The race to acquire Royal Challengers Bengaluru has entered its final stage, with global private equity giant EQT Group and a consortium led by Ranjan
Pai emerging as the two frontrunners.
The development comes as current owners United Spirits Limited move ahead with the sale of their stake in Royal Challengers Sports Private Limited (RCSPL), with binding bids submitted earlier this month.
EQT Leads with Massive $2 Billion Valuation
According to recent reports, EQT's bid values RCB at approximately $2-2.1 billion, which would make it one of the most expensive franchise sales in IPL history.
The Stockholm-headquartered investment firm, known for managing over €100 billion in global assets, is believed to be working alongside Premji Invest as part of its consortium.
If successful, this would mark EQT's first major entry into the Indian cricket ecosystem, although the firm has previously invested in sports and entertainment assets globally.
RCB is now effectively a two-horse race between EQT and Ranjan Pai’s consortium.
- Venkat Ananth (@venkatananth) March 17, 2026
In a very interesting (and surprising) development, Avram Glazer’s Lancer Capital, per at least three sources I’ve spoken to, did not submit a binding bid (even after making the shortlist). 👀
Ranjan Pai Consortium Offers Strong Local Connect
The competing bid is led by Manipal Group chairman Ranjan Pai, with reports suggesting backing from major investment entities, including Premji Invest and other global funds.
Pai's consortium is being viewed as a "home-grown" alternative, with strong ties to Bengaluru - the home base of RCB - which could appeal from a branding and regional identity standpoint.
Avram Glazer's Exit Narrows Race
One of the biggest surprises in the process has been the absence of Avram Glazer from the final round of bidding.
Glazer's firm, Lancer Capital, had made it to the shortlist but did not submit a binding bid, significantly narrowing the contest to a two-horse race between EQT and the Pai-led consortium.
Deal Likely by End of March
With only two bidders remaining, the sale process is expected to move quickly, with the deal likely to be finalised by the end of March 2026.
The valuation reflects RCB's massive brand value, driven by its loyal fan base, commercial strength and association with global cricket icon Virat Kohli.
What It Means for RCB?
The outcome of the bidding war could shape the future of one of the IPL's most followed franchises.
- An EQT win could bring global capital, structured management and international expansion opportunities
- A Ranjan Pai-led ownership could ensure local continuity and stronger regional identity
Either way, the sale marks a significant moment in the evolution of IPL franchises as global investment interest in cricket continues to rise.
