It’s official: RCB up for sale, new owner likely within six months. Check who could buy the Virat Kohli's IPL giant

Royal Challengers Bengaluru (RCB), one of the Indian Premier League’s (IPL) most popular teams, is officially up for sale. United Spirits Ltd. (USL), India’s largest liquor company and a subsidiary of UK-based Diageo, announced a strategic review of its cricket franchise business that could lead to a sale or restructuring of the RCB teams. The process is expected to conclude by March 31, 2026.

Diageo initiates review of RCB ownership

In a filing to the Bombay Stock Exchange (BSE) on November 5, Diageo confirmed it had begun a "Strategic Review of the Investment in Royal Challengers Sports Pvt. Ltd. (RCSPL)," a wholly owned subsidiary of USL. The company said in its statement, "USL is initiating a strategic review of the investment in its wholly owned subsidiary, RCSPL. RCSPL's business comprises ownership of the Royal Challengers Bengaluru (RCB) franchise teams that participate in the men's Indian Premier League (IPL) and Women's Premier League (WPL) cricket tournaments hosted by the Board of Control for Cricket in India (BCCI) annually."

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements). The company further stated, "It is expected the process will conclude by March 31, 2026."

USL terms RCB as a non-core asset

USL Managing Director and CEO Praveen Someshwar confirmed that the review is part of the company’s ongoing effort to focus on its core alcoholic beverages business. “RCSPL has been a valuable and strategic asset for USL. However, it’s non-core to our alcobev business,” he said. “This step reinforces USL’s and Diageo’s commitment to continue reviewing its India enterprise portfolio to enable sustained delivery of long-term value to all its stakeholders, while keeping RCSPL’s best interest in mind.”

As per reports, USL and Diageo may divest fully or partially from the franchise. United Spirits’ decision aligns with its strategy to streamline operations and prioritize its main liquor business, where it holds the largest market share in India.

RCB’s growing value in the IPL ecosystem

RCB is among the IPL’s original franchises and has become one of its most valuable teams over the years. Global investment bank Houlihan Lokey ranked RCB as the most valuable IPL franchise earlier this year, estimating its worth at around $269 million, following the team’s first-ever IPL championship victory.

The franchise also operates a Women’s Premier League (WPL) team, further expanding its brand presence in Indian cricket.

Potential buyers and shareholder pressure

Several parties have shown interest to acquire RCB. These include a US-based private investment firm, the Adani Group, the JSW Group led by the Jindal family, Adar Poonawalla of Serum Institute of India, and Ravi Jaipuria of Devyani International Group.

United Spirits has faced increasing shareholder pressure to exit non-core ventures and concentrate on its primary business areas. The company has reportedly engaged a merchant bank to oversee the sale process.

Speculation about the sale also gained momentum after the June 4 stampede outside Bengaluru’s M. Chinnaswamy Stadium, which resulted in 11 deaths and several injuries. The incident brought the franchise under public scrutiny and renewed discussions about its future ownership.

If Diageo proceeds with the sale, it would mark a major shift in the IPL’s ownership landscape. RCB, backed by a loyal fan base and significant commercial value, could attract major investors seeking entry into one of cricket’s most lucrative leagues.