New Delhi, Oct. 8 -- In a season that finally saw Royal Challengers Bengaluru (RCB) lift its maiden Indian Premier League (IPL) trophy, the irony couldn't be starker - owner Diageo is looking to exit the franchise. Among the frontrunners in the race to buy the IPL's most valuable team are Adar Poonawalla, CEO of Serum Institute of India, and at least two other business houses.

The potential sale poses an important question: does corporate ownership of sports franchises create long-term value for shareholders, or is it an expensive exercise in personal branding and legacy? The 2024 Netflix drama series, A Man in Full, has a possible answer: a banker says people buying sports teams isn't about it being a good business but about boring peop...