India, March 14 -- Royal Challengers Bengaluru's ownership story has moved into a more serious and revealing phase, with Swedish private equity giant EQT Group now reportedly preparing a binding bid that could value the franchise at $2 billion to $2.1 billion. That figure, if it materialises, would make RCB one of the most prized properties in global franchise sport. The reported March 16 deadline for binding bids has turned what was initially a strategic review into a high-stakes contest for one of cricket's rarest assets.

What makes this more than just another sale story is the nature of the asset on the table. United Spirits Ltd., Diageo's India arm, formally announced in November 2025 that it was launching a strategic review of its i...