justice and sought to restrain its enforcement, even as he alleges oppression and mismanagement by Emerging Media Ventures before the national company law tribunal (NCLT).
Massive Value Creation Since IPL Inception
The Rajasthan Royals deal marks a staggering jump in valuation from its original purchase price of US$67mn (million) in 2008, when the franchise was acquired by a consortium led by Manoj Badale. The latest transaction firmly places IPL teams in the US$1.5bn–US$2bn valuation bracket.
Investor Rush and Competitive Bidding
Both transactions follow intense bidding interest from global investors, private equity (PE) firms, and Indian conglomerates. Media reports suggest multiple bidders, including international investment firms and business groups, had submitted bids for RCB, with valuations ranging from US$1bn to US$1.8bn.
Similarly, the Rajasthan Royals sale saw competitive bidding, with the Times of India group reportedly among the contenders before the Somani-led consortium emerged as the winner.
Strategic Exit and Structural Shift
For United Spirits, part of the global Diageo group, the RCB sale marks a strategic exit from direct franchise ownership. The company clarified in its regulatory filing that RCSPL is not a material subsidiary, although the high-value transaction underscores the monetisation potential of IPL assets.
The buyers in the RCB deal are not related to USL’s promoter group, the filing added.
Implications for IPL Ecosystem
The twin deals highlight the IPL’s transformation into a premium global sports asset class, attracting capital from technology entrepreneurs, private equity giants, and legacy business families.
With media rights values soaring and digital consumption expanding, franchise ownership is increasingly being viewed as a long-term strategic investment rather than a purely sporting venture.
As both transactions await regulatory and governing approvals, market participants will closely track how ownership transitions reshape team strategies, commercial operations, and the broader IPL ecosystem.
