Diageo subsidiary USL announces divesture in RCB

Diageo PLC

25 March 2026

 

Diageo subsidiary United Spirits Limited announces full divesture of its stake in Royal Challengers Sports Pvt Ltd 

Diageo plc subsidiary, United Spirits Limited (USL), has announced it has entered into definitive agreements for the sale of its 100% equity stake in Royal Challengers Sports Private Limited (RCSPL) to a consortium comprising Aditya Birla Group ("ABG"), The Times of India Group ("Times"), Bolt Ventures ("Bolt"), and Blackstone's perpetual private equity strategy, BXPE ("Blackstone") for a total consideration of INR 166.6 billion.  

RCSPL owns and operates the Royal Challengers Bengaluru franchises that participate in the Indian Premier League (IPL) and Women's Premier League (WPL). Upon completion of this transaction, the acquiring consortium will, through its ownership of RCSPL, acquire the rights to own and operate the IPL and the WPL franchises.  

This announcement concludes the strategic review of RCSPL initiated by USL, as announced on 5 November 2025.  

The transaction is subject to satisfaction of customary closing conditions and legal, regulatory and other approvals, including from the Board of Control for Cricket in India and the Competition Commission of India. 

Further details of the transaction can be found here.

USL was represented by Citigroup as its lead financial advisor, while AZB & Partners served as legal counsel. Diageo plc was advised by Deutsche Bank as its strategic financial advisor, and received legal counsel from Slaughter and May, as well as Touchstone Partners. 

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For further information please contact:

Investor relations:

Sonya Ghobrial	[phone]
Andrew Ryan Grace Murphy	[phone] [phone]
Media Relations:	[e-mail]
Rebecca Perry Clare Cavana	[phone] [phone]
Abigail Farrell	[phone]
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About Diageo

Diageo is a global leader in beverage alcohol with an outstanding collection of brands across spirits and beer categories. These brands include Johnnie Walker, Crown Royal, JεB and Buchanan's whiskies, Smirnoff and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness.

Diageo is a global company, and our products are sold in nearly 180 countries around the world. The company is listed on both the London Stock Exchange (DGE) and the New York Stock Exchange (DEO). For more information about Diageo, our people, our brands, and performance, visit us at www.diageo.com. Visit Diageo's global responsible drinking resource, www.DRINKiQ.com for information, initiatives, and ways to share best practice.

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About the Acquiring Consortium

The Acquiring Consortium brings together partners with complementary strengths across sport, media, technology, and brand-building

Aditya Birla Group is one of India's largest and most respected conglomerates, with operations spanning over 40 countries and a legacy of over 165 years.

The Times of India Group is one of India's largest media conglomerates and operates the most comprehensive cricket ecosystem in the world, encompassing Cricbuzz, Willow TV, Major League Cricket, and the London Spirit.

Bolt Ventures is the private investment platform of David Blitzer, one of the most prominent sports investors in the world, with ownership stakes across the EPL, NBA, NHL, NFL, MLB, MLS, and other leagues across five continents.

Blackstone is the world's largest alternative asset manager, with $1.3 trillion in assets under management across global investment strategies.

 

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