A consortium led by Aditya Birla Group, Times of India Group, Bolt Ventures, and Blackstone has acquired the Royal Challengers Bengaluru IPL franchise for $1.8 billion. The deal values the team at approximately $1.8 billion and marks the first sports team investment for Blackstone, which is investing through its Private Equity Strategies fund.

United Spirits Ltd., the Diageo unit that owns the franchise through Royal Challengers Sports Pvt., conducted a strategic review before the sale. The transaction has been closely watched as a benchmark for IPL valuations, where team stakes are increasingly viewed as trophy assets drawing global capital. The league has grown into a global entertainment powerhouse rivaling the NFL and English Premier League.

The sale follows a trend of high-profile IPL team acquisitions, with stakes now requiring upfront full payment rather than the decade-long payment plans of the original team sales. This has necessitated partnerships between billionaires, private equity firms, and other investors to finance the deals. The IPL's overall valuation has declined from $11.2 billion in 2023 to $8.8 billion last year, according to D&P Advisory.