Diageo subsidiary United Spirits Limited announces full divesture of its stake in Royal Challengers Sports Pvt Ltd
Diageo plc subsidiary, United Spirits Limited (USL), has announced it has entered into definitive agreements for the sale of its 100% equity stake in Royal Challengers Sports Private Limited (RCSPL) to a consortium comprising Aditya Birla Group (“ABG”), The Times of India Group (“Times”), Bolt Ventures (“Bolt”), and Blackstone’s perpetual private equity strategy, BXPE (“Blackstone”) for a total consideration of INR 166.6 billion.
RCSPL owns and operates the Royal Challengers Bengaluru franchises that participate in the Indian Premier League (IPL) and Women’s Premier League (WPL). Upon completion of this transaction, the acquiring consortium will, through its ownership of RCSPL, acquire the rights to own and operate the IPL and the WPL franchises.
This announcement concludes the strategic review of RCSPL initiated by USL, as announced on 5 November 2025.
The transaction is subject to satisfaction of customary closing conditions and legal, regulatory and other approvals, including from the Board of Control for Cricket in India and the Competition Commission of India.
Further details of the transaction can be found here.
USL was represented by Citigroup as its lead financial advisor, while AZB & Partners served as legal counsel. Diageo plc was advised by Deutsche Bank as its strategic financial advisor, and received legal counsel from Slaughter and May, as well as Touchstone Partners.