Aditya Birla Group-led consortium has acquired the Royala Challengers Bengaluru (RCB) franchise for a whopping Rs 16,732 crore.
The consortium includes Aditya Birla Group (ABG), The Times of India Group (TOI), Bolt Ventures, and Blackstone's perpetual private equity strategy (BXPE).
As per the new structure, ABG director Aryaman Vikram Birla will become the chairman while TOI Group's Satyan Gajwani will take over as vice chairman. Bolt Ventures founder David Blitzer and BXPE CEO Viral Patel are also key members of the investor group.
The deal is subject to approvals and clearances from the BCCI, the Competition Commission of India and other regulators.
Kumar Mangalam Birla, Chairman, Aditya Birla Group, said his team looks forward to build "this extraordinary legacy"
"Over the past two decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket creating enormous value for India. RCB, as one of the most compelling franchises in modern sport, offers the Aditya Birla Group a distinctive platform to extend its legacy of institution-building into the arena of global sport," he stated.
Gajwani, who is the chairman of Times Internet Ltd, said they look forward to backing RCB as they pitch on Saturday to defend their title.
"RCB is the reigning champion and the most popular brand in the IPL. As The Times of India Group, together with our partners, we will build RCB into a global sporting institution, while remaining rooted in Bengaluru and Karnataka and its incredible fanbase. We are committed to the people who built this championship-winning culture - the players, coaches, the leadership team, and the fans," he added.
This comes after US-based Kal Somani-led consortium acquired Rajasthan Royals for Rs 15,290 crore. It also comprises Rob Walton from the Walmart family.