The Indian Premier League (IPL) is about to see a big shake-up as Royal Challengers Bengaluru (RCB) is at the centre of a massive bidding war, pushing the team’s value all the way to $2 billion. With the March 16 deadline for binding bids coming up fast, things have boiled down to a handful of serious contenders, both from India and overseas, hungry to take control of the defending champions.
Bringing in a new aspect of international rivalry is the Swedish private equity behemoth EQT Group, which, according to reports, has come into the picture with a promise to bid that might even raise the final number close to $2. 1 billion, exceeding all prior guesses.
Other Big Players Who Are in Race to Buy RCB
The competition to snap up one of the biggest and most valuable franchises in IPL has attracted several top players who are ready to spend huge amounts of money. Among the first to step into the race was Avram Glazer of Lancer Capital. The co-owner of Manchester United is said to have given a non-binding offer of $1. 8 billion to make his debut in Indian cricket. In this giant game of stakes, he has a partner in the form of Indian billionaire Adar Poonawalla, CEO of the Serum Institute of India, and an influential group of investors supported by Manipal Group chairman Ranjan Pai.
EQT Group Another Big Bidders in RCB Race
The entry of EQT Group into the RCB ownership race is being seen as a wise step to overcome the very longstanding interest of the Glazer family. In fact, while Avram Glazer’s Lancer Capital was among those who first indicated their plans, EQT’s binding offer of $2. 1 billion is considered a raise to the valuation floor by a big margin. Industry experts think that the Swedish companies taking an aggressive position is a “cheeky dig” at the established sports tycoons, showing that European private equity is willing to pay a premium for the IPL’s most digitally engaged brand.
Such bold financial manoeuvrings have led other shortlisted bidders to change their plans, making the final days before the March 16 deadline a hectic period of due diligence and financial posturing.
