In a recent development, 5 interested parties have pulled out of the race to buy the Indian Premier League (IPL) franchises, the Royal Challengers Bengaluru (RCB) and the Rajasthan Royals (RR).
March 16, today, was the deadline for placing bids. The RCB was expected to attract 7 bids, while RR was to get 5. But that number has been trimmed. 5 parties are no longer interested.
3-way battle for RCB ownership
Adar Poonawalla (with TPG), Times of India Group, Premji Invest, and Capri Global have withdrawn interest from buying RCB. According to The State of Play, Swedish private equity firm EQT is the frontrunner with a binding bid in the range of $2 to $2.1 billion (approximately INR 18,463 to 19,386 crore).
Avram Glazer’s Lancer Capital had previously bid $1.8 billion (approximately INR 16,616 crore). They remain a strong contender with the highest non-binding bid, but not having any local partners can hurt them.
EQT Avram Glazer (Lancer Capital) Ranjan Pai (with KKR + Temasek)The shortlisted parties submitting binding bids for @RCBTweets and @rajasthanroyals have been narrowed down to three each (+ a dark horse).Only one thing matters from here on: bid value.The exclusive story is up on The Left Field, @stateofplayclub's free briefing product. pic.twitter.com/DSxTSnt7Q9
— Venkat Ananth (@venkatananth) March 16, 2026RR in more demand?
Only Avram Glazer’s Lancer Capital has pulled out from the race to buy RR, primarily because, as per the Board of Control for Cricket in India (BCCI) rules, one single entity can’t have ownership in more than 1 franchise. The Times of India Group and Capri Global, who withdrew from RCB’s proceedings, are still interested.
Aditya Birla Group, with David Blitzer’s Bolt Ventures, is the front-runner. Capri Global could partner up with one of the other two bidders and is considered the dark horse at the moment. Meanwhile, Kal Somani, who has formed a consortium with Rob Walton and previously made a bid worth $1.3 billion (INR 11,956 crore approximately), remains interested as well.
Kal Somani (with Rob Walton) Aditya Birla Group (with David Blitzer’s Bolt Ventures) Times of India Group Capri GlobalWhat’s next?
Firstly, whoever bids the most will most likely emerge as the new owner. If bids are matched, then the franchise will have to take the call. Usually, ownership transfer dialogue takes 4 to 6 weeks. But RCB has just 2 weeks to decide, since Diageo, the current owner of the franchise, has set the deadline as March 31. RR, owned by Emerging Media Ventures, led by Manoj Badale, hasn’t set a date. Their discussions can take however long they want to.
However, the transaction will need to be approved by BCCI, which won’t happen before October when the board holds its AGM (annual general meeting).
IPL franchise sale: RCB & RR shortlist 7 potential buyers Inside Sport India.
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