Royal Challengers Bengaluru Up For Sale: What We Know So Far

Diageo has officially listed the Royal Challengers Bengaluru (RCB) franchise — the defending Indian Premier League (IPL) champions and a key team in the Women's Premier League (WPL) — for sale. The United Kingdom‐based proprietor announced this move via a formal disclosure to the Bombay Stock Exchange (BSE) on Wednesday (November 5, 2025).

The company characterised the decision as a "Strategic Review of the Investment in Royal Challengers Sports Pvt. Ltd. (RCSPL)," which is the wholly owned subsidiary of United Spirits Ltd. (USL), its Indian arm. It also stated that the review is likely to be completed by March 31, 2026, the end of India's financial year.

In its official communication, Diageo stated, "USL is initiating a strategic review of the investment in its wholly owned subsidiary, RCSPL. RCSPL's business comprises ownership of the Royal Challengers Bengaluru (RCB) franchise teams that participate in the men's Indian Premier League (IPL) and Women's Premier League (WPL) cricket tournaments hosted by the Board of Control for Cricket in India (BCCI) annually."

The company also clarified that it made this disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements).

Focus On Core Business, Diversification Strategy

Diageo and United Spirits Ltd., in a covering letter to the stock exchange, emphasised their decision, aligning it with an ongoing review of their India enterprise portfolio. Praveen Someswar, managing director and CEO of USL, stated, "RCSPL has been a valuable and strategic asset for USL. However, it is non-core to our alcobev business.

"This step reinforces USL's and Diageo's commitment to continue reviewing their India enterprise portfolio to enable sustained delivery of long-term value to all stakeholders, while keeping RCSPL's best interests in mind."

The technical wording in the disclosure leaves room for multiple interpretations. One interpretation is that, recognising that sports — cricket in particular — is not central to its core operations, Diageo is exploring the option of divesting its RCB shares either fully or partially.

The announcement also specified the expected conclusion date for the strategic investment process as March 31, 2026, prompting some industry observers to suggest that Diageo and USL may be on the brink of finalising a deal.

Potential Buyers And Broader Market Context

Several interested parties have reportedly expressed interest in acquiring the RCB franchise. Potential buyers are said to include a private investment firm based in the United States, the Adani Group and Adar Poonawalla of the Serum Institute of India.

Ever since the tragic stampede on June 4 outside Bengaluru's Chinnaswamy Stadium following RCB's victory parade, which led to 11 deaths and many being severely injured, reports have circulated about the franchise being up for sale. Under pressure from shareholders over its involvement in non-core portfolios, Diageo has engaged a merchant bank to oversee the sale process, according to Cricbuzz.