Sanjiv Goenka’s RPSG Group mulls sale of 15-20% stake in Lucknow Super Giants: Report

RPSG Group is reportedly considering the sale of a 15-20% stake in Lucknow Super Giants (LSG) as rising valuations of Indian Premier League franchises offer an opportunity to monetise part of its holding. The group is led by Sanjiv Goenka.

According to a report in Livemint that cited sources familiar with the matter, the process of appointing a banker for the transaction has started, with Goldman Sachs emerging as the frontrunner. However, the final decision on the banker is yet to be made.

RPSG is targeting a valuation of $1.5 billion to $2 billion for LSG, it said. At this valuation, a 15-20% stake could be valued between $225 million and $400 million.

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The group acquired the Lucknow franchise for ₹7,090 crore ($800 million) in November 2021. LSG is held through RPSG Sports Pvt Ltd, where RPSG Ventures Ltd owns 51%, and Kolkata-based non-banking finance company Rainbow Investments Ltd holds the remaining 49%.

The potential stake sale comes amid a sharp rise in IPL franchise valuations. US investment bank Houlihan Lokey stated that the business value of the 10-team league rose more than 11% this year to $20.6 billion.

Two IPL teams have changed hands this year. Royal Challengers Bengaluru, the 2025 and 2026 IPL champion, was sold in March at a valuation of $1.78 billion to a consortium including Kumar Mangalam Birla’s Aditya Birla Group, the Times of India Group, Bolt Ventures and Blackstone.

Rajasthan Royals was sold at a $1.63 billion valuation, with Lakshmi Mittal acquiring a 75% stake, Adar Poonawalla 18%, and former lead owner Manoj Badale retaining the balance.