Reportage

The Swede in the Room

EQT has spent nearly two decades buying IT companies and fertility clinics in India. Now it wants a cricket team. Royal Challengers Bengaluru, by most accounts, is where its money is going on March 16.

Venkat Ananth

13 Mar 2026 — 5 min read

(Disclaimer: This is an AI generated image)

Over a month after The State of Play revealed Avram Glazer’s $1.8 billion non-binding bid for the Royal Challengers Bengaluru (RCB), there is a fresh twist in the race for the IPL defending champions.

The State of Play has learned that EQT, the Swedish private equity firm, is readying a binding bid in the range of $2 billion to $2.1 billion for the franchise.

“They have the internal approval and mandate to go all out, and bid $200-300 million more than the current range, if that is what it takes to close the deal,” a person familiar with EQT’s bid strategy told The State of Play on a condition of strict anonymity. Other sources familiar with the process describe EQT’s position in the RCB room as “frontrunner”, “serious contender,” and “very strong.” EQT did not respond to a request for comment.

The field includes Glazer’s Lancer Capital, Ranjan Pai backed by KKR and Temasek, Adar Poonawalla’s consortium with TPG, and the Times of India Group. That could change, with buyer consolidation in the air.

“Over the next 24-48 hours, there is a strong possibility that people might start talking to each other and figuring out the best way to meet or beat the number,” said another person familiar with the process. A third person was more direct: “Everyone is just trying to find consortium partners.”

EQT is the only pure-play global private equity fund in the race. Why is a firm whose India portfolio mainly includes IT services, healthcare, and financial services planning to spend this amount of money on a cricket team?

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