Aditya Birla Group and The Times of India buy Royal Challengers Bangalore for $1.78 billion
Change
A consortium led by Aditya Birla Group and The Times of India acquired Royal Challengers Bangalore for $1.78 billion and must pay a 5% ownership-change fee to the Board of Control for Cricket in India totalling $90 million.
Why it matters
Closing is conditional on approvals from the Board of Control for Cricket in India and the Indian Premier League (IPL) Governing Council, creating a regulatory hold on transfer of control. The consortium cannot exercise ownership rights or deploy franchise assets until those bodies clear the transaction.
Implications
- • Aditya Birla Group and The Times of India's finance teams must arrange payment of $90 million to the Board of Control for Cricket in India before closing, or the ownership transfer will not be recognised.
- • Aditya Birla Group and The Times of India's legal and compliance teams must obtain approvals from the Board of Control for Cricket in India and the Indian Premier League Governing Council before closing, or the transaction will be delayed or blocked.
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