Billionaire David Blitzer is exploring the possibility of purchasing a majority stake in an Indian Premier League (IPL) franchise, with Royal Challengers Bengaluru (RCB) and Rajasthan Royals in his sights. Talks are currently being held between the respective parties, sources privy to the matter stated. Another party to join the bidding contest is Manchester United co-chairman Avram Glazer.
The $18.5 billion-worth IPL is the most valuable cricket league in the world, rivaling leagues like the NBA and EPL, with diverse revenue streams ranging from media rights to major sponsorship deals. With a massive viewer base, it should not come as a surprise that billionaires want to tap into the vast market that cricket provides. Here are the latest updates on the boardroom negotiations taking place on this matter.
High-stakes IPL bidding contest explained
Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a Blackstone executive, is keeping a close eye on RCB and RR. Reportedly, his family office, BOLT Ventures, has progressed to the second round of negotiations, and the valuation of the deal is estimated to be around $1.8 billion. The family office is reportedly in discussions with investors and debt providers to form a consortium.
Joining the fray are the Glazers, who have also submitted bids for both teams and are exploring a similar consortium arrangement to secure an Indian franchise. Meanwhile, Blackstone, a US-based asset management firm, has shown interest in RCB as well.
RCB’s owner, the India unit of Diageo, launched a strategic review of its 100% stake in November, calling the franchise “non-core” to its primary alcohol business. Meanwhile, London-based venture capitalist Manoj Badale is the majority owner of the Rajasthan Royals and is being advised on its sale by Raine Group.
Indian business tycoons are also in the bidding race, with Adar Poonawalla ready to place a “strong and competitive bid” for RCB, and billionaire Ranjan Pai seeking a stake in the Bengaluru franchise.
The final bids must be submitted by mid-March, ahead of the next IPL season starting March 26. Any takeover deal will require approval from the Board of Control for Cricket in India (BCCI), India’s richest cricket governing body.
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According to Reuters, RCB’s revenue for the financial year 2024–25 was $56 million, a 73% rise over three years, while Rajasthan Royals recorded a 136% increase over the same period.
Both Blitzer and Glazer are attempting to expand their sports investment portfolios by making inroads into the IPL. Blitzer holds stakes in major North American professional sports leagues, including the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils. Avram Glazer is the co-owner of Premier League club Manchester United and owner of the NFL’s Tampa Bay Buccaneers.
The bidding contest is heating up, with both Indian and global business leaders seeking a share of the IPL’s growing revenue. It remains to be seen who ultimately secures the acquisition and how it may impact upcoming IPL seasons.
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