The much-awaited sale of the Royal Challengers Bangalore franchise has finally been completed, with Aditya Birla Group, The Times of India Group, Blackstone and Bolt Ventures becoming the new joint owners of the team. The deal was signed at a staggering valuation of US$1.78 billion, which is approximately Rs 16,700 crore.
“Over the last two decades, the IPL has become a global sporting superpower that has changed the face of Indian cricket, bringing immense value to India. RCB, one of the most compelling franchises in modern sports, provides the Aditya Birla Group with a unique platform to extend its legacy of institution-building in the global sporting arena. We are delighted to become custodians of this asset and are committed to carrying forward this extraordinary legacy,” said Kumar, Chairman, Aditya Birla Group. Mangalam Birla said in a statement.
More to follow!
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