RR sold for $1.63 billion, another consortium bids $1.78 billion for IPL champions RCB

After the Rajasthan Royals were acquired by a US-based group, a consortium led by the Aditya Birla Group (ABG) emerged as the lead bidder to become the owner of the Royal Challengers Bengaluru. The consortium bid a whopping $1.78 billion (approximately Rs 16,706 crore) for RCB.

Earlier, the Royals were acquired by a Kal Somani-led consortium for $1.63 billion (approx Rs 15,290 crore).

According to news agencies, other parties involved in the group taking over RCB are Blackstone, an equity firm of which Viral Patel is the CEO, Bolt Ventures, owned by American investor David Blitzer, and media conglomerate Times of India.

"The consortium has reached an agreement with United Spirits Limited (USL) to buy 100 percent stake in RCB and the deal includes both men's and women's team of the franchise," said news agency PTI, quoting a source.

As per the sale agreement, ABG director Aryaman Vikram Birla will be the chairman of RCB, while Satyan Gajwani of Times of India will be his deputy. The BCCI, the IPL Governing Council and the WPL must ratify the deal for the takeover to be complete.

Meanwhile, the consortium that acquired the Royals includes Rob Walton from the Walmart family and the Hamp family (Ford Motor Company), while Somani is an Arizona-based tech entrepreneur.