Swedish private equity firm EQT Group is reportedly the latest player that has swooped in, becoming the frontrunner to own the Indian Premier League (IPL) franchise Royal Challengers Bengaluru (RCB).
The EQT Group reportedly reportedly preparing a binding bid could increase the value of the franchise to a whopping $2.1 billion and would make RCB among the most prized properties in global sport. Nevertheless, it is worth exploring what makes RCB a demanding property to take over.
What makes RCB the most valued franchise?
It was in November 2025 that the United Spirits Limited, Diageo's India arm, announced it was launching a strategic review of the investment in RCB. Since then, at least eight investors have made the shortlist for RCB, who hold the men's title in IPL and are two-time winners of WPL, with RCB open for sale. They include Lancer Capital owned by Avram Glazer, Manipal Group owned by Ranjan Pai, Adar Poonawalla who owns Serum Institute of India, Times of India Group, EQT Private Capital, Capri Global. Furthermore, Sanjay Govil, a US-based businessman, who owns Washington Freedom in MLC and Welsh Fire in The Hundred is also in the frame alongside private equity company Premji Invest.
The rationale behind RCB's jaw-dropping valuation of $269 million is partly down to their unbridled loyal fan base. Even as the franchise continued to languish at the bottom of the table with some disappointing performances, fans poured in cheered them on. The fan base increased ten fold when the Royal Challengers finally ended their quest for the trophy, clinching it, making the fans emotional. Amid IPL 2025, RCB became the first IPL franchise to cross 20 million Instagram followers, leaving behind serial winners Chennai Super Kings (CSK) and Mumbai Indians. It currently sits at 21.8 followers on the platform, a shade above CSK, which has 21.3.
The competition of investors for RCB means they are looking at the franchise as a premium sports-media business that has sponsorship upside and wider loyalty base. Avram Glazer-owned Lacer Capital has reportedly already placed a non-binding bid of โน1.8 billion but EQT Group's $2.1 billion now makes them firm favourites. But Adar Poonawalla and Ranjan Pai cannot be counted out just yet as the franchise closes in on selling.
Virat Kohli's brand power
Having been associated with the franchise since 2008 and not willing to play for any other, Virat Kohli has well and truly become the face of RCB. With his passion and in and in-your face attitude, the 37-year-old has kept the fans hooked to the TV screens, especially for RCB games. Kohli has also translated that into his performances as he is not only the highest run-getter for the Royal Challengers but also for RCB, peeling off 8661 runs.
Although Kohli's captaincy wasn't as rewarding for RCB, he ensured to win a plethora of awards to increase the team's stature. The likes of Ellyse Perry and Smriti Mandhana being part of their female counterparts in RCB has also played a huge role, etching the brand's legacy further.
RCB's focus on merchandising and lifestyle strategy
While RCB's appeal is obvious on the field, it has also made its mark off it. Even when the IPL and WPL are not on, their verticals stay on the minds of the fans through RCB Bar & Cafe. A unique cafe situated in Bengaluru, the bar and cafe is known for its ambient lighting with a cricketing twist. It is also set to have a very hospitable atmosphere and serves iconic RCB cocktails.
Due to Kohli's immense dedication to fitness, RCB has also launched a fitness platform named 'Hustle by RCB', giving tailored workouts and nutrition plans, including structured programs to help with mental and physical fitness. Fans can also follow their Instagram page 'hustlebyrcb'. Come IPL 2026, RCB will likely again be the talk of the town, given they will start as reigning champions.
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