A consortium of investors, including US asset management giant Blackstone, has announced the takeover of Royal Challengers Bengaluru (RCB), one of the founding clubs of the Indian Premier League, for nearly $1.8 billion.
The announcement comes just days before the start of the lucrative T20 tournament on Saturday, with Virat Kohli part of the lineup for RCB. The franchise, which won the IPL for the first time last year, was sold by United Spirits Limited, the Indian unit of British alcoholic beverage giant Diageo, for 166.6 billion rupees ($1.77 billion).
IPL Team Ownership
The acquiring consortium, which includes Bolt Ventures, run by leading sports investor David Blitzer, Indian media conglomerate The Times of India Group, along with Blackstone and Indian corporate giant Aditya Birla Group, said it was “proud to become custodians of RCB.” The group praised RCB’s “championship-winning culture” and its connection to the southern city of Bengaluru and “one of the most passionate fanbases in world sport” as an “extraordinary opportunity”.
RCB’s women’s team won their second Women’s Premier League title earlier this year. The sale announcement came hours after RCB announced it would keep 11 seats at Bengaluru’s M Chinnaswamy Stadium empty in memory of the fans crushed to death in title celebrations last year.
Impact on the IPL
The sale of RCB is a significant development in the Indian Premier League, with the new ownership group committed to taking the team “to new heights, on the pitch and beyond.” The consortium’s investment in RCB is expected to have a positive impact on the team’s performance and the league as a whole.
Here are some key facts about the sale of RCB:
- The sale price of $1.8 billion is one of the highest ever paid for a sports team in India.
- The new ownership group includes some of the biggest names in sports investment and Indian business.
- RCB won the IPL for the first time last year, and the new ownership group will be looking to build on that success.
