Adar Poonawalla drops out of RCB race

In a surprising turn of events for the Indian Premier League (IPL) ecosystem, Adar Poonawalla, CEO of the Serum Institute of India (SII), has officially withdrawn his bid for the Royal Challengers Bengaluru (RCB) franchise. Despite his public declaration in January to place a “strong and competitive” offer, the vaccine tycoon failed to submit a binding bid by the March 16, 2026 deadline.

The Final Three: Who’s Still in the Hunt?

With Poonawalla out, the race to acquire the defending champions from Diageo-controlled United Spirits (USL) has evolved into a three-way battle between global private equity and sports moguls.

1. The Swedish Frontrunner: EQT Group has reportedly submitted the highest binding bid, valued between $2 billion and $2.1 billion. If successful, this would make RCB one of the most valuable single-team sports properties in the world.
2. The Manchester United Connection: Avram Glazer, through Lancer Capital, remains in the fray with a bid estimated around $1.8 billion. The Glazer family has been seeking an IPL entry since 2021 to complement their portfolios in the NFL and ILT20.
3. The Local Powerhouse: Dr. Ranjan Pai (Manipal Group) has formed a heavyweight consortium with US-based KKR (the private equity firm, not the cricket team) and Singapore’s Temasek. This group is banking on its deep roots in Bengaluru to win over the sellers.

Why Did Poonawalla Pull Out?

While no official reason was given for the withdrawal, industry insiders suggest a mismatch in valuation expectations.

• The “Kohli” Premium: Analysts estimate that Virat Kohli’s association adds nearly $250 million to the franchise’s value, a premium some Indian billionaires are reportedly hesitant to pay at the $2 billion mark.
• Geopolitical Focus: Some speculate that the ongoing US-Iran conflict and the resulting global market volatility led to a more cautious capital allocation strategy from the Serum Institute chief.

Timeline for the Sale

The sale is being managed by Citigroup and is expected to reach a final decision within the next fortnight.

The timing is critical as RCB enters the IPL 2026 season (beginning March 28) as the defending champions. Diageo is reportedly keen to close the deal by the end of the current fiscal year (March 31) to focus on its core “alcobev” business.