Bengaluru: The iconic Indian Premier League (IPL) franchise Royal Challengers Bengaluru (RCB) has officially been put up for sale. UK-based beverage giant Diageo, through its Indian subsidiary United Spirits Ltd. (USL), has initiated a strategic review of its investment in Royal Challengers Sports Pvt. Ltd. (RCSPL) — the company that owns both the men’s and women’s RCB teams.
In a formal disclosure to the Bombay Stock Exchange (BSE) on Wednesday (November 5), Diageo stated that the review is part of its ongoing efforts to streamline operations and focus on core business verticals. The process, which includes exploring full or partial divestment, is expected to be completed by March 31, 2026.
“RCSPL has been a valuable and strategic asset for USL. However, it is non-core to our alcobev business,” said Praveen Someswar, Managing Director and CEO of USL. “This step reinforces USL’s and Diageo’s commitment to reviewing our India portfolio to ensure sustained long-term value creation for all stakeholders, while keeping RCSPL’s best interests in mind.”
The company, in its BSE filing, said that RCSPL’s business “comprises ownership of the Royal Challengers Bengaluru franchise teams that participate in the men’s IPL and the Women’s Premier League (WPL) tournaments hosted annually by the BCCI.”
While Diageo’s filing is technically worded as a “strategic review,” sources familiar with such transactions suggest it is a precursor to a sale. The move comes amid growing shareholder pressure for USL to offload non-core assets and concentrate on its primary alcoholic beverages portfolio.
Industry observers note that the mention of a defined completion timeline—March 2026—indicates that Diageo may already be in advanced discussions with potential buyers. Reports have suggested that several high-profile entities are interested in acquiring the franchise, including a US-based private investment firm, the Adani Group, the JSW Group’s Jindal family, Adar Poonawalla of Serum Institute of India, and Ravi Jaipuria of Devyani International Group.
The decision to initiate the sale process follows months of speculation surrounding the franchise’s future, particularly after the tragic stampede outside the M. Chinnaswamy Stadium in Bengaluru on June 4, which left 11 fans dead and several injured.
Sources indicate that USL has already appointed a merchant bank to oversee the transaction and manage prospective buyer interest.
With this development, one of the IPL’s most popular and marketable franchises could soon witness a change in ownership, marking a significant shift in the league’s business landscape.
