According to sources, billionaire David Blitzer is vying with Indian tycoons and Manchester United co-chairman Avram Glazer for a majority share in an Indian Premier League cricket team and is in talks with two franchises.
According to Reuters, two sources with direct knowledge of the talks, said that Blitzer, a US-based executive at asset manager Blackstone Group and co-founder of Harris Blitzer Sports & Entertainment, is performing due diligence on Royal Challengers Bengaluru and Rajasthan Royals.
According to sources, Royal Challengers Bengaluru, the IPL champions from the previous year, are valued at about $1.8 billion in the negotiations.
Rajasthan Royals and Royal Challengers Bengaluru declined to comment. Requests for response from Blitzer were not immediately answered.
Along with holdings in the main professional sports leagues in North America, Blitzer’s global sports portfolio would be even more diversified with an investment in the IPL. The New Jersey Devils of the NHL and the Philadelphia 76ers of the NBA are among his interests.
According to five people familiar with the situation, Glazer, the owner of the NFL’s Tampa Bay Buccaneers and co-owner of the Premier League soccer side Manchester United, has also made early offers for both IPL franchises.
Rising club revenues and the Twenty20 league’s record valuation of $18.5 billion last year, according to investment firm Houlihan Lokey, are the main drivers of the increased interest in IPL teams.
Global investors KKR and Blackstone are among those vying for a share; according to Reuters last week, Blackstone has expressed interest in Royal Challengers Bengaluru, while KKR is assessing both teams.
In November, the India division of the UK-based beverage conglomerate Diageo (DGE.L) initiated a strategic assessment of its 100% ownership of the Bengaluru franchise, designating the team as “non-core” to its main alcohol business. Manoj Badale, a venture capitalist based in London, owns the bulk of the Rajasthan Royals.
According to sources, Blitzer’s family business, BOLT Ventures, has advanced to the second stage of talks for both IPL clubs and is doing “serious work” while considering a move for either team.
Glazer and Blitzer are in discussions with lenders and investors to establish partnerships in order to obtain a majority share in one of the two teams, sources added.
According to sources, the deadline for final bids is mid-March. The upcoming IPL season will begin on March 26 and span two months, with 84 games played in all.
For 2024–2025, Royal Challengers Bengaluru claimed $56 million in revenue, a 73% rise over the previous three years. The Rajasthan Royals saw a 136% increase in revenue through the same period.
