Swedish Private Equity Firm Enters Race To Buy RCB, Valuation Could Cross USD 2 Billion

A new heavyweight has entered the race to buy the owners of the Royal Challengers Bangalore franchise. Swedish private equity firm EQT Group is preparing a binding bid that could value the franchise at around $2–2.1 billion, according to sources familiar with the process. If submitted at that level, the offer would comfortably exceed the roughly $1.8 billion non-binding bid made by Avram Glazer through Lancer Capital.

The deadline for binding bids in the sale process is March 16.

The franchise is currently owned by United Spirits Limited, the Indian arm of global liquor giant Diageo. The company put its stake in Royal Challengers Sports Private Limited (RCSPL) up for sale in November 2025 as part of what it called a strategic review of its non-core investments.

RCSPL owns both the Royal Challengers Bangalore team in the Indian Premier League and the franchise's side in the Women's Premier League.

Last month, after the submission of initial non-binding offers, around nine to ten bidders were shortlisted for the next stage of the high-profile sale process.

Among those understood to have advanced were Adar Poonawalla, CEO of Serum Institute of India; Ranjan Pai, chairman of the Manipal Group; EQT; and Glazer-backed Lancer Capital.

Sources say the transaction is expected to conclude by March 31, just ahead of the new IPL season, with RCB emerging as one of the most valuable properties in franchise cricket.

Royal Challengers Bengaluru (RCB) will enter the Indian Premier League (IPL) 2026 season as defending champions, aiming to win back-to-back titles. 

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Royal Challengers Bengaluru Cricket