The battle for control of two Indian Premier League powerhouses has intensified, with another American billionaire stepping into what are shaping up to be the two most consequential ownership races in cricket history.
According to a report by Reuters, US investor David Blitzer has entered discussions to acquire a majority stake in Royal Challengers Bengaluru as well as the Rajasthan Royals, triggering a fresh wave of competition around franchises already commanding blockbuster valuations.
Blitzer conducts due diligence on RCB and Rajasthan Royals
Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone, is understood to be conducting due diligence on both Royal Challengers Bengaluru (RCB) and Rajasthan Royals.
The discussions place RCB’s valuation at approximately USD 1.8 billion, underlining the continued surge in IPL franchise prices. Investment bank Houlihan Lokey had previously valued the IPL at around USD 18.5 billion, reinforcing its status as one of global sport’s most valuable leagues.
Blitzer’s family office, Bolt Ventures, has reportedly progressed to the second round of negotiations for both teams and is exploring the formation of a consortium involving investors and debt providers to secure majority control of one franchise.
Under Board of Control for Cricket in India (BCCI) regulations, individuals are permitted to own only one IPL team, meaning bidders engaged with both franchises would ultimately need to commit to a single asset.
Blitzer’s expanding global sports footprint
A move into the IPL would further extend Blitzer’s global sports portfolio. Through Harris Blitzer Sports & Entertainment, he holds majority stakes in the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
He also owns equity in the Washington Commanders, Crystal Palace, and the Cleveland Guardians, and last year sold a controlling stake in Real Salt Lake and Utah Royals in a transaction reportedly valued at USD 600 million.
Growing global investor interest in IPL ownership
The race is not limited to Blitzer. Avram Glazer, co-owner of Manchester United and owner of the Tampa Bay Buccaneers, has also submitted initial bids for both RCB and Rajasthan Royals, Reuters reported. Like Blitzer, Glazer is in talks to assemble a consortium structure to support a potential acquisition.
Private equity interest is also intensifying. KKR is evaluating both teams, while Blackstone has reportedly shown interest in RCB. Swedish investment firm EQT AB has also been linked with the Bengaluru franchise.
Indian investors remain active participants in the process. Adar Poonawalla, chief executive of Serum Institute of India, has publicly stated he will make a strong and competitive bid for RCB. Ranjan Pai, chairman of the Manipal Education and Medical Group, is also understood to be exploring a stake in the Bengaluru-based franchise.
Additional reported interest includes Sanjay Govil (owner of MLC’s Washington Freedom and co-owner of The Hundred’s Welsh Fire), Capri Global (owner of the ILT20’s Sharjah Warriorz), and US-based tech entrepreneur Kal Solmani, particularly in relation to Rajasthan Royals.
Revenue growth and financial momentum drive valuations
The accelerating bidding war is being driven by robust financial performance across the league.
RCB, the 2025 IPL champions, reported revenue of USD 56 million for the 2024–25 period, reflecting a 73% increase over three years. Rajasthan Royals recorded an even sharper 136% revenue growth across the same timeframe.
These figures illustrate why IPL franchises are increasingly viewed as premium global sports assets, with strong commercial expansion and escalating media valuations supporting long-term investor confidence.
Any completed transaction would likely surpass the USD 575 million paid by Torrent Group in February last year for a controlling stake in Gujarat Titans, the most recent IPL franchise ownership change.
Strategic reviews and advisory mandates shape the sale process
The potential sale of RCB follows a strategic review launched in November by Diageo’s India arm, which owns 100% of the franchise after acquiring a majority stake in United Spirits in 2012 for USD 2.1 billion. The Bengaluru team was reportedly designated as non-core to Diageo’s primary alcohol business.
Rajasthan Royals, meanwhile, are majority owned by Emerging Media Ventures, controlled by venture capitalist Manoj Badale.
Citigroup is overseeing the sale process for RCB, while Raine Group is advising Rajasthan Royals.
According to Reuters, final bids are expected by mid-March, just ahead of the 2026 IPL season, which begins on March 26 and will feature 84 matches over two months.
With valuations hovering around USD 1.8 billion and multiple global billionaires circling, the outcome of the RCB and Rajasthan Royals sale process could set a new benchmark for franchise ownership in cricket — and redefine the investment ceiling for the IPL.
