The sale of IPL franchise Royal Challengers Bengaluru (RCB) is entering the final stages with two parties emerging as the final contenders, according to a report by media. The report claimed that a significant bid was placed by Swedish private equity firm EQT. The other party in the race to buy the IPL 2025 champions is a consortium involving Ranjan Pai of Manipal Hospitals, US private equity firm Kohlberg Kravis Roberts & Co (KKR) and Singapore-based investment group Temasek. While there were multiple parties interested in completing the deal, the likes of the Glazers - co-owners of Manchester United - and Adar Poonawalla backed out of the race
The report further claimed that the deal can be valued somewhere around 2 billion dollars.
Media reports claimed that the Glazers placed a non-binding offer of 1.8 billion dollars but EQT took their bid up to the 2 billion range. While there has been no other bid, the sale process will be a straight forward bidding war.
Market insiders indicated that the Diageo group has set a March 31 deadline to finalise the deal.
Meanwhile, Rajasthan Royals have received plenty of interest from bidders. The franchise has reportedly received binding bids from three interested parties with Aditya Birla Group emerging as the favourities.
Although the franchise was looking to sell only a majority stake, it seems that they are now open to a full sale.
The bids have been in the rage of 1.1 billion dollars to 1.35 billion dollars. The sale process is being overseen by Raine Group, which also oversaw the sale of franchises in The Hundred.
According to the report, Aditya Birla Group and US-based David Blitzer have formed a consortium and they submitted a binding bid for the franchise. The deadline for this deal is also believed to be March 31.
