CCI approves acquisition of 100% shareholding of Royal Challengers Sports Pvt Ltd. by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and others

**Executive Summary** The Competition Commission of India (CCI) has approved the 100% acquisition of Royal Challengers Sports Private Limited by a consortium of investors, including Big Banyan Holdings, Bolt IPL Holdings, and Times Internet. The transaction, announced on July 1, 2026, transfers ownership of the Bengaluru-based IPL and WPL cricket franchises to the acquiring group. A detailed order from the Commission is expected to follow this initial approval. **Key Points / Main Content** * **Transaction Scope** * The approval covers the acquisition of 100% shareholding of Royal Challengers Sports Private Limited (RCB/Target). * The acquisition is being carried out collectively by a consortium of six primary entities and other investors through various funding arrangements. * **Profiles of the Acquirers** * **Big Banyan Holdings:** A newly incorporated investment holding company under the Aditya Birla group with no current business activities. * **Bolt IPL Holdings:** A Delaware-based company intended for sports franchise ownership, management, and commercialization. * **Times Internet Limited (TIL):** A digital products company active in Indian news, advertising, and event management. * **Times Cricket LLP:** A new Indian entity focused on sports franchise management and commercialization. * **ICQ Opportunities:** A newly incorporated entity belonging to the ICONIQ group, currently without business activities. * **Asia Investment Topco II:** An entity controlled by Blackstone Inc. affiliates that has not engaged in business or investment activities since its incorporation. * **Target Company Operations** * The Target operates the Royal Challengers Bengaluru professional cricket teams in the Indian Premier League (IPL) and the Women’s Premier League (WPL). * The company’s business operations are entirely restricted to India. **Impact Analysis** **Royal Challengers Sports Private Limited (Target)** **Impact** The company will undergo a total change in ownership, moving from its current structure to being 100% owned by the consortium. **Action Required** The company must finalize the transfer of shareholding and transition its management or operational reporting to the new owners. **The Consortium (Acquirers)** **Impact** The group gains full control and commercialization rights over a major sports franchise in both the IPL and WPL. **Action Required** The Acquirers must await the detailed order from the CCI and fulfill any internal funding arrangements previously entered into for the acquisition. **Competition Commission of India (CCI)** **Impact** The regulatory body has completed its initial review and cleared the proposed combination. **Action Required** The Commission is required to publish and provide the detailed order regarding the approval.

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