The skyrocketing value of the Indian Premier League (IPL) is back in the spotlight as international powerhouses, including Manchester United co-owner Avram Glazer, join the intense competition to acquire the Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR). Market analysts expect individual bids for these teams to rival or even exceed the record-breaking INR 12,715 crore (roughly $1.69 billion) combined price tag the BCCI secured for the Lucknow and Ahmedabad expansion franchises in 2021.
A New Era of IPL Valuations
According to reports verified by ESPNcricinfo, the interest in these two founding franchises has reached unprecedented levels. The initial non-binding bidding rounds have set a staggering benchmark for the market. For Royal Challengers Bengaluru, the bid range is estimated to fall between $1.2 billion and $1.8 billion. Meanwhile, the Rajasthan Royals are expected to command a valuation between $1.2 billion and $1.4 billion.
These figures represent a monumental leap from the league’s inception in 2008. At the time of the original auction, RCB was the second-most expensive franchise, purchased for $111.6 million by Vijay Mallya’s United Breweries Group. In contrast, the Jaipur-based Royals were the least expensive team, acquired for $67 million by Emerging Media. Today, both franchises are offering bidders the option of a 100% sale, marking a potential total exit for current owners.
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The Shortlist: Global Giants and Local Tycoons
The competition for ownership features a mix of international sports moguls and prominent Indian business leaders. At least eight investors have been shortlisted for RCB, while five have made the cut for RR.
The most notable name on both shortlists is Avram Glazer, representing Lancer Capital. Glazer, who also owns the NFL’s Tampa Bay Buccaneers and the Desert Vipers in the ILT20, has long sought an entry into the IPL. In 2021, Lancer Capital submitted bids for the Lucknow and Ahmedabad expansion teams but was ultimately unsuccessful. His return to the bidding table with a reported $1.8 billion proposal for RCB signals a determined effort to secure a piece of the world’s premier T20 league.
Other prominent bidders for RCB include:
- The Manipal Group: Led by Ranjan Pai.
- Serum Institute of India: Owned by Adar Poonawalla, who has publicly expressed intent to bid.
- The Times Group and EQT Private Capital: Representing major media and private equity interests.
- Capri Global: Current owners of the WPL’s UP Warriorz, bidding for both RCB and RR.
- Sanjay Govil: The US-based businessman who owns Washington Freedom in Major League Cricket.
For the Rajasthan Royals, the shortlisted contenders include Lancer Capital, Capri Global, the Times Group, Sanjay Govil, and Arizona-based tech entrepreneur Kal Somani. Somani is already familiar with the franchise, having been announced as an investor in RR back in 2021.
Strategic Shifts in Ownership
The potential sale of RCB comes as its current owner, global spirits giant Diageo, concludes a strategic review of its investment. Diageo has identified cricket as a “non-core” area for the company and aims to finalize the sale through its subsidiary, Royal Challengers Sports Private Limited (RCSPL), by March 31. This move follows a period of immense success for the franchise, with RCB’s men’s and women’s teams currently reigning as champions of the IPL and WPL respectively.
For the Rajasthan Royals, the process is being managed by the Raine Group. The franchise is currently majority-owned by Manoj Badale’s Emerging Media, which holds approximately a 65% stake. Over the years, the Royals have successfully attracted minority investments, including a 15% stake acquired by RedBird Capital Partners in 2021.
The Road to Finalization
The bidding process is moving into its final stages. Bidders for RCB have been informed that the final round will take place in February, while the final bids for the Rajasthan Royals are scheduled for the first week of March.
Following the submission of final offers, the second round of the process will involve a rigorous verification of technical eligibility. Once a winning bid is selected, the parties will enter exclusive negotiations to finalize the contract. However, any change in ownership remains subject to ratification by the BCCI. Under the league’s standard franchise rules, the BCCI will also receive a 5% share of the total transaction value.
As the IPL continues to cement its status as a global sporting powerhouse, the outcome of these sales will likely set a new gold standard for sports franchise valuations worldwide. With Citigroup advising on the RCB sale and the Raine Group leading the Royals’ process, the cricket world awaits the announcement of new owners who will lead these iconic teams into their next chapter.
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