Adar Poonawalla, Manchester United co-owners exit race to buy RCB, two contenders remain

The ownership battle for Royal Challengers Bengaluru has entered its final stage, with only two bidders left after the submission of binding offers. United Spirits, part of the Diageo group, is now preparing to review the remaining proposals and decide on a preferred buyer.

One of the contenders is Swedish private equity firm EQT, which is reported to have submitted a significant financial offer. The other bid comes from a consortium featuring Ranjan Pai of Manipal Hospitals, US-based KKR stakeholder and Singapore’s Temasek. 

On the other hand, potential buyers, including the Glazer family, who are the co-owners of Manchester United and Adar Poonawalla, ultimately chose not to submit binding bids.

As things stand, the franchise’s



valuation remains a central factor in discussions. Earlier reports indicated the owners were targeting around $2 billion, with at least one remaining bid approaching that figure. Some investors have exercised caution, citing uncertainty over the next IPL media rights cycle. Even if the final figure is closer to $1.8 billion, it would be far higher than the $850 million paid for Lucknow Super Giants in 2021.

The next phase will involve a detailed evaluation of the two proposals. Once a preferred bidder is chosen, the sale must be formally communicated to the Board of Control for Cricket in India (BCCI) before the transfer of ownership can proceed. Although Diageo had initially aimed to conclude the sale by March 31, sources indicate the final handover is likely to occur later in the year.