$1.8 Billion IPL Play: David Blitzer, Avram Glazer among suitors for RCB, RR in global bidding race

U.S. billionaire investor David Blitzer is exploring the acquisition of a controlling stake in an Indian Premier League (IPL) franchise, intensifying an international contest that already includes prominent global and Indian bidders, as per a Reuters report.

According to people familiar with the discussions, Blitzer is conducting due diligence on both Royal Challengers Bengaluru and Rajasthan Royals. The talks are said to value Royal Challengers Bengaluru (RCB), last season’s IPL champions, at roughly $1.8 billion.

Neither franchise has commented on the discussions, and Blitzer has not publicly responded to media queries.

Global Heavyweights in the Fray

Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone, already holds stakes in several major North American sports teams, including the Philadelphia 76ers and the New Jersey Devils. An IPL investment would expand his footprint into one of the fastest-growing sports leagues globally.

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He faces competition from Avram Glazer, co-chairman of Manchester United and owner of the NFL’s Tampa Bay Buccaneers, who has reportedly submitted preliminary bids for both teams.

The rising investor appetite reflects the IPL’s soaring valuations. Investment bank Houlihan Lokey pegged the league’s overall valuation at $18.5 billion last year, underlining its status as one of the world’s most lucrative sporting properties.

Strategic Reviews and Consortium Talks

RCB is currently owned by the India arm of Diageo, which initiated a strategic review of its full stake in the franchise late last year, describing it as non-core to its core alcohol business. Meanwhile, Rajasthan Royals is majority-owned by London-based venture capitalist Manoj Badale.

Blitzer’s family office, BOLT Ventures, has advanced to the second round of negotiations for both teams and is said to be actively evaluating potential structures. Both Blitzer and Glazer are reportedly engaging with co-investors and debt financiers to form consortiums capable of securing majority control.

Advisory roles have been assigned to Raine Group for Rajasthan Royals and Citigroup for Royal Challengers Bengaluru.

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Indian Tycoons Enter the Arena

The bidding contest is not limited to international investors. Adar Poonawalla, chief executive of Serum Institute of India, has publicly indicated plans to submit a competitive offer for RCB. Additionally, Indian billionaire Ranjan Pai, chairman of Manipal Education and Medical Group, is also said to be evaluating a stake in the Bengaluru-based franchise.

Final bids are expected by mid-March, ahead of the upcoming IPL season scheduled to begin on March 26. Any transaction will require approval from the Board of Control for Cricket in India, which oversees the league.

With team revenues climbing sharply RCB reported a 73% rise over three years, while Rajasthan Royals posted growth of 136% during the same period the IPL continues to attract deep-pocketed investors seeking exposure to India’s expanding sports and entertainment economy.

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