Reigning champions Royal Challengers Bengaluru (RCB) have attracted bids from nine entities, with the Glazer family offering USD 1.8 billion, as confirmed by Lalit Modi, former IPL chief. Modi highlighted the potential growth of IPL revenues, emphasizing the significance of the league amid financial challenges faced by cricket boards globally. He expressed confidence in the IPL’s future media rights value doubling in the upcoming cycle.
The bids, ranging from USD 1 billion to USD 1.8 billion, reflect substantial interest, with the Glazers’ bid standing out among the top offers. These non-binding bids will aid RCB in shortlisting potential buyers before seeking binding offers. Adar Poonawalla, a prominent pharma tycoon, also expressed intentions to competitively bid for RCB ownership in the coming months.
Diageo, the parent company of United Spirits Ltd, initiated the sale of RCB last year, following a tragic incident during the team’s IPL victory celebration. The team’s value is estimated at around 105 million USD, prompting a strategic move towards new ownership.
