The race for Royal Challengers Bengaluru’s ownership has intensified, with Parth Jindal’s JSW Group emerging as one of the key contenders. Diageo and United Spirits, current owners of RCB, have brought in Citi Bank to explore the market and have reportedly received serious interest from six potential buyers. These include Adani Group, Adar Poonawalla, a prominent Delhi-based industrialist, and two private equity firms from the US.
Cross-Ownership Rule at the Core
The biggest obstacle in Jindal’s bid is the IPL’s strict cross-ownership ban. “The IPL’s regulatory framework explicitly prohibits simultaneous ownership of multiple franchises.”
Jindal currently co-owns Delhi Capitals, which means he must first sell his stake in DC before making a move for RCB. This restriction has been a key eligibility clause since 2015 to prevent conflicts between team owners.
The Delhi Capitals are jointly owned in a 50:50 structure by JSW Sports and GMR Sports. This allows JSW to sell its stake either to GMR or to a third party, pending BCCI approval.
Bengaluru: A Strategic Expansion
The JSW Group already owns Bengaluru FC, which positions the company strongly in the city’s sports market. Buying RCB would help JSW build a strong Bengaluru sports network, uniting its football and cricket operations.
Two possible routes are currently being evaluated:
- A full DC exit first, followed by RCB acquisition.
- A conditional agreement, finalizing the RCB purchase once the DC sale is completed before IPL 2026.
Any deal would still need BCCI Governing Council clearance once the ownership conflict is addressed.
$2 Billion Valuation Raises the Stakes
With RCB’s valuation nearing $2 billion, this could be one of the biggest franchise sales in IPL history. JSW’s decision will hinge on whether the asking price justifies the cost of exiting DC.
Although Diageo initially downplayed the idea of a sale in June, consistent developments in recent weeks indicate a clear shift toward negotiations.
For Parth Jindal, securing control of Royal Challengers Bengaluru depends entirely on divesting from Delhi Capitals. If the DC stake sale and valuation alignment fall into place, the ownership transition could move from speculation to a concrete reality.
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