United Spirits has agreed to divest its entire stake in Royal Challengers Sports Private Limited, owner of the RCB franchise, to a consortium led by Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone. The Rs166.6bn deal shifts IPL and WPL team ownership, pending regulatory approvals.
United Spirits has struck a landmark deal to sell its 100% stake in Royal Challengers Sports Private Limited (RCSPL), the company behind the Royal Challengers Bengaluru cricket franchise, to a consortium of investors for Rs166.6bn ($1.78bn). The announcement was made in a stock exchange filing on 24 March, marking one of the largest transactions in Indian sports ownership.
The consortium comprises the Aditya Birla Group, The Times of India Group, private investment platform Bolt Ventures and Blackstone’s private-equity fund BXPE. Together, they will take charge of the Royal Challengers Bengaluru teams competing in both the Indian Premier League (IPL) and the Women’s Premier League (WPL).
United Spirits, controlled by global drinks giant Diageo, had initiated a review of its holding in RCSPL last November, describing the franchise as “non-core” to its primary alcohol business. The company, known for brands such as McDowell’s No.1, Royal Challenge and Signature whiskies, first acquired the stake in 2008. According to the filing, RCSPL contributed 1.9% of United Spirits’ operating revenue and 4.1% of its net worth in the 2024-25 financial year.
Praveen Someshwar, the former PepsiCo executive who took over as CEO of United Spirits last year, said: “This transaction marks an important milestone for USL as we sharpen focus on our core beverage alcohol business to unlock its true potential with sustained growth, and to continue delivering on long-term value creation for our stakeholders.”
The deal involves the transfer of 14,690 equity shares and is expected to close within six months, subject to approvals from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India.
Under the new ownership structure, Aryaman Vikram Birla of the Aditya Birla Group will serve as chairman of the franchise, while Satyan Gajwani of The Times of India Group will take the role of vice chairman. “It is a privilege to come together in this partnership to shape the next phase of growth for RCB. This partnership brings together a deep understanding of sports, media and consumer businesses,” Aryaman Vikram Birla said in a statement.
The transaction signals a new chapter for Royal Challengers Bengaluru, one of the IPL’s most high-profile teams, as it transitions from being part of a global drinks company’s portfolio to a consortium of investors with ambitions to expand its sporting and commercial footprint.
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