A CONSORTIUM of investors, including US asset management firm Blackstone, on Tuesday said it has acquired Royal Challengers Bengaluru (RCB), one of the founding teams of the Indian Premier League, for about $1.8 billion.
The announcement was made days before the T20 tournament begins on Saturday.
The franchise was sold by United Spirits Limited, the Indian arm of British drinks company Diageo, for around $1.8 billion. RCB had won the IPL for the first time last year.
In a statement, the consortium said it was "proud to become custodians of RCB."
The group includes Bolt Ventures, led by sports investor David Blitzer, The Times of India Group, Blackstone and Aditya Birla Group.
RCB's "championship-winning culture" and its connection to the southern city of Bengaluru and "one of the most passionate fanbases in world sport make this an extraordinary opportunity."
"We are committed to taking RCB to new heights, on the pitch and beyond."
Praveen Someshwar, chief executive at United Spirits Limited, said the deal was a milestone "as we sharpen focus on our core beverage alcohol business to unlock its true potential with sustained growth."
The sale was announced hours after RCB said it will keep 11 seats at Bengaluru's M Chinnaswamy Stadium empty in memory of fans who died during title celebrations last year.
Eleven supporters, aged between 14 and 29, died in a stampede outside the stadium in June, a day after RCB won the final against Punjab Kings and returned for a trophy parade.
Earlier this year, RCB's women's team won its second Women's Premier League title.
(With inputs from agencies)
