Adar Poonawalla, who had emerged as a frontrunner to acquire Royal Challengers Bengaluru (RCB), has pulled out of the race, according to sources within the Serum Institute’s Poonawalla Group.

On October 1, 2025, Poonawalla had hinted at his interest in the franchise, posting on his official X handle: “At the right valuation, @RCBTweets is a great team.” He later formalised that intent on January 22, announcing that he would submit a strong bid for the defending champions, describing them as one of the finest teams in IPL history. However, reports now suggest that the 45-year-old failed to submit a final bid before the deadline, leading to his exit from the process.

Earlier, sections of the media had reported that Lancer Capitals, backed by the Glazer family, had submitted a non-binding bid of $1.8 billion. The Manchester United owners have since withdrawn, further narrowing the field. Poonawalla, despite his public enthusiasm and stated intent to bid seriously, has also stepped aside.

Also read: From racecourse to cricket, Poonawalla in for $2-bn RCB deal

A final decision on the franchise’s sale is expected by the end of the month with valuation remaining the central issue. Last year, current owners Diageo had informed the Securities and Exchange Board of India (SEBI) that the process would be completed by March 31.

The transaction is being overseen by the Raine Group, which has previously handled high-profile deals like the sales of Premier League giants Chelsea and Manchester United. While the current owners will continue to run RCB through the 2026 season, the new ownership is expected to take charge ahead of the 2027 campaign.

RCB’s valuation is set to break records, comfortably surpassing previous IPL franchise deals. The Sanjiv Goenka-led RPSG Group acquired Lucknow Super Giants for $850 million (Rs 7,090 crore), while Torrent Group’s purchase of a 67 per cent stake in Gujarat Titans last year valued the franchise at around $1 billion (Rs 7,500 crore). Rajasthan Royals, too, are in the process of concluding a sale expected to cross the $1-billion mark, though still well below RCB’s projected valuation.

With the Glazer family out of contention, the race has now narrowed down to two serious bidders for the Bengaluru-based franchise. According to reports, Swedish private equity firm EQT is locked in a bidding battle with a consortium led by Manipal Group’s Ranjan Pai, alongside US-based KKR and Singapore’s Temasek. Some reports also suggest that EQT has partnered with Premji Invest for a combined bid.

EQT is believed to have placed a bid exceeding $2 billion (Rs 16,700 crore), a figure that would not only make RCB the most valuable IPL franchise by a significant margin but also place it among the most valuable sports teams globally.

By Joe Williams