In one of the biggest off-field stories of IPL 2026, today — March 16 — is the final deadline for binding bids to purchase majority stakes in both Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR). By evening, the race for two of Indian cricket’s most iconic franchises will have effectively been decided. Here’s everything we know about what’s happening right now.
See all the action on-field from March 28: IPL 2026 Phase 1 Schedule.
RCB Sale: EQT Leads at $2 Billion — 5 Bidders Dropped Out
In a dramatic development today, five of the original interested parties have withdrawn from the RCB bidding process. Adar Poonawalla (with TPG), Times of India Group, Premji Invest, and Capri Global have all pulled out. Avram Glazer’s Lancer Capital is also out — but for a different reason (see RR section below).
According to State of Play Club, the current frontrunner for RCB is Swedish private equity giant EQT, which has reportedly submitted a binding bid in the range of $2 to $2.1 billion (approximately ₹18,463 to ₹19,386 crore). This would value RCB at more than double its previous publicly stated worth, reflecting the extraordinary growth of the IPL brand globally.
Other parties still in the running for RCB include Avram Glazer’s Lancer Capital (previous bid: $1.8 billion) and Ranjan Pai and KKR. The three remaining serious RCB bidders plus one potential dark horse are now in the final round. Current owner Diageo put the franchise up for sale following concerns about brand value and the aftermath of the June 2025 Bengaluru stampede. The RCB franchise is estimated to be worth $1.5 to $2 billion.
Important note: the ownership change process, once bids are accepted, will not be completed until the BCCI formally approves in October 2026 — meaning RCB will play the entire IPL 2026 season under the current ownership structure. Read more about RCB’s season prospects: Can RCB Win Back-to-Back IPL Titles?
RR Sale: Aditya Birla Group vs Lalit Modi Consortium — Floor Value $1.1 Billion
The Rajasthan Royals sale has shortlisted three serious bidders (plus one dark horse) from an original field of five. Avram Glazer’s Lancer Capital has withdrawn from the RR race — because BCCI rules prohibit a single entity from owning more than one IPL franchise, and Glazer’s group was also competing for RCB.
The remaining RR bidders are:
- Aditya Birla Group + David Blitzer (Bolt Ventures) — considered the frontrunner
- Satyan Gajwani (Times Internet Chairman, co-owner of London Spirit)
- Kal Somani + Lalit Modi consortium — the most controversial bid (see below)
- Capri Global — considered the dark horse, possibly partnering with another bidder
The RR franchise is majority-owned by Manoj Badale’s Emerging Media Ventures (65%), with RedBird Capital Partners at 15%, Lachlan Murdoch at 13% and minority investors at 7%. The floor valuation is $1.1 billion. The Raine Group (global investment bank) is overseeing the process. The final sale deadline is March 31, 2026. Read more about the RR squad this season: RR IPL 2026 Squad.
The Lalit Modi Wildcard — Can the Banned Founder Return?
The most dramatic subplot in the entire franchise sale story is the involvement of Lalit Modi — the man who literally created the IPL in 2008, and who has been banned for life by the BCCI following findings of misconduct, indiscipline and financial irregularities during his tenure.
Modi has reportedly joined forces with minority Rajasthan Royals stakeholder Kal Somani as chief advisor to their consortium’s bid. Their group had previously submitted a bid of ₹11,791 crore ($1.3 billion) for the franchise. Today’s meeting at Vidhana Soudha was expected to decide the next stage of the transaction.
The key question everyone in Indian cricket is asking: if the Somani-Modi consortium wins the bid, would the BCCI — which has banned Modi for life — allow him to return to the IPL ecosystem in any capacity? There is no precedent for this situation, and the BCCI has not yet commented officially. The process is expected to continue through March 31 regardless of today’s bidding outcome.
Why Investors Want IPL Franchises Now
The extraordinary interest from global investors reflects the IPL’s position as the world’s second-most valuable sports league (after the NFL). The IPL’s media rights for the 2023-2027 cycle were sold for $6.2 billion — and franchise revenues have grown significantly since. Owning an IPL team now represents one of the most attractive sports investment opportunities on the planet.
For RCB specifically, the franchise is also boosted by the Virat Kohli factor — arguably the most commercially valuable cricketer in history. Despite Diageo’s concerns about “imminent” Kohli exit, the 37-year-old star is still very much playing and very much a marketing force. Read: Kohli’s IPL 2026 Training Video Goes Viral.
Timeline: What Happens Next
| Date | Event |
|---|---|
| March 16 (Today) | Final binding bid deadline for RCB and RR |
| March 31 | Final RR sale deadline confirmed |
| March 28 | IPL 2026 begins — current ownership unchanged |
| October 2026 | BCCI formally approves ownership changes |
Follow all the IPL 2026 action as it unfolds on the IPL 2026 Points Table. See all IPL 2026 Captains.