INDIA - Diageo subsidiary United Spirits Limited has agreed to sell its entire stake in Royal Challengers Sports Private Limited to a consortium of investors for INR 166.6 billion ($1.95 billion), according to a press release statement.
The consortium comprises Aditya Birla Group, The Times of India Group, Bolt Ventures, and Blackstone’s perpetual private equity strategy BXPE. Royal Challengers Sports owns and operates the Royal Challengers Bengaluru franchises in the Indian Premier League and Women’s Premier League.
The transaction follows a strategic review of Royal Challengers Sports that United Spirits announced on November 5, 2025. Upon completion, the acquiring consortium will obtain rights to own and operate both the IPL and WPL franchises through its ownership of Royal Challengers Sports.
The sale requires customary closing conditions and approvals from the Board of Control for Cricket in India and the Competition Commission of India.
Citigroup served as lead financial advisor to United Spirits, with AZB & Partners providing legal counsel. Diageo received strategic financial advice from Deutsche Bank and legal counsel from Slaughter and May and Touchstone Partners.
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