mumbai: Billionaire investor David Blitzer is exploring a majority stake in an Indian Premier League (IPL) franchise and is currently in talks with two teams, according to sources familiar with the matter.
Blitzer is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two people with direct knowledge of the discussions said. The development sets the stage for a high-profile bidding contest involving global and Indian investors.
Valuation of RCB pegged at $1.8 billion
Sources indicated that the discussions value Royal Challengers Bengaluru (RCB), last year’s IPL champions, at around $1.8 billion. Both RCB and Rajasthan Royals declined to comment on the ongoing talks. Blitzer did not immediately respond to requests for comment.
A stake in the IPL would further diversify Blitzer’s global sports portfolio. He is co-founder of Harris Blitzer Sports & Entertainment and an executive at Blackstone Group. His existing holdings include the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
Glazer and others in the fray
Avram Glazer, co-chairman of Manchester United and owner of the NFL’s Tampa Bay Buccaneers, has also submitted initial bids for both IPL teams, according to multiple sources. His interest in IPL franchises has been reported earlier.
The bidding war reflects the soaring valuations of IPL teams. Investment bank Houlihan Lokey last year valued the Twenty20 league at $18.5 billion, underscoring its status as one of the most lucrative sporting properties globally.
Global investment firms such as KKR and Blackstone are also evaluating potential stakes. While KKR is assessing both franchises, Blackstone has reportedly shown interest specifically in Royal Challengers Bengaluru.
Strategic review by Diageo India
The India arm of UK-based drinks giant Diageo initiated a strategic review in November of its 100% holding in the Bengaluru franchise, describing the team as “non-core” to its primary alcohol business.
Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale. Neither Diageo nor Badale commented on the ongoing process.
Blitzer’s family office, BOLT Ventures, has reportedly progressed to the second round of negotiations for both teams and is undertaking what sources described as “serious work” as it evaluates a potential acquisition.
Consortium talks and regulatory approval
Sources added that both Blitzer and Glazer are in discussions with investors and debt providers to form consortiums aimed at securing a controlling stake in one of the two franchises.
The deadline for final bids is understood to be mid-March. The upcoming IPL season is scheduled to begin on March 26 and will feature 84 matches across the country over a two-month period.
Any change in ownership will require approval from the Board of Control for Cricket in India (BCCI), the world’s richest cricket board.
Advisory firm Raine Group is handling the sale process for Rajasthan Royals, while Citigroup is managing the transaction for Royal Challengers Bengaluru.
Indian tycoons also interested
The bidding contest also includes prominent Indian business leaders. Adar Poonawalla, CEO of Serum Institute of India, has publicly stated that he plans to submit a “strong and competitive bid” for Royal Challengers Bengaluru.
Indian billionaire Ranjan Pai, chairman of Manipal Education and Medical Group, is also said to be evaluating a stake in the Bengaluru franchise.
Royal Challengers Bengaluru reported revenue of $56 million for 2024–25, marking a 73% increase over a three-year period. Rajasthan Royals recorded a 136% revenue jump over the same timeframe, highlighting the commercial growth driving investor interest.
Rising global appeal of IPL
The intensifying global interest in IPL franchises underscores the league’s expanding financial and brand value. With strong broadcast revenues, sponsorship deals and a massive fan base, the IPL has emerged as a highly attractive asset class for international investors.
As the mid-March bidding deadline approaches, the contest for control of one of India’s premier cricket franchises is expected to further heat up, potentially reshaping the ownership landscape of the league.
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