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As Diageo initiates the process of selling Royal Challengers Bengaluru (RCB), the reigning IPL champions and one of the league’s most valuable franchises, speculation is rife about potential buyers. Among the frontrunners being discussed are Bengaluru-based billionaires Nikhil Kamath, co-founder of Zerodha, and Ranjan Pai, chairman of the Manipal Education and Medical Group (MEMG). Both Kamath and Pai, successful Kannadiga entrepreneurs, possess the financial muscle and local appeal to anchor a consortium bidding for a franchise reportedly valued at over USD 1 billion. Their involvement could offer RCB not only continuity in its Bengaluru roots but also a strong local connection to its passionate fan base. Local billionaires in the mix for ownership Sources indicate that a potential consortium comprising Nikhil Kamath, Ranjan Pai, and possibly Adar Poonawalla, CEO of Serum Institute of India, may be preparing a joint bid for RCB. While no official statements have been made, this possible collaboration has generated buzz across the business and sports sectors. An email to Ranjan Pai and messages to Kamath’s team remained unanswered till the time of publication. According to Forbes, Pai’s net worth stands at around USD 2.8 billion, while Kamath’s is estimated at USD 2.5 billion. Poonawalla, whose family wealth is estimated at USD 20 billion, had earlier fuelled speculation with an October 1 post on X (formerly Twitter) stating, “At the right valuation, @RCBTweets is a great team.” Diageo confirms sale process British multinational Diageo, which owns the Royal Challengers franchise through its subsidiary United Spirits Limited, confirmed on Wednesday that it had begun the process of divesting its stake in RCB. The company is reportedly seeking strategic investors who can further grow the franchise’s value. The sale marks a significant shift in ownership dynamics within the Indian Premier League, coming at a time when team valuations are soaring due to broadcasting revenues, sponsorship deals, and global fan engagement. RCB’s success in the 2025 IPL season, where they clinched their maiden title, has only increased the franchise’s attractiveness to investors. RCB’s rising brand and market value According to a 2022 Forbes report, RCB’s valuation was pegged at just over USD 1 billion, making it one of the top teams in the league. Following its recent title win, analysts expect that figure to have risen substantially. A Houlihan Lokey valuation report (2025) estimated the overall IPL business value at USD 18.5 billion, with a brand value of USD 3.9 billion. Among the franchises, RCB tops the list with a brand valuation of USD 269 million, surpassing other popular teams like Mumbai Indians and Chennai Super Kings. The franchise’s strong fan base, especially in southern India, global recognition through players like Virat Kohli, and consistent digital engagement make it one of the most marketable brands in world cricket. Why a local face matters Industry experts note that any consortium bidding for RCB would benefit from having a local face to represent Bengaluru’s culture and ethos. A homegrown ownership group led by entrepreneurs like Kamath and Pai could strengthen RCB’s connection with its city and state’s social and political circles. Moreover, both businessmen are known for their investments in technology, education, and healthcare—sectors that align well with the IPL’s modern, innovation-driven approach to sports management. The business of cricket keeps booming The Indian Premier League continues to be one of the world’s most lucrative sports leagues. With expanding digital rights, higher ticketing revenues, and an ever-growing fan base, franchise valuations have seen exponential growth in recent years. Analysts suggest that Diageo’s sale of RCB could attract global private equity firms and Indian industrialists eager to enter the sports entertainment business. If the Kamath-Pai-Poonawalla consortium proceeds, it could mark one of the most high-profile ownership transitions in IPL history
