India, March 25 -- A consortium comprising Indian and global business entities has taken over Royal Challengers Bengaluru in a blockbuster all-cash deal valued at USD 1.78 billion (approximately INR 16,660 crore), marking one of the most expensive franchise acquisitions in cricket history.

United Spirits Limited (USL), the existing owner of RCB in both the IPL and WPL, confirmed the agreement on Tuesday. The buying group includes the Aditya Birla Group, Blackstone's perpetual private equity arm BXPE, Bolt Ventures led by David Blitzer, and media conglomerate Times of India Group.

The deal is subject to approval from the Board of Control for Cricket in India, following which the consortium will formally assume control of the franchise. I...