Adar Poonawalla is the front-runner among five serious candidates to buy the franchise rights for the 2025 Indian Premier League champions now that the Royal Challengers Bengaluru (RCB) are up for sale.
A Delhi-based businessman, Parth Jindal through JSW Sports, and Gautam Adani’s Adani Group are reportedly also on the list of possible purchasers, along with Poonawalla’s Serum Institute.
The existing main owner, Diageo India, is notably interested in selling off a portion of their holdings through a private placement of shares. The deal’s exact valuation is yet unknown, but if speculations are to be believed, the Bengaluru-based team would demand a minimum of US $2 billion for the most recent term sheet.
“Adar Poonawala of Serum Institute and Parth Jindal of the JSW Group are two examples of Indian and American parties who have reportedly spoken with Diageo management while they are in the public eye. A well-known Delhi-based business magnate with holdings in several industries and the Adani Group are rumoured to be interested in purchasing it. Two US-based private equity firms are also considering their possibilities in addition to the four previously listed, according to Cricbuzz’s report.
Notably, the JSW Group’s Parth Jindal already controls half of the Delhi Capitals’ shares, another IPL team. Jindal will also need to execute a sale agreement for his Capitals interest if the RCB acquisition needs to go through. However, Adani might finally be seen getting into the IPL after narrowly losing the 2022 bid for Ahmedabad’s club, which ultimately went to CVC Capital.
However, why does Diageo sell RCB?
It is important to note that, although the league’s value has suffered, particularly since the prohibition on real money gaming apps, the expenses of managing an IPL club are rising with each new season. The primary reason for the interest in the sale is Diageo’s apparent lack of interest in operating an IPL franchise, as the company primarily operates in the spirits sector.
India
