David Blitzer Eyes IPL Stake Amid Bidding War

Global sports investor David Blitzer has entered the high-stakes bidding race for Indian Premier League (IPL) franchises, intensifying competition among international financiers and Indian industrialists seeking ownership stakes in cricket’s most valuable tournament.

According to sources familiar with the negotiations, Blitzer is exploring a majority stake in either Royal Challengers Bengaluru or Rajasthan Royals. His family office, BOLT Ventures, has advanced to the second round of discussions and is currently conducting detailed due diligence on both franchises.

The talks reportedly value Royal Challengers Bengaluru (RCB), the defending IPL champions, at approximately $1.8 billion. Both RCB and Rajasthan Royals declined to comment on the ongoing discussions.

Global Bidders Circle IPL Assets

Blitzer’s move has sparked a transcontinental bidding war. Avram Glazer, co-chairman of Manchester United and owner of the Tampa Bay Buccaneers, has also submitted preliminary bids for both IPL teams, according to multiple sources.

The rising investor interest underscores the IPL’s rapid financial growth. Investment bank Houlihan Lokey valued the league at $18.5 billion last year, reinforcing its position as the world’s richest cricket tournament.

Private equity heavyweights are also in contention. KKR is evaluating stakes in both franchises, while Blackstone has shown particular interest in Royal Challengers Bengaluru.

Strategic Reviews and Consortium Talks

The sale discussions follow a strategic review initiated by Diageo’s India arm, which owns 100% of the Bengaluru franchise. The company labeled the IPL team “non-core” to its primary alcohol business operations in November. Meanwhile, Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Both Blitzer and Glazer are reportedly engaging debt providers and co-investors to form consortiums capable of securing majority stakes. The deadline for final bids is set for mid-March, ahead of the next IPL season, which begins on March 26 and will feature 84 matches across India.

Any transaction would require approval from the Board of Control for Cricket in India (BCCI), the world’s wealthiest cricket authority.

Advisory mandates have also been confirmed. Raine Group is advising Rajasthan Royals, while Citigroup is managing the process for Royal Challengers Bengaluru.

Financial Performance Driving Demand

Royal Challengers Bengaluru reported revenue of $56 million for the 2024–25 financial year, reflecting a 73% increase over three years. Rajasthan Royals recorded an even steeper 136% revenue jump during the same period, underlining the commercial appeal of IPL franchises.

Indian business leaders are equally active in the race. Adar Poonawalla, CEO of the Serum Institute of India, has publicly stated he intends to submit a “strong and competitive bid” for RCB. Additionally, billionaire Ranjan Pai, chairman of the Manipal Education and Medical Group, is reportedly exploring a stake in the Bengaluru franchise.

Expanding Global Sports Portfolios

For Blitzer, an IPL acquisition would further diversify a sports empire that already spans all five major North American professional leagues, including stakes in the Philadelphia 76ers and New Jersey Devils.

The intensifying contest for IPL assets highlights cricket’s growing global investment appeal. With media rights revenues soaring and franchise valuations reaching record highs, ownership stakes in the league are increasingly viewed as premium, long-term strategic assets.

As negotiations progress and consortiums take shape, the IPL’s next ownership chapter promises to reshape the league’s global investor landscape.