Billionaires eye Royal Challengers Bengaluru, Rajasthan Royals in high-stakes IPL auction race; Blitzer joins bidding war

London/Mumbai: Billionaire David Blitzer is eyeing a majority stake in an Indian Premier League cricket team and is holding talks with two franchises, two sources said, stoking a bidding war against Manchester United co-chairman Avram Glazer and Indian tycoons.

U.S.-based Blitzer, co-founder of Harris Blitzer Sports & Entertainment and an executive at asset manager Blackstone Group, is conducting due ‌diligence on Royal Challengers ⁠Bengaluru and ⁠Rajasthan Royals, two people with direct knowledge of the discussions said.

The talks value Royal Challengers Bengaluru, last year's IPL champions, at around $1.8 billion, three sources said.


Royal Challengers Bengaluru and Rajasthan Royals declined to comment. Blitzer did not immediately respond to requests for comment.

A stake in the IPL would further diversify Blitzer's global sports portfolio, which ​includes stakes in the major North American professional sports leagues. His holdings include the NBA's Philadelphia 76ers and the NHL's New Jersey Devils.

Glazer, co-owner of Premier League soccer club Manchester United and owner of the NFL's Tampa Bay Buccaneers, has also submitted initial bids for both the IPL ​teams, according to five people familiar with the matter.

Glazer's talks have been previously reported and ⁠he did ‌not respond to a request for comment. Reuters is reporting Blitzer's interest in the IPL for the first time.

The ​growing interest in IPL ​franchises is driven by rising team revenues and the Twenty20 league's record valuation, which investment bank Houlihan Lokey ⁠put at $18.5 billion last year.

Global investors KKR and Blackstone are among others competing for ​a stake; KKR is evaluating both teams, while Blackstone has shown interest in Royal Challengers Bengaluru, ​Reuters reported last week.

TALKS ONGOING FOR FORMING CONSORTIUMS

The India arm of UK-based drinks giant Diageo launched a strategic review of its 100% holding of the Bengaluru franchise in November, labeling the team "non-core" to its primary alcohol business. Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Diageo declined to comment, while Badale did not respond to a request for comment.

Blitzer's family office, BOLT Ventures, has progressed to the second round of negotiations for both IPL teams, and is conducting "serious work" as he weighs a move for either franchise, one person close to the negotiations ‌said.

Both Glazer and Blitzer are in talks with investors and debt providers to form consortiums to secure a majority stake in one of the two teams, four people added, without naming the other parties.

INDIAN TYCOONS ALSO INTERESTED

The deadline ​for final bids is ​set for mid-March, sources said. The ⁠next IPL season starts on March 26, and will feature 84 matches played in the cricket-mad nation over two months.

Any deal requires approval from the Board of Control for Cricket in India, the world's richest cricket board.

Raine Group is advising the Rajasthan Royals; Citigroup is managing the ​process for Royal Challengers Bengaluru. Both Raine Group and Citigroup declined to comment.

Royal Challengers Bengaluru reported revenue of $56 million for 2024-25, a 73% increase over a three-year period. Rajasthan Royals recorded a 136% revenue jump over the same period.

The continent-spanning bidding war also includes Adar Poonawalla, CEO of vaccine maker Serum Institute of India, who has said he will make a "strong and competitive bid" for Royal Challengers Bengaluru.

Indian billionaire and Manipal Education and Medical Group chairman Ranjan Pai is also eyeing a stake in the Bengaluru team, two sources familiar with the matter said.

Pai did not respond to a request for comment.