A consortium comprising Blackstone (NYSE:BX), Bolt Ventures, Aditya Birla Group, and The Times of India Group agreed to acquire the Royal Challengers Bengaluru (RCB) cricket franchise. 

This acquisition, valued at approximately $1.78 billion, includes both the men's Indian Premier League and the women’s Premier League teams, Blackstone reports.

The acquisition is pending customary approvals, including those from the Cricket Board of Control for Cricket in India and the Competition Commission of India. The acquisition marks a significant shift in ownership from United Spirits Limited, a subsidiary of Diageo plc, to the new consortium.

Under the new leadership, Aryaman Vikram Birla will assume the role of chairman, while Satyan Gajwani from The Times of India Group will serve as vice chairman. 

The new owners aim to build upon the franchise’s legacy and success. Gajwani emphasized the commitment to the team's local roots and its dedicated fanbase.

According to Blackstone, this acquisition aligns with their broader strategy of investing in high-growth sports franchises. The Royal Challengers Bengaluru holds both the IPL and WPL titles simultaneously, a first in the league’s history.

David Blitzer, founder, Bolt Ventures, commented: "RCB has a world-class fanbase, and the IPL is one of the great growth stories in global sport. Having invested in clubs and leagues around the world, I believe the opportunity at RCB stands out. We look forward to working alongside our partners and the BCCI to build on the franchise's championship success." 

This transaction ranks RCB as the most valuable franchise ever sold in the IPL, Yahoo sports reported. Several high-profile bidders also showed interest in the deal, including private equity firms EQT, TPG, Temasek, Adar Poonawalla, Rangan Pai of Manipal Hospitals, and the Glazer family, which owns Manchester United. 

 "Over the past 2 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," said Kumar Mangalam Birla, chairman of Aditya Birla Group.

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