Consortium led by Aditya Birla Group and The Times of India buys RCB for $1.78 billion
Buyers' finance teams must fund 5% BCCI fee before ownership change completes
Change
Consortium led by Aditya Birla Group and The Times of India must remit a 5% transaction fee to the Board of Control for Cricket in India (BCCI) before completing the $1.78 billion purchase of Royal Challengers Bengaluru (RCB).
Why it matters
The acquisition transfers both the men's Royal Challengers Bengaluru team and the franchise's Women's Premier League team, so change-of-ownership conditions apply across both squads. The sale is a full secondary buyout and remains subject to customary closing conditions requiring approvals from the Board of Control for Cricket in India and the IPL Governing Council and other applicable regulatory authorities.
Implications
- — Consortium finance and treasury teams must allocate and remit the 5% BCCI change-of-ownership fee for the RCB transaction before the ownership change completes — payment is required as part of closing.
- — Consortium legal and compliance teams must secure formal approvals from the Board of Control for Cricket in India and the IPL Governing Council and satisfy other applicable regulatory closing conditions before closing — the transaction remains conditional until those approvals are obtained.
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Source
View on Economic Times