Global investors, including Avram Glazer, co-owner of English football club Manchester United, have entered the race to buy Indian Premier League (IPL) franchises Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR), according to reports by ESPNcricinfo.
Media Reports says that Avram Glazer is bidding through his investment firm Lancer Capital, which is based in the United States. Lancer Capital is among the shortlisted bidders for both RCB and Rajasthan Royals.
Bidding Process Underway
RCB has attracted eight shortlisted bidders, while five bidders are in contention for Rajasthan Royals. The sale process is currently in the non-binding bid stage. RCB’s men’s and women’s teams are among the most high-profile franchises in Indian cricket, while Rajasthan Royals were the inaugural IPL champions in 2008.
According to ESPNcricinfo, and citing at least two people with knowledge of the process, the estimated bid value for Royal Challengers Bengaluru (RCB) is expected to be between $1.2 billion and $1.8 billion, while Rajasthan Royals (RR) are likely to be valued between $1.2 billion and $1.4 billion. ESPNcricinfo reported that these valuation ranges are based on non-binding bids submitted in the initial round, which took place in January for Rajasthan Royals and on February 2 for RCB. It is also understood, as per ESPNcricinfo, that both franchises have offered bidders the option to acquire a 100% stake.
Other Bidders Named
The shortlisted bidders for Royal Challengers Bengaluru include:
- Lancer Capital (Avram Glazer)
- Manipal Group (Ranjan Pai)
- Adar Poonawalla
- Times of India Group
- EQT Private Capital
- Capri Global
- Sanjay Govil
- Premji Invest
For Rajasthan Royals, ESPNcricinfo reported that the shortlisted bidders include:
- Lancer Capital
- Capri Global
- Sanjay Govil
- Times of India Group
- Kal Somani
The bidding process is expected to continue over the coming weeks, after which final bids will be submitted. Any sale would be subject to approval from the Board of Control for Cricket in India (BCCI).
