The transaction involves the sale of the franchise that won the Indian Premier League championship in 2025.

A consortium including Blackstone's perpetual private equity fund and a German venture capital firm is acquiring the business.

British spirits giant Diageo has announced it has agreed to sell its Indian cricket franchise, Royal Challengers Bangalore, to a consortium backed by Blackstone Group for 166.6 billion Indian rupees (approximately $1.77 billion).

The company stated on Wednesday that its Indian subsidiary, United Spirits, has reached an agreement to sell the entire equity stake in Royal Challengers Sports Private Limited—the entity that operates both the men's and women's cricket teams. This move concludes the strategic review of this business that was initiated last year.

Diageo stated that the acquiring consortium includes: the Blackstone Perpetual Private Equity Fund, German venture capital firm Bolt Ventures, as well as Indian corporations, the Aditya Birla Group and The Times Group.

The transaction remains subject to customary closing conditions and regulatory approvals, which include clearance from the Board of Control for Cricket in India.