EQT Group's RCB bid could value franchise at $2bn: Report

By Gaurav Tripathi

Mar 14, 2026 11:31 am

What's the story

The ownership saga of Royal Challengers Bengaluru (RCB) is getting more intense. Swedish private equity giant EQT Group is said to be preparing a binding bid, potentially valuing the franchise at $2-2.1 billion. If this happens, RCB will become one of the most valuable franchises in global sports. The March 16 deadline for binding bids has turned what was initially a strategic review into a high-stakes contest for one of cricket's rarest assets.

Strategic review

Diageo began strategic review in November 2025

In November 2025, United Spirits Ltd., Diageo's India arm, announced a strategic review of its investment in Royal Challengers Sports Private Limited (RCSPL). RCSPL controls both the men's IPL team and the women's WPL side. USL described RCSPL as a valuable but non-core asset to its main business. The process was expected to conclude by March 31, 2026.

Global interest

Shift in investor perception of IPL franchises

The reported arrival of EQT highlights the global appeal of the IPL. Investors are now viewing franchises as premium sports-media businesses with predictable revenues and deep audience loyalty. This interest from firms like Kohlberg Kravis Roberts, Blackstone, and Partners Group shows that private equity sees cricket's flagship as a scalable asset rather than an emerging-market sideshow.

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Ownership contest

Lacer Capital, other investors already in fray

The wider investor interest in RCB has intensified the ownership race. Avram Glazer's Lacer Capital is said to have already placed a non-binding bid of around $1.8 billion. Adar Poonawalla and Ranjan Pai-backed investors are also said to be interested in the process. This puts EQT in a crowded, high-value race for one of cricket's most prized assets.

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Franchise allure

RCB's brand value and recent success

RCB's appeal as one of IPL's biggest brands, backed by a huge fan base and Virat Kohli's long-standing association with the team, makes it an attractive prospect for potential buyers. The fact that they are heading into the new season as defending champions only adds to their allure. The next few days will be crucial in determining how serious this ownership contest really is.

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