US billionaire David Blitzer has joined the race to acquire a majority stake in Indian Premier League teams Royal Challengers Bengaluru or Rajasthan Royals, valuing RCB at $1.8 billion. The move intensifies competition from figures like Manchester United co-owner Avram Glazer and Indian tycoons such as Adar Poonawalla. Final bids are due by mid-March ahead of the 2026 IPL season.
Billionaire David Blitzer, co-founder of Harris Blitzer Sports & Entertainment and an executive at Blackstone Group, is conducting due diligence on Royal Challengers Bengaluru (RCB) and Rajasthan Royals, two IPL franchises up for sale. According to Reuters, talks value RCB, last year's IPL champions, at around $1.8 billion. Blitzer's family office, BOLT Ventures, has advanced to the second round of bidding for both teams and is forming a consortium with investors and debt providers to secure a majority stake.
Blitzer's interest adds to a growing list of global and domestic bidders. Avram Glazer, co-owner of Manchester United and the NFL's Tampa Bay Buccaneers, has submitted initial bids for both franchises, also at $1.8 billion for RCB, and is similarly assembling a consortium. Indian contenders include Adar Poonawalla, CEO of Serum Institute of India, who has pledged a "strong and competitive bid" for RCB, and Ranjan Pai, chairman of Manipal Group. Private equity firms KKR and Blackstone are evaluating stakes, with Blackstone focusing on RCB.
RCB, owned by Diageo through United Spirits, is labeled a non-core asset following a strategic review launched in November. The team reported $56 million in revenue for 2024-25, a 73 percent increase over three years. Rajasthan Royals, majority-owned by Manoj Badale's Emerging Media Ventures, saw a 136 percent revenue jump in the same period. The IPL's overall valuation stands at $18.5 billion, driving investor interest.
Under BCCI rules, individuals can own only one IPL team, requiring bidders to choose between RCB and Royals. Citigroup advises RCB's sale, while Raine Group handles Royals. Any deal needs BCCI approval and is expected to exceed the $575 million paid for Gujarat Titans last year. The deadline for final bids is mid-March, with the 2026 IPL season starting March 26.
