CCI approves $1.78 billion acquisition of Royal Challengers Sports by Aditya Birla Group-led consortium

Mumbai: The Competition Commission of India (CCI) has approved the $1.78 billion acquisition of Royal Challengers Sports Pvt. Ltd. (RCSPL), owner of the Royal Challengers Bengaluru (RCB) franchises in the Indian Premier League (IPL) and Women's Premier League (WPL), by a consortium led by the Aditya Birla Group, The Times of India, publishers of The Economic Times, David Blitzer-backed Bolt IPL Holdings, the ICONIQ group and Blackstone.

The approval clears the way for one of the biggest transactions involving an IPL franchise, underscoring the growing appeal of sports assets among strategic and financial investors.

Following the acquisition, Aryaman Vikram Birla, director at the Aditya Birla Group, will serve as chairman of the franchise, while Satyan Gajwani of The Times of India will be vice chairman.

The consortium comprises Aditya Birla Group's Big Banyan Holdings Pte. Ltd., Bolt IPL Holdings LLC, Times Internet Ltd. (TIL), Times Cricket LLP, ICQ Opportunities RC Holdco Ltd., an entity of the ICONIQ group, and Asia Investment Topco II Pte. Ltd., a fund controlled by Blackstone. Together, they will acquire 100% of Royal Challengers Sports.

In their filing, the parties said the proposed transaction would neither alter the competitive landscape in any plausible relevant market nor cause any appreciable adverse effect on competition in India, adding that the exact relevant market definitions could therefore be left open.

To assist the CCI's assessment, they identified the publication of digital content in India as the market for horizontal overlap, and the provision and procurement of event management services in India as a potential vertical relationship.

As per the filing, the Aditya Birla Group said the acquisition would extend its institution-building legacy into global sports. Times Internet and Times Cricket said they aim to build RCB into a global sporting institution while remaining rooted in Bengaluru.

Bolt said it expects to work with its partners and the BCCI to build on the franchise's championship success, while Blackstone described RCB as a premier sporting franchise with a global following.

The transaction will allow Diageo-owned United Spirits to divest its stake in Royal Challengers Sports and sharpen its focus on its core alcoholic beverages business while continuing to create long-term value for shareholders, according to the filing.

Big Banyan is a newly incorporated Singapore-based investment holding company. Times Internet has a diversified digital business spanning news, advertising, event management, communications platform services, rewards programmes, software services and digital games.

Times Cricket LLP, ICQ and Bolt are newly incorporated entities, while Asia Investment Topco II is controlled by funds advised or managed by Blackstone affiliates.

The transaction comes amid a sharp re-rating of IPL franchises, driven by record media rights, growing sponsorship revenues and rising investor appetite for sports assets.

Recent deals include the Lakshmi Mittal family and Adar Poonawalla-led acquisition of a majority stake in Rajasthan Royals at a valuation of about $1.65 billion, and CVC Capital Partners' sale of a 67% stake in Gujarat Titans to Torrent Group at an enterprise valuation of $900 million.

At $1.78 billion, the RCB transaction sets a new benchmark for IPL franchise valuations.

According to a joint report by Hurun India and Fanatic Sports, the average valuation of an IPL franchise has climbed from about $100 million in 2008 to $1.8 billion in 2026.

The combined value of all 10 franchises now stands at about $18 billion (Rs 1.63 lakh crore), underscoring the league's emergence as one of the world's most valuable sports properties.