Diageo has moved the sale of Royal Challengers Sports Private Limited (RCSPL) into its final stage, setting a mid-March deadline for binding bids. According to multiple industry sources, shortlisted contenders are currently completing due diligence, a process expected to conclude by March 10. Final offers, including details of any consortium partners, are likely to be submitted soon after. Diageo declined to comment, reiterating that it does not respond to market speculation.
RCSPL owns the Royal Challengers Bengaluru franchise, which competes in both the Indian Premier League and the Women’s Premier League. The divestment follows a strategic review launched in November and slated for completion by March 31, 2026.
Earlier reports indicated that 9-10 bidders advanced to the due diligence round after submitting non-binding proposals. Among those in contention are Adar Poonawalla, Ranjan Pai, private equity firm EQT, and Avram Glazer-backed Lancer Capital. Citi is advising on the transaction.
Valuations for a full stake in RCSPL have been pegged at around $2 billion, though some bidders are said to be evaluating the franchise between $1.5 billion and $1.7 billion, with final numbers expected to be refined post-due diligence.
The potential sale comes amid wider deal activity across the IPL. The league’s business value rose to $18.5 billion in 2025, with RCB topping the franchise brand-value rankings at $269 million, underlining its continued commercial strength.
