Bengaluru, 24 March. The news of the biggest deal in the history of Indian Premier League (IPL) has come to light. It is associated with Royal Challengers Bangalore (RCB), an IPL franchise. In this sequence, United Spirits Limited (USL) on Tuesday announced that it has sold RCB to a consortium of Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone in a cash deal worth Rs 16,660 crore ($ 1.78 billion).
According to sources, the group has signed an agreement with USL to buy 100 percent stake in the franchise. Both men’s and women’s teams of RCB are included in this deal.
ABG director Aryaman Vikram Birla will be the chairman of RCB.
USL, a subsidiary of Britain’s Diageo, now wants to exit RCB as the team was not part of their core business. Under the agreement, ABG director Aryaman Vikram Birla will be made the chairman of RCB while Times of India’s Satyan Gajwani will be his deputy.
This deal is yet to be approved by BCCE and IPL Steering Committee.
The deal, however, is yet to receive formal approval from the Board of Control for Cricket in India (BCCI) and the IPL Governing Committee as well as the Women’s Premier League and the Competition Commission of India. The consortium led by Times Internet, ABG and the Mittal family led by ArcelorMittal CEO Aditya Mittal were also in the race to buy RCB.
Kal Somani buys Rajasthan Royals for $1.6 billion
It is noteworthy that earlier, the US-based group led by Kal Somani bought Rajasthan Royals for $1.63 billion. Kal Somani, the current shareholder of Rajasthan Royals team, has taken over this franchise. Times Group, which was also in the race, came second in the bidding race. According to reports, this deal has been done for more than Rs 15,000 crore.
Somani will lead a group that also includes Walmart. His group has bought 100 percent stake in Royals. The Royals are one of the initial eight franchises of the IPL. He is expected to take over the reins of the team from United Kingdom-based Manoj Badale (Emerging Media) after the 2026 season.
Kal Somani, resident of Scottsdale, Arizona, is more than 50 years old. Apart from cricket, he is also interested in golf. He is one of the founders of ‘Motor City Golf Club’. The club has an association with legendary golfer Tiger Woods. His son Arjun Somani is a rising talent in the US junior circuit. Somani is interested in many fields from studies to sports. He is also the founder of many companies.
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