- At least eight bidders pursuing Diageo-owned RCB
- Rajasthan Royals attracting interest from five suitors
- Sanjay Govil, Times of India and Capri Global among those bidding for both teams
Manchester United co-owner Avram Glazer is reportedly among the interested parties exploring bids for Indian Premier League (IPL) franchises Royal Challengers Bengaluru (RCB) and the Rajasthan Royals.
Both teams are on the market and ESPNcricinfo reports that RCB are expected to attract a bid between US$1.2 billion and US$1.8 billion, while the Royals are likely to sell between US$1.2 billion and US$1.4 billion.
According to multiple reports, at least eight bidders are interested in buying RCB. The ESPNcricinfo report lists Sweden-based private equity giant EQT, Indian multinational conglomerate The Manipal Group, which is owned by Ranjan Pai, and investment firm Premji Invest among those pursuing the franchise.
MoneyControl has reported that Pai is in talks with private equity giant KKR to form a consortium for his bid, which could also feature funding from Singapore sovereign wealth fund Temasek.
That trio, along with Adar Poonawalla, the chief executive of biotechnology company Serum Institute of India (SII), who declared his interest last month, are said to be bidding for only RCB. Separately, the Royals have attracted interest from US-based tech entrepreneur Kal Solmani.
At the same time, ESPNcricinfo says there are four parties bidding for both franchises. These include Glazer, who already owns International League T20 (ILT20) franchise Desert Vipers through his Lancer Capital firm. Glazer, whose family also owns the National Football League’s (NFL) Tampa Bay Buccaneers, had unsuccessfully bid for the two IPL expansion teams in 2021.
State of Play reports that Glazer has made a US$1.8 billion bid for RCB, which would be among the highest offers for the franchise.
In addition, Sanjay Govil, who owns Major League Cricket (MLC) team Washington Freedom, is also reportedly bidding for both RCB and the Royals. Govil last year bought a 49 per cent stake in The Hundred franchise Welsh Fire for a reported UK£40 million (US$54.8 million).
The Times of India media conglomerate and financial company Capri Global are also pursuing both franchises. Capri Global already owns two cricket teams, including ILT20 team Sharjah Warriorz and Women’s Premier League (WPL) outfit UP Warriorz.
Under Board of Control for Cricket in India (BCCI) rules, individuals are only able to own one IPL team, meaning that those in exclusive talks with one franchise will need to withdraw from the other team’s bidding process.
State of Play additionally reports that there is a ninth undisclosed bidder for RCB. Its report came after MoneyControl reported that Blackstone was preparing a non-binding bid for the team. The outlet reports that the sale of the Royals is expected to be concluded next month, but it is unclear when the sale of RCB will be finalised.
RCB owner Diageo reportedly launched a sale process for the cricket team last week, with Citigroup advising on the procedure. The team was originally purchased for US$111.6 million by former United Spirits chair Vijay Mallya at the inaugural IPL franchise auction in 2008. Diageo took control of the franchise when it bought a majority stake in United Spirits in 2012 for US$2.1 billion.
Meanwhile, the Royals are majority owned by Emerging Media Ventures, which is controlled by venture capitalist Manoj Badale. RedBird Capital Partners and Fox chief executive Lachlan Murdoch are also minority shareholders in the franchise.
The Royals’ sale process is reportedly being led by The Raine Group, with Bloomberg reporting last month that the franchise has attracted a US$1.3 billion bid.
The last IPL franchise to change hands were the Gujarat Titans, when Indian multinational conglomerate Torrent Group agreed last February to acquire 67 per cent of the team from CVC Capital Partners for a reported US$575 million.
Private equity giant CVC had won the rights to operate the IPL’s new Ahmedabad franchise in 2021 with a bid of I₹5,625 crore (US$621 million).
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