NEW DELHI: The ownership transfer of Royal Challengers Bengaluru (RCB) took a significant step forward on Thursday, with Adar Poonawalla announcing plans to submit a "strong and competitive" bid for the IPL franchise.

RCB, the defending IPL champions, boast one of the league's largest and most passionate fan bases, making the team one of the most coveted assets in Indian cricket.

"Over the next few months, will be putting in a STRONG and COMPETITIVE bid for RCB, one of the best teams in the IPL," Poonawalla, Chief Executive Officer of Pune-based vaccine-maker Serum Institute of India, wrote on his official 'X' handle.

Poonawalla, however, did not disclose key details such as the timeline for his bid or the potential amount he intends to offer. A decision will need to be made soon, with IPL 2026 set to kick off on March 26.

The search for a new owner for RCB, currently valued at around $105 million according to Forbes India, began last November. The team is being sold by its current owners, United Spirits Ltd (USL), the Indian subsidiary of global beverage giant Diageo.

The urgency to finalise new ownership intensified after the tragic stampede on June 4, which claimed 11 lives during RCB's victory celebrations, prompting calls for a change in management.

Praveen Someshwar, Managing Director & CEO of United Spirits Ltd, had said: "RCSPL has been a valuable and strategic asset for USL, however it's non-core to our alcobev business.

"This step reinforces USL's and Diageo's commitment to continue reviewing its India enterprise portfolio to enable sustained delivery of long-term value to all its stakeholders, while keeping RCSPL's best interest in mind."

The United Spirits had acquired RCB from their original owner Vijay Mallya after his business ventures collapsed in 2016.

However, Poonawalla's tweet comes at a time when RCB is speculated to be taking their home matches out of Bengaluru during IPL 2026.

In fact, Pune, Mumbai and Raipur are in touch with the franchise to host seven home-leg matches.

The Karnataka State Cricket Association (KSCA) on Wednesday had urged the RCB management to stay back in the city for their home matches, emphasising on the security and facility enhancements made to the M Chinnaswamy Stadium.

However, the RCB responded by saying that "there are still a few grey areas that need to be looked into, and we are considering these parameters and inputs from all stakeholders before arriving at a responsible decision for the team and our fans."

Other than Poonawalla, Hombale Films, owned by Vijay Kiragandur, is also in fray to own the RCB.

Hombale is the production house behind pan-India hit movies such as KGF and Kantara sequels. But an official statement is yet to be issued by the owners.

(With PTI Inputs)