Conman Sukesh Chandrashekar has written to Diageo, the owner of the Indian Premier League franchise Royal Challengers Bengaluru (RCB), expressing his interest in acquiring full ownership of the team through what he described as a firm and genuine proposal. In his communication to the promoters, Chandrashekar claimed that his offer would be both faster and more decisive than that of other interested parties, including Pune-based businessman Adar Poonawala.
In the letter, Chandrashekar stated that his company, LS Holdings, was submitting a “bonafide” expression of interest to take over complete ownership and operational control of RCB. He said the proposed acquisition would cover all associated rights, including branding, trademarks, player contracts, and league-related entitlements, subject to the necessary regulatory clearances and due diligence procedures.
He further claimed that LS Holdings was prepared to make an all-cash offer valued at USD 1 billion for the franchise. According to Chandrashekar, this bid was realistic and executable, even suggesting that the transaction could be completed within 48 hours without the involvement of any third-party funding or financial intermediaries.
Referring indirectly to competing bids, Chandrashekar acknowledged that Diageo may have received offers that were reportedly higher in value. However, he argued that his proposal was more practical and achievable, positioning it as a serious alternative that could be closed swiftly. He also said his group was willing to deposit the full amount into an escrow account even before formal negotiations begin, as a sign of commitment.
Addressing his ongoing legal troubles, Chandrashekar asserted that the cases against him were still at the allegation stage and had not been proven in any court of law. He emphasised that LS Holdings, as a corporate entity, had no legal complications and maintained registrations and business operations across multiple countries.
In his letter, Chandrashekar also said his team was ready to comply with all requirements laid down by the IPL Governing Council and the Board of Control for Cricket in India (BCCI), including regulatory checks and ownership approvals.
On a personal note, he described Royal Challengers Bengaluru as his “home team” and said acquiring the franchise would fulfil a long-standing personal ambition. He added that owning RCB would be a special gesture for his partner, Jacqueline. In a concluding remark, Chandrashekar argued that IPL franchise ownership should not be limited only to large corporate groups or celebrities, and said individuals like him should also be given an equal and fair opportunity.
