And then there were two. Avram Glazer’s Lancer Capital, co-owner and co-chairman of Manchester United, has withdrawn interest from buying the Royal Challengers Bengaluru (RCB). Now, it’s between Swedish global investment organisation EQT and Ranjan Pai’s consortium with Kohlberg Kravis Roberts & Co. (KKR) and Temasek.
Lancer Capital had already withdrawn interest from the Rajasthan Royals since the Board of Control for Cricket in India (BCCI) bars a single entity from having ownership in more than one Indian Premier League (IPL) franchise. According to The State of Play, Lancer Capital didn’t even place a bid after making the shortlist.
2-way battle for RCB ownership
Previous reports had suggested that Lancer Capital was willing to bid between $1 and $1.8 billion (approximately INR 9,236 to INR 16,616 crore). However, when the time came for the final bid, they pulled out. Now, it’s a 2-way battle.
At the moment, equity firm EQT seems to be the frontrunner. They had reportedly placed a binding bid in the range of $2 to $2.1 billion (approximately INR 18,463 to 19,386 crore). Meanwhile, it’s unknown what offer Ranjan Pai’s consortium made to the RCB. But it’s safe to assume the number will be close to EQT’s offer.
RCB is now effectively a two-horse race between EQT and Ranjan Pai’s consortium. In a very interesting (and surprising) development, Avram Glazer’s Lancer Capital, per at least three sources I’ve spoken to, did not submit a binding bid (even after making the shortlist).
— Venkat Ananth (@venkatananth) March 17, 2026Sale deadline 2 weeks away
In normal circumstances, ownership transfer dialogue takes about 30 to 45 days. But the current owners of the RCB, Diageo, are in a hurry. They have already set March 31 as the deadline for discussion. Which means EQT and Ranjan Pai’s consortium don’t have much time.
However, the ownership change won’t be completed until the BCCI approves the sale. That can’t happen before October 2026, when the board holds its AGM (annual general meeting). Last year, the BCCI’s AGM took place on September 28 in Mumbai.
RCB sale: Manchester United owner pulls out, 2-way battle to decide new owner Inside Sport India.
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