The much-awaited sale of the Royal Challengers Bengaluru franchise has finally been completed with the Aditya Birla Group, The Times of India Group, Blackstone, and Bolt Ventures being the new joint owners of the side. The deal was signed at a jaw-dropping valuation of US$1.78 billion, which translates to roughly INR 16,700 crore.
“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. We are delighted to become custodians of this asset and committed to further building this extraordinary legacy,” Kumar Mangalam Birla, the Aditya Birla Group’s chairman said in a statement.
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