EQT Group's $2 Billion RCB Bid Tops Glazer Offer Ahead of March 16 Deadline

Swedish private equity giant EQT Group has entered the race to acquire the Indian Premier League franchise Royal Challengers Bengaluru, potentially pushing the team’s valuation beyond $2 billion. Sources familiar with the sale process say the firm is preparing a binding bid that could value the franchise between $2 billion and $2.1 billion, making it one of the most expensive deals in franchise cricket history.

The upcoming bid deadline is March 16, and several global and Indian investors are closely watching the process. If EQT submits its offer at the expected valuation, it would surpass the earlier non-binding bid of around $1.8 billion reportedly made by Avram Glazer through investment firm Lancer Capital. The competition highlights the growing commercial value of IPL teams and the increasing interest from international investment groups in the league.

The franchise is currently owned by United Spirits Limited, the Indian subsidiary of global liquor giant Diageo. United Spirits placed its stake in Royal Challengers Sports Private Limited on sale in November 2025 as part of a strategic review aimed at exiting non-core investments and focusing on its primary beverage business.

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Royal Challengers Sports Private Limited controls both the men’s team in the Indian Premier League and the franchise’s women’s side in the Women's Premier League. The combined value of these properties, along with the brand strength built over the years, has attracted a strong field of investors seeking to enter the lucrative cricket franchise ecosystem.

Following the initial round of non-binding bids submitted earlier this year, roughly nine to ten potential buyers were shortlisted for the next stage of the process. Among the names understood to have progressed are Adar Poonawalla, Ranjan Pai, EQT Group, and Lancer Capital. Industry observers say the final valuation could depend on competitive bidding in the final stage.

Sources indicate that the transaction is expected to conclude by March 31, just ahead of the next IPL season. The franchise’s strong fan base and recent on-field success have significantly boosted its commercial appeal. As defending champions heading into the 2026 season, Royal Challengers Bengaluru are aiming to secure back-to-back titles while also potentially entering a new ownership era.

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