BILLIONAIRE DAVID BLITZER is exploring the purchase of a majority stake in an Indian Premier League (IPL) franchise, holding discussions with two teams in a move that has sparked a competitive bidding contest, according to Reuters.
Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone Inc., is conducting due diligence on Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR). Talks reportedly value RCB, last season’s IPL champions, at approximately $1.8 billion.
An IPL investment would further expand Blitzer’s global sports portfolio, which already spans major North American leagues. His holdings include the Philadelphia 76ers in the NBA and the New Jersey Devils in the NHL.
Blitzer faces competition from Avram Glazer, co-chairman of Manchester United and owner of the Tampa Bay Buccaneers, who has also submitted initial bids for both IPL teams.
Growing investor appetite for IPL franchises is being fuelled by rising team revenues and the league’s record valuation. Investment bank Houlihan Lokey valued the IPL at $18.5 billion last year.
Global investment firms including KKR and Blackstone are also in the fray. KKR is evaluating both franchises, while Blackstone has reportedly expressed specific interest in RCB.
Blitzer’s family office, BOLT Ventures, has advanced to the second round of negotiations for both teams and is said to be undertaking detailed due diligence as he weighs a potential acquisition. Both Blitzer and Glazer are understood to be engaging with investors and debt providers to form consortiums capable of securing majority control.
Any transaction will require approval from the Board of Control for Cricket in India. Raine Group is advising RR, while Citigroup is overseeing the sale process for RCB.
The bidding race also features prominent Indian industrialists. Adar Poonawalla, CEO of Serum Institute of India, has publicly stated he intends to submit a “strong and competitive bid” for RCB. Meanwhile, billionaire Ranjan Pai, chairman of Manipal Education and Medical Group, is also reportedly considering an investment in the Bengaluru franchise.
