Mumbai: The Competition Commission of India (CCI) has approved the $1.78 billion acquisition of Royal Challengers Sports Pvt Ltd, the owner of the Royal Challengers Bengaluru franchises in Indian Premier League (IPL) and Women's Premier League (WPL), by a consortium comprising the Aditya Birla Group, The Times of India (publishers of The Economic Times), Bolt Ventures and a Blackstone fund.The approval paves the way for completion of one of the biggest deals involving an IPL franchise, underscoring the growing appeal of sports assets among strategic and financial investors. Under the new ownership structure, Aryaman Vikram Birla, director of Aditya Birla Group, will serve as chairman, and Satyan Gajwani of The Times of India will serve as vice-chairman of the franchise. The consortium comprises Aditya Birla Group's Big Banyan Holdings, Bolt IPL Holdings, Times Internet Ltd and Times Cricket, which are partnering with ICQ Opportunities RC Holdco, an entity of the ICONIQ group, along with Asia Investment Topco II, a fund controlled by Blackstone.