David Blitzer, the first man to own stakes in teams from all five of the biggest sports leagues in the United States, is part of a group that has bought Indian cricket franchise Royal Challengers Bengaluru (RCB) in a deal worth $1.78billion (£1.33bn).
Blitzer sold his stake in Major League Soccer’s Real Salt Lake last year but is still managing partner of the New Jersey Devils (NHL) and the Philadelphia 76ers (NBA), while he has minority stakes in the Cleveland Cavaliers (MLB) and the Washington Commanders (NFL).
The 56-year-old also has stakes in Premier League side Crystal Palace and six other European football teams.
The American’s Bolt Ventures investment firm has teamed up with Indian conglomerate Aditya Birla Group, The Times of India Group and private equity giant Blackstone to buy RCB from British drinks firm Diageo. Blitzer is a senior executive at Blackstone.
Founded in 2008 as one of the original eight Indian Premier League (IPL) franchises, RCB are the reigning men’s and women’s champions, and their price tag is almost double what expansion team Lucknow Super Giants cost in 2021.
The huge growth in IPL franchise valuations is a result of the league’s popularity in India, the world’s most populous country, as well as growing interest in cricket — especially the fast-paced, big-hitting, limited-overs T20 format — around the world.
Speaking to The Athletic last month, global sports marketing firm Two Circles boss Gareth Balch said: “This century, if you look at the top 20 global sports, cricket has been the fastest growing, and it is almost all to do with T20, its most simple and accessible format.
“The IPL is the biggest shooting star in global sport. The league’s franchise valuations have grown by a multiple of 10 since it launched, and that’s underpinned by the number of cricket fans.
“Demographics are destiny when it comes to sports investments, and India is looking like the best destiny.”
Having overtaken China in 2023, India’s population is 1.47 billion people, 18 per cent of the global total. And it now has the world’s fifth largest economy. No other sport comes close to cricket’s popularity in India or any of its South Asian neighbours.
“RCB has a world-class fanbase, and the IPL is one of the great growth stories in global sport,” Blitzer said in a press release on Tuesday.
“Having invested in clubs and leagues around the world, I believe the opportunity at RCB stands out. We look forward to working alongside our partners and the (Board of Control for Cricket in India) to build on the franchise’s championship success.”
Formerly known as Bangalore, Bengaluru is the capital of the southern Indian state Karnataka. Last year’s IPL title was RCB’s first, having lost three previous finals. Having won the Women’s Premier League (WPL) in 2024, they won it again in February, becoming the first franchise to hold both the men’s and women’s crowns at the same time.
Blitzer is not the first American sports investor to spot the IPL’s potential, though, as RedBird Capital Partners, the New York-based private equity firm founded by AC Milan owner and Fenway Sports Group (FSG) investor Gerry Cardinale, bought a stake in the Rajasthan Royals in 2021.
However, the Royals have also been on the market and, according to reports in India, it looks like an American group led by Arizona-based investor Kal Somani has bought the 2008 champions for $1.63bn (£1.22bn).
Somani is an existing shareholder but he has teamed up with Walmart billionaire Rob Walton, the owner of the NFL’s Denver Broncos, and Sheila Ford Hamp, the owner of the Detroit Lions and a member of the Ford family, to buy out RedBird, media tycoon Rupert Murdoch’s son Lachlan and British-Indian businessman Manoj Badale.
Their apparent success would mean that Avram Glazer, who own slices of Manchester United and the Tampa Bay Buccaneers, missed out again on his attempt to buy an IPL team, having been outbid for the two expansion franchises in 2021 and missed out on both RCB and the Royals this time.
Somani, Walton and Hamp Ford are already partners in Motor City Golf Club, one of the franchises in the indoor golf league created by Tiger Woods, Rory McIlroy and the PGA Tour.
The Athletic has asked Somani, Walton, Hamp Ford and the Rajasthan Royals for comment.
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