Backed group snaps up Indian cricket franchise for $1.8 billion

A consortium comprising Blackstone, serial American sports investor David Blitzer, among others, has acquired the Indian Premier League's Royal Challengers Bengaluru franchise in a 166 billion rupees ($1.78 billion) deal.

Blitzer is among the world's most prominent sports investors and holds stakes in franchises across major leagues, including the English Premier League, National Basketball Association, National Football League, National Hockey League and Major League Baseball.

The transaction underscores growing investor interest in the IPL, often dubbed as the world's richest cricket league.

On Tuesday, Indian media also reported that a consortium led by U.S.-based entrepreneur Kal Somani had won the bid to acquire another major IPL franchise, Rajasthan Royals, for $1.63 billion.

Rajasthan Royals did not immediately respond to CNBC's queries seeking confirmation of the deal.

A report by U.S.

investment bank Houlihan Lokey last year valued the IPL business at $18.5 billion and said the brand alone was worth $3.9 billion.

The IPL is a fast‑paced, franchise‑based cricket league launched in 2008 that blends top international and Indian talent.

Played each year over nearly two months, it features 10 mostly city‑based teams, offering a mix of high‑intensity cricket, celebrity ownership, entertainment, and massive TV and streaming audiences.

Diageo- owned United Spirits said that the all‑cash sale of RCB was part of its strategy to divest non‑core assets and focus on its alcohol business, the company said in an exchange filing.

According to the Houlihan Lokey report, RCB is the top brand in the league, worth $269 million.

"RCB has grown into the most prominent and commercially successful franchise in the IPL and WPL [Women's Premier League]," said Praveen Someshwar, managing director and chief executive of USL, adding that the franchise was a "globally recognized brand" with a "passionate fan base."
The consortium of buyers also includes the Aditya Birla Group and media company The Times of India Group, alongside Blitzer's Bolt Ventures and Blackstone's perpetual private equity strategy, BXPE.

Under the new ownership structure, Aryaman Vikram Birla, a director with Aditya Birla Group and a former Rajasthan Royals player , will serve as chairman, and Satyan Gajwani of The Times of India Group will serve as vice chairman of RCB.

"This partnership brings together a deep understanding of sports, media, and consumer businesses," said Birla.

The buyout will require regulatory approval from the Board of Control for Cricket in India and the Competition Commission of India.

"RCB's championship‑winning culture, its deep connection to Bengaluru, and one of the most passionate fan bases in world sport make this an extraordinary opportunity," the consortium said.

While RCB enjoys a vast fan following, it lifted its maiden title only in 2025.

The team has been part of the IPL since its inception.