Another historic turning point has come in the world of Indian cricket. The current IPL champion Royal Challengers Bangalore (RCB) is now in the hands of new owners. This deal, made for about 1.78 billion dollars (about Rs 16,660 crore), has once again proved the growing value and global appeal of IPL.
This deal is not just the buying and selling of a team, but is a sign of a major change in the business model of Indian cricket. The special thing is that this time it is not a single corporate that is buying RCB, but a high-profile consortium of veterans from different industries, which is preparing to make it a global sports brand.
Who bought RCB and who is in this consortium?
The consortium buying RCB is an alliance of many big names. This includes Aditya Birla Group (ABG), Times of India Group, Bolt Ventures and global private equity company Blackstone. This group is led by Kumar Mangalam Birla, while international players like American sports tycoon David Blitzer and Blackstone are also involved in it.
Is this the biggest deal in IPL history?
This deal of RCB is being considered as the biggest ‘change of guard’ in the 18-year history of IPL. This deal has happened at a time when the total value of IPL is being estimated at around 18.5 billion dollars. On the same day, the news of sale of Rajasthan Royals for 1.63 billion dollars also came out, which made it clear that IPL has now become not just a cricket league but a global business powerhouse.
Who were the first owners and why did they sell the team?
RCB was earlier owned by United Spirits, which is part of UK company Diageo. The company had decided to sell 100% of its stake in November, as it considered it separate from its core business (alcohol sector) i.e. ‘non-core’. Under the new structure, Aditya Birla Group director and former cricketer Aryaman Vikram Birla has been made the chairman of the team. Whereas Times Internet Chairman Satyan Gajwani will play the role of Vice Chairman.
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