Inside the process: how the race for RCB and Rajasthan Royals is unfolding
The race for the two IPL franchises is now down to a handful of serious bidders. Months of exploratory conversations have given way to firmer offers, as buyers begin to confront the numbers and the realities of ownership
On Thursday evening, Adar Poonawalla ended months of deliberate ambiguity with a post on X. He would submit a “strong and competitive bid” for the Royal Challengers Bengaluru (RCB), he wrote, stating plainly what had been widely assumed since October but never confirmed. The CEO of the Serum Institute, whose family built a vaccine empire worth over $20 billion, was finally saying it outright: he wanted in.
The post appeared as the sale process for two Indian Premier League (IPL) franchises gathered momentum. Bankers and advisers returning from their year-end breaks found a process that had moved beyond casual interest to the "soliciting" stage. Data rooms were opening, heavily negotiated non-disclosure agreements were in place, and capital was beginning to settle behind specific bids.
American private equity firm TPG is backing Poonawalla’s bid, according to people familiar with the matter. Poonawalla declined to comment on TPG’s involvement.
At the same time, Temasek Holdings, the Singapore sovereign wealth fund that already controls Manipal Hospitals, is exploring a partnership with Ranjan Pai, the hospital chain’s founder, and a Bengaluru native. A person aware of Pai’s Manipal Education and Medical Group’s plans confirmed that the group was interested in submitting a bid.
Another bidder has stepped in quietly: Samir Jain. The Times of India Group, whose digital arm, Times Internet, owns the cricket media platform Cricbuzz and North American cricket broadcaster Willow TV, is evaluating both RCB and the other on-sale franchise, Rajasthan Royals (RR), according to sources. Times Internet vice-chairman Satyan Gajwani cofounded Major League Cricket in the United States and led a consortium that acquired a 49% stake in The Hundred’s London Spirit for £145 million ($194.6 million), making it the most valuable team in the competition.
The Carlyle Group, whose interest in RCB was first reported by Mint on Thursday, is also looking at the RR, with existing lead owner Manoj Badale at the centre of those talks, sources told The State of Play. The franchise has also received a bid from the textile-to-telecom conglomerate, the Aditya Birla Group, according to multiple sources. In a statement, Rajasthan Royals said, "The Rajasthan Royals (RMPL) is 100% owned by the Royals Sports Group. Resultantly, any changes in shareholding would be a matter for the RSG shareholders and we would not be well placed to comment on this."
Three months ago, what began as a broad field of curiosity has narrowed to a small group of structured bids. The process has since entered a stage in which interest is weighed against financials, governance, and long-term operational risk.
This reporting is based on conversations with multiple people involved in the bidding process. All spoke on condition of anonymity because discussions are private and deal terms remain confidential.
How the market arrived here
The current contest has been building for months. In December, The State of Play reported that the Rajasthan Royals had begun soliciting interest for both a partial stake sale and full ownership. Krafton, the South Korean game developer behind the hit title Battlegrounds Mobile India (BGMI), explored a minority investment via a secondary transaction, while the Adani Group was approached about a majority stake or full acquisition, according to people familiar with the matter.
Several bidders looked at more than one franchise at the same time. Entry into the ten-team IPL remains scarce, and ownership still offers scale, visibility, and proximity to power. For many prospective buyers, the question was whether the economics justified ownership at all.
That question sharpened in January. In RCB’s case, discussions have settled around a comfort price above $1.3 billion, according to people familiar with the matter. “It will likely close at $1.6-$1.7 billion,” said a person with knowledge of Diageo’s expectations. That represents a slight correction from last year. When Bloomberg reported in June that Diageo was open to offers for RCB, days after the franchise won its first title, the asking price was closer to $2 billion. Diageo declined to comment.
By Thursday, Mint reported that global buyout firms, including Blackstone, Temasek, Carlyle, PAG, and Advent International, were reviewing non-binding deals in a range of $1.4 billion to $1.8 billion. “Every serious PE shop is looking at these teams. Everyone will at least have a look,” one person told The State of Play. Most of these firms are likely to partner with entrenched local players rather than place standalone bids.
The reassessment has also brought the structure of the assets into focus. Neither RCB nor RR owns its home ground, though the latter has in recent years explored building its own stadium, according to people familiar with the matter. Typically, matchday revenues, scheduling certainty, and fan experience depend on state cricket associations, and by extension, state governments. At valuations above a billion dollars, the lack of stadium control has become a central consideration for bidders, particularly those coming from overseas.
