Overview

• Former IPL chairman Lalit Modi posted that Royal Challengers Bengaluru’s owners have decided to take the team off their balance sheet and sell it, reigniting speculation.
• Multiple outlets citing CNBC-TV18 report that Citi is the transaction adviser and that Serum Institute CEO Adar Poonawalla is a leading potential buyer seeking full ownership.
• Diageo and Adar Poonawalla have declined to comment, and United Spirits had formally denied active sale discussions in a June filing to the Bombay Stock Exchange.
• Valuations discussed in coverage center on roughly $2 billion, with some commentary suggesting higher pricing could be achievable next year, while the recent Gujarat Titans deal provides a comparator benchmark.
• Background factors referenced include RCB’s first IPL title this year, the fatal stampede at public celebrations that drew scrutiny, and tighter rules on indirect alcohol advertising that may reduce strategic fit for Diageo.