EQT’s Potential Acquisition of Royal Challengers Bengaluru
Swedish private equity firm EQT is preparing a binding offer for the owners of Royal Challengers Bengaluru, which could value the Indian Premier League team at around $2bn–$2.1bn, according to a report by NDTV Sports cited in the article. This bid, if submitted, would surpass the roughly $1.8bn preliminary offer made by Avram Glazer through Lancer Capital earlier in the process, with binding bids due by 16 March. The franchise is currently owned by United Spirits Limited, the Indian subsidiary of Diageo, which launched a strategic review of its stake in Royal Challengers Sports Private Limited in November 2025 as part of assessing non-core assets.
Details of the Sale Process
United Spirits initiated the sale process for Royal Challengers Sports, which owns both the men’s IPL team and the franchise’s side in the Women’s Premier League, following the first round of non-binding offers last month that saw roughly nine to ten bidders advance. According to the report, potential buyers include Adar Poonawalla, Ranjan Pai, Lancer Capital, and EQT, with the transaction expected to conclude by the end of March ahead of the upcoming IPL season. This development highlights ongoing interest in sports franchises as investment opportunities, as widely known in the context of growing valuations in global sports leagues like the IPL.
Background on the Franchise and Owners
Royal Challengers Bengaluru is part of the IPL, one of the world’s most valuable cricket leagues, and its ownership by United Spirits has been under review, with the company exploring options for non-core assets. EQT’s involvement reflects broader trends in private equity targeting high-profile assets, though specifics on EQT’s strategy are not detailed in the source. The sale process, as outlined, involves multiple phases, including the recent progression from non-binding to binding offers, according to Private Equity Wire.
