RCB sale officially starts as Diageo sends out books; INR 18,000 crore valuation floated

RCB has the highest brand value among IPL teams. Even 5-time champions like CSK and MI are behind them.

The Royal Challengers Bengaluru (RCB) sale saga has officially moved from speculation to execution. Owners Diageo has now begun the formal process to sell RCB, with information memorandums circulated to potential buyers. This is the clearest signal yet that one of the IPL’s most valuable franchises is on the market.

The development is reported by Sportico, the Journal of the Business of Sports. According to their source with direct knowledge of the process, Diageo, through its Indian subsidiary United Spirits, has sent out books for RCB. While timelines for binding bids can still take time, the exercise confirms that the review announced late last year has entered an active sale phase.

For those unaware, the going out of book refers to the Confidential Information Memorandum (CIM), which is the primary marketing document used to sell a company. It is a comprehensive report, often 30 to 150 pages long, that provides potential buyers with the detailed information they need to evaluate the business and submit an initial offer

Reports have pegged RCB’s valuation close to $2 billion, roughly translating to over INR 1,800 crore, following the franchise’s IPL 2025 title win and commercial dominance. RCB have Virat Kohli, the most commercial Indian superstar of all time.

United Spirits has appointed Citigroup as its advisor for the transaction. The mandate is expected to draw interest from private equity firms, investors and high-net-worth individuals, with the process likely to conclude by the end of March. The new IPL 2026 season is set to begin on March 26, a deadline before when Diageo would like to sell their biggest asset in India.

Celebrity interest and big-money bidders circle RCB

RCB’s sale has already attracted public and private interest from some of India’s most influential names. Serum Institute of India CEO Adar Poonawalla had earlier posted on X that he would be placing a “strong and competitive bid” for the franchise, though it remains unclear whether a formal offer has been submitted yet.

Bollywood actors Anushka Sharma and Ranbir Kapoor are understood to be part of consortium-level discussions. Sharma is reportedly exploring a three percent stake, valued in the region of INR 400 crore, while Kapoor’s interest is said to be around two percent. Both moves would align with brand-association, with Kapoor already having experience as an investor in ISL side Mumbai City FC.

There may be a case of conflict of interest, as back in 2007, the BCCI barred players from buying any stake in an IPL team. With Kohli being synonymous with RCB, he may actually not be able to have any ownership. However, in this case, it could be his wife. Hence, if the reports are true, we may see some technicalities rolled out for the Kohli family.

Why Diageo is exiting and what buyers are weighing up

Why would Diageo sell RCB you may ask? Well, their decision to sell RCB is because of business priorities. United Spirits had informed SEBI in November that the franchise was being reviewed as a non-core asset outside its alcobev focus. This decision also comes after the stampede that broke out when RCB celebrated their title win at M Chinnaswamy Stadium in Bengaluru last year. The incident that saw a number of deaths as well made Diageo feel concerned about potential damage to their reputation and possible legal issues.