United Spirits to sell RCB stake for ₹16,660 crore to Aditya Birla Group-Blackstone-led consortium

Ahead of the start of the 2026 season of the Indian Premier League (IPL) on March 28, United Spirits Limited (USL) on Tuesday announced the sale of its entire 100% stake in Royal Challengers Sports Pvt Ltd (RCSPL). The stake will be divested to a consortium comprising Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s perpetual private equity strategy BXPE for a total consideration of ₹16,660 crore in an all-cash deal.

RCSPL owns the Royal Challengers Bengaluru (RCB) franchise teams that participate in the Men’s Indian Premier League (IPL) and Women’s Premier League (WPL) cricket tournaments hosted annually by the Board of Control for Cricket in India (BCCI).

Upon completion of the transaction, the consortium will acquire full ownership and operating rights of the franchise through RCSPL, United Spirits said in a release.

The deal marks the conclusion of a strategic review initiated by USL in November 2025. The transaction is subject to customary closing conditions and regulatory approvals, including those from the Board of Control for Cricket in India (BCCI) and the Competition Commission of India.

Praveen Someshwar, MD & CEO of USL, said the transaction aligns with the company’s strategy to sharpen its focus on its core beverage alcohol business and drive long-term value creation. He added that the franchise has evolved into one of the most prominent and commercially successful teams in both the IPL and the WPL, with a strong global brand and loyal fan base.

“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,” he said.

“We are excited for the future of RCB under the stewardship of the new owner. As sports enters a new phase of growth in India and globally, we believe this is in the best interest of the franchise and our stakeholders. On behalf of USL, I thank everyone who has contributed to RCB’s journey for their continued support—the BCCI, the fans, players, and employees,” he added.

The acquiring consortium said it sees significant potential in the franchise, citing its strong connection with Bengaluru and its passionate fan following. The group added that it aims to build on the franchise’s legacy and take it to new heights both on and off the field.

“We are proud to become custodians of RCB and grateful to USL and Diageo for the franchise they have built. RCB's championship-winning culture, its deep connection to Bengaluru, and one of the most passionate fanbases in world sport make this an extraordinary opportunity. We are committed to taking RCB to new heights, on the pitch and beyond.”

The consortium brings together players with complementary strengths across sectors. The Aditya Birla Group is among India’s largest conglomerates with a global presence, while The Times of India Group operates a wide media and cricket ecosystem. Bolt Ventures, led by David Blitzer, has investments across multiple global sports leagues, and Blackstone is one of the world’s largest alternative asset managers with $1.3 trillion in assets under management.

In FY25, RCSPL, a wholly owned subsidiary of USL, reported revenue of ₹504 crore, a decline of 21% compared to ₹634 crore in FY24, while profit fell to ₹140 crore from ₹222 crore in the previous year. The decline in revenue was primarily due to a lower number of Men’s IPL matches played by the Royal Challengers Bengaluru team. As a result, in FY25, the EBITDA of the sports division also declined to ₹186 crore from ₹294 crore in FY24.

Citigroup India and AZB & Partners acted as advisors and legal counsel to USL on the transaction.