Adar Poonawalla, CEO of Serum Institute of India, confirmed he will make a “strong and competitive” bid to buy Royal Challengers Bengaluru in the coming months, as the defending IPL champions go on sale. RCB owners United Spirits, controlled by British spirits giant Diageo, have reportedly set a valuation of $2 billion for the franchise, which would make it one of the most valuable single-team assets in cricket history if achieved.

Poonawalla announces his bid publicly

Taking to X (formerly Twitter) on Thursday, Poonawalla wrote: “Over the next few months, I will be putting in a STRONG and COMPETITIVE bid for @RCBTweets, one of the best teams in the IPL”. This came months after he had hinted at interest in October 2025, posting “at the right valuation, @RCBTweets is a great team”.

His message landed at a strategic moment and was amplified by industry voices, with former IPL commissioner Lalit Modi publicly suggesting RCB would be a “prime investment” and floating the idea that global or sovereign funds would line up for the franchise.

The $2 billion valuation explained

If the proposed sale is completed at the reported $2 billion figure, it would represent a valuation more than double that of the most recently sold franchise, Lucknow Super Giants, which was bought by the RPSG Group for Rs 7,090 crore. Reports indicate that global investment bank Citi has been appointed as the transaction adviser to oversee the potential sale.

RCB was originally bought at the 2008 IPL auction by Vijay Mallya’s UB Group for about $111.6 million. Over the next decade, Diageo built a controlling stake in United Spirits, and by 2014, it became the majority shareholder, bringing RCB under Diageo’s effective control. Any sale now would therefore be handled via United Spirits’ and Diageo’s corporate channels.

Why Diageo wants to sell

Diageo officially put RCB up for sale targeting completion by March 31, 2026, citing the cricket business as non-core to United Spirits operations. For Diageo, the timing may be strategic as the company faces declining premium liquor sales in its largest market, the United States, and broader global cost pressures. Selling RCB, a non-core part of its business, could free up funds and help Diageo focus on its main operations.

The sale also comes amid rising regulatory pressure on alcohol advertising in India, making cricket team ownership less attractive for a liquor company.

RCB’s IPL title breakthrough adds value

The timing of the sale is significant because RCB are the defending champions of the IPL, having lifted their first title in 2025 after an 18-year wait by beating Punjab Kings in the final. An all-round performance at the Narendra Modi Stadium saw them prevail in what was a thriller, with Krunal Pandya winning Player of the Match for his phenomenal spell.

The title win ended years of heartbreak for RCB and star player Virat Kohli, who fell to his knees and cupped his face in his arms, shedding tears after the last ball sealed the historic victory. This championship success has undoubtedly boosted RCB’s commercial appeal and valuation ahead of the sale process.