Global Investors Circle RCB and Rajasthan Royals in $1.8bn IPL Ownership Battle
2 hours ago
The ownership race for Indian Premier League franchises is intensifying, with U.S. billionaire David Blitzer emerging as a serious contender for stakes in Royal Challengers Bengaluru and Rajasthan Royals.
Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone, is understood to be conducting detailed due diligence on both franchises. Sources suggest Royal Challengers Bengaluru (RCB), the reigning IPL champions, are being valued at approximately $1.8 billion — underlining the continued escalation in IPL franchise valuations.
Expanding Global Sports Footprint
An IPL investment would mark Blitzer’s entry into cricket and further diversify a global portfolio that already includes stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
He is not alone in the bidding process. Avram Glazer, co-chairman of Manchester United, has reportedly submitted preliminary bids through his investment vehicle, adding further international weight to the contest.
The growing interest reflects the IPL’s financial momentum. According to Houlihan Lokey, the league was valued at $18.5 billion last year, reinforcing its position as one of the most commercially powerful properties in global sport.
Strategic Reviews Trigger Market Movement
RCB is currently owned by Diageo’s India arm, United Spirits Ltd., which initiated a strategic review of its stake in late 2025 after classifying the franchise as a non-core asset relative to its primary alcohol business.
Meanwhile, Rajasthan Royals remains majority-owned by London-based investor Manoj Badale, with advisory mandates reportedly awarded to Raine Group (RR) and Citigroup (RCB) to manage the sale processes.
Blitzer’s family office, BOLT Ventures, is believed to have progressed to the second round of negotiations and is exploring potential consortium structures alongside co-investors and debt partners.
Indian Capital in the Mix
Domestic interest remains strong. Adar Poonawalla, CEO of Serum Institute of India, has publicly confirmed his intent to bid for RCB. Ranjan Pai, chairman of Manipal Education and Medical Group, is also understood to be evaluating participation.
Final bids are expected by mid-March ahead of the upcoming IPL season, which begins on March 26. Any transaction will require approval from the Board of Control for Cricket in India (BCCI).
With RCB reporting revenue growth of 73% over the past three years and Rajasthan Royals posting 136% growth during the same period, the IPL continues to strengthen its appeal as a premium global sports investment asset — attracting capital far beyond traditional cricket markets.