US billionaire David Blitzer is exploring the purchase of a majority stake in an Indian Premier League franchise and is in discussions with two teams, according to sources, setting the stage for a potential bidding contest with Avram Glazer and Indian tycoons.

Blitzer, co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone Group, is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two people with direct knowledge of the matter informed.

Talks have reportedly valued Royal Challengers Bengaluru, last year’s IPL champions, at around $1.8 billion, three sources said, according to a report by The Economic Times.

An investment in the IPL would further diversify Blitzer’s global sports portfolio, which already includes stakes in major North American leagues. His holdings include the Philadelphia 76ers of the NBA and the New Jersey Devils of the NHL.

Glazer, co-owner of Manchester United and owner of the Tampa Bay Buccaneers, has also submitted initial bids for both IPL teams, five people familiar with the matter stated. His interest had been reported earlier and he did not respond to a request for comment. Reuters reported Blitzer’s interest in the IPL for the first time.

Rising team revenues and the Twenty20 league’s record valuation are fuelling growing investor appetite. Investment bank Houlihan Lokey valued the IPL at $18.5 billion last year.

Global investors including KKR and Blackstone are also competing for a stake. KKR is evaluating both teams, while Blackstone has expressed interest in Royal Challengers Bengaluru, Reuters reported last week.

The India arm of UK-based drinks major Diageo launched a strategic review of its 100 per cent holding in the Bengaluru franchise in November, describing the team as non-core to its primary alcohol business. Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Blitzer’s family office, BOLT Ventures, has advanced to the second round of negotiations for both IPL teams and is undertaking what one person close to the discussions described as serious work as he considers a potential move for either franchise.

First Published on February 28, 2026, 10:46:01 IST