Blackstone Inc, the world’s largest alternative asset management firm, is considering a potential investment in the world’s most profitable professional cricket league via its fund aimed at wealthy individuals, marking what could be its first foray into sports investments, Bloomberg reported Monday (local time).
The company is weighing to commit between $200 and $300 million via its Blackstone Private Equity Strategies Fund for either of the two Indian Premier League (IPL) teams that are currently up for sale, that is, the Rajasthan Royals and last year’s champion Royal Challengers Bengaluru (RCB).
The investment in either RCB or Rajasthan Royals is expected to come from BXPE, which is the firm’s fund for wealthy individuals, and would allow Blackstone to retain the stake for a longer period than a typical drawdown fund allows, the report added, citing sources.
Simultaneously, reports of more private equity managers looking to invest in sports franchises and leagues are now coming forward. These firms are lured by high-value media rights deals, along with the limited availability of premium franchises. Recently, KKR & Co. acquired Arctos Partners, which holds stakes in teams such as the Buffalo Bills and the Los Angeles Dodgers. Meanwhile, Carlyle Group Inc. last year struck a deal with Oracle Red Bull Racing.
Final bids for RCB submitted, Rajasthan Royals bid to be submitted
The report suggests that final bids for RCB were submitted this week and included one from EQT AB and Wipro founder Azim Premji’s family office, while another was from a consortium led by Manipal Hospitals billionaire Ranjan Pai. Buyers for the Rajasthan Royals are still evaluating the stake sale.
Previous franchise sales
Unlike previous franchise sales conducted by the Board of Control for Cricket in India (BCCI), where payments were allowed to be spread over a decade, new buyers are expected to make full payments up front, the report said. The latest stake sales are estimated to value the two teams between $1.3 billion and $2 billion.
IPL, the professional cricket league, is widely regarded as the most popular and lucrative competition, combining US-style marketing with Bollywood’s glamour. The tournament, which spans eight weeks each spring, sees 10 teams compete for the top spot. Billions of dollars are tied to its operations. Team owners range from Billionaire Mukesh Ambani, India’s richest person, to Bollywood actor Shah Rukh Khan.
Owning a stake in an IPL franchise provides significant consumer visibility in one of the fastest-growing wealth markets globally, with around 917,000 millionaires and 188 billionaires, according to UBS Group AG.
BXPE allocates roughly 30% of its capital to standalone deals outside its primary private equity funds, including investments in ventures such as SpaceX, founded by Elon Musk.
NDTV recently reported that ahead of the 2026 IPL, Rajasthan Royals turned down an acquisition bid from Columbia Pacific Capital Partners (CPCP) consortium, valued at $1.7 billion (roughly ₹16,000 crore).
CPCP is an investment banking and private equity company operating in the US and Canada, and reportedly made an offer for the Rajasthan Royals. Led by founding partners Nisha Sachdeva and Debjeet Gupta, the consortium put forward an accelerated timeline, pledging to finalise the deal within a two-week period.
(with Bloomberg inputs)
