March 16, 2026 is a watershed day in IPL franchise history. Today is the binding bid deadline for the ownership of both Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) — and the race has dramatically narrowed in the final hours. With IPL 2026 starting in just 12 days, here is the complete picture of what is happening, who is buying and what it means for fans. See the full RCB IPL 2026 Squad.
Why Is RCB Being Sold?
RCB’s current owner is Diageo, the UK-based spirits giant, which controls the franchise through its fully-owned subsidiary United Spirits Limited (USL). Diageo announced a “Strategic Review” of the investment in November 2025, citing the franchise as “non-core” to its alcohol and beverages business. The decision was accelerated by Diageo’s broader financial pressures globally, as well as fallout from the tragic stampede outside Chinnaswamy Stadium on June 4, 2025. The company set a March 31, 2026 deadline to complete the process, with binding bids due today — March 16.
Who Is Bidding for RCB?
The field has narrowed significantly on deadline day. Multiple parties have pulled out, leaving a concentrated race:
- EQT (Swedish private equity firm) — widely reported as the frontrunner with a binding bid in the range of $2 to $2.1 billion (approximately ₹18,500–₹19,400 crore)
- Avram Glazer (Lancer Capital) — Manchester United co-owner; previously bid around $1.8 billion
- Ranjan Pai (Manipal Group) — still in the race
Withdrawals: Adar Poonawalla (with TPG), Times of India Group, Premji Invest and Capri Global have all pulled out of the RCB bidding process. That leaves effectively three main bidders plus a reported “dark horse.”
RCB’s estimated franchise value is $1.5 to $2 billion. According to the Houlihan Lokey IPL Valuation Study 2025, RCB has the highest brand value among all IPL franchises at $269 million — ahead of Mumbai Indians ($242 million) and CSK ($235 million).
Who Is Bidding for Rajasthan Royals?
RR is majority-owned by Emerging Media Ventures, led by British-Indian entrepreneur Manoj Badale (approximately 65% stake), with minority stakes held by RedBird Capital Partners and Lachlan Murdoch. The Raine Group is advising on the transaction, targeting a valuation above $1 billion.
The shortlisted RR bidders are:
- Aditya Birla Group (with David Blitzer’s Bolt Ventures) — reported frontrunner
- Times of India Group — withdrew from RCB but still in the RR race
- Capri Global — possible partnership with other bidders; described as the “dark horse”
Avram Glazer’s Lancer Capital has pulled out of the RR race, primarily because BCCI rules prohibit a single entity from owning stakes in more than one IPL franchise.
When Will the New Owners Be Decided?
Submitting a binding bid today does not mean ownership transfers immediately. The process works as follows:
- Highest bidder is selected by the respective franchise (March–April 2026)
- Transaction negotiations take 4–6 weeks after bids are compared
- BCCI must formally approve the ownership transfer — this will happen at the BCCI AGM in October 2026, not before
- The new owners will therefore not affect IPL 2026 — the tournament runs and RCB competes under existing management throughout the season
What Does This Mean for Virat Kohli and RCB Players?
The ownership change process will have no impact on IPL 2026. Players, captain Rajat Patidar, head coach Andy Flower and the full RCB squad remain unchanged. Virat Kohli — whose potential exit was one of the reasons Diageo accelerated the sale — remains contracted to RCB and will play the full 2026 season. His viral training video “IPL 2026 ⏳” earlier this month confirmed he is fully focused on the tournament. Read: Kohli’s viral training video.
RCB’s IPL 2026 Season — The Bigger Story
Whatever happens with the ownership, RCB’s on-field story is the one that matters for IPL 2026. The defending champions open their title defence on March 28 at Chinnaswamy Stadium against SRH — and as of today, Chinnaswamy has been officially cleared to host IPL matches after receiving Karnataka government approval. Read: Chinnaswamy Stadium CLEARED for IPL 2026. See the full match preview: RCB vs SRH Opening Match Preview.
Follow all the IPL 2026 action on the IPL 2026 Points Table and check the IPL 2026 Complete Guide.