Diageo Exits Indian Premier League Franchise Royal Challengers Bengaluru

United Spirits Limited, a subsidiary of Diageo, has entered into definitive agreements to sell its 100% equity stake in Royal Challengers Sports Private Limited, the owner of the Indian Premier League (IPL) franchise Royal Challengers Bengaluru, to a consortium consisting of Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone's perpetual private equity strategy, BXPE.

Transaction Details

The sale is valued at Rs 166.6 billion in an all-cash transaction. The acquisition is subject to customary closing conditions, including regulatory approvals from the Board of Control for Cricket in India and the Competition Commission of India.

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Background

The strategic review of RCSPL, initiated by USL on November 05, 2025, has concluded with this transaction. Praveen Someshwar, MD & CEO of USL, stated that the sale marks an important milestone for the company, allowing it to focus on its core beverage alcohol business and unlock its true potential with sustained growth.

Acquiring Consortium

The consortium brings together three partners with complementary strengths across sport, media, technology, and brand-building. Aditya Birla Group is one of India's largest conglomerates, with operations in over 40 countries and a legacy of over 165 years. The Times of India Group operates the most comprehensive cricket ecosystem in the world, encompassing Cricbuzz, Willow TV, and Major League Cricket. Bolt Ventures is the private investment platform of David Blitzer, one of the most prominent sports investors in the world. Blackstone, the world's largest alternative asset manager, has $1.3 trillion in assets under management across global investment strategies.

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Advisors

Citigroup India and AZB Partners served as advisors and counsel to USL.

Key Dates

• March 24: United Spirits Limited announces the sale of its 100% equity stake in Royal Challengers Sports Private Limited.
• March 6: Moneycontrol reports that the Birla Group and David Blitzer combine had pivoted from Rajasthan Royals and joined hands to pursue a buyout of Royal Challengers Bengaluru.
• November 05, 2025: United Spirits Limited initiates the strategic review of RCSPL.