LONDON/MUMBAI, Feb 25 (Reuters) – 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 with Manchester United co-chairman Avram Glazer and Indian tycoons.
Blitzer, co-founder of Harris Blitzer Sports & Entertainment, is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two sources with direct knowledge of the discussions confirmed.
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.
ADVERTISEMENT
Avram 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 sources familiar with the matter.
Blitzer did not immediately respond to requests for comment.
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
Diageo’s India arm 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 Reuters’ queries.
A stake in the IPL would further diversify Blitzer’s global sports portfolio, which includes stakes in all five major North American professional leagues, with holdings including the NBA’s Philadelphia 76ers and the NHL’s New Jersey Devils.
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 source 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 sources 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 by Reuters.