For millions of Indians, cricket and especially the Indian Premier League sits close to the heart. Now one of the world’s most prolific sports investors is looking to buy into that passion. American billionaire David Blitzer has now become a serious contender to acquire a stake in an IPL franchise, with both Royal Challengers Bengaluru and Rajasthan Royals currently up for sale.
Blitzer’s family office, Bolt Ventures, has progressed to the second round of bidding and is conducting due diligence on both teams. Royal Challengers Bengaluru is being valued at around $1.8 billion, telling us the enormous commercial power of the IPL. The league ecosystem was valued at approximately $18.5 billion last year, with franchise revenues rising sharply in recent seasons.
Indian billionaires and global investors are competing for a stake, Blitzer’s interest stands out because of his long track record in sports ownership across continents and leagues. If he succeeds, the IPL would become the latest addition to a portfolio that already spans basketball, football, baseball, hockey and soccer.
A billionaire built on finance and sports
A self-made billionaire with an estimated net worth of about $4 billion, David Blitzer built his fortune through private equity and alternative investments and currently serves as chairman at Blackstone, one of the world’s largest investment firms. He previously led Blackstone’s Tactical Opportunities group, a division focused on opportunistic investments across industries.
He was born in 1969 in Scotch Plains, New Jersey, Blitzer graduated magna cum laude from the Wharton School at the University of Pennsylvania in 1991. He joined Blackstone the same year and steadily rose through the ranks, helping expand the firm’s global private equity operations before taking on senior leadership roles.
The man with teams across every major US league
Blitzer is widely recognised as the first individual to hold ownership stakes in all five major North American professional sports leagues. His sports investments began in 2011 when he partnered with Apollo Global Management co-founder Joshua Harris to purchase the Philadelphia 76ers of the NBA.
The partnership later expanded to include the New Jersey Devils of the NHL and eventually became Harris Blitzer Sports & Entertainment, a major sports investment platform founded in 2017.
Blitzer also owns stakes in Major League Baseball’s Cleveland Guardians and the NFL’s Washington Commanders. In soccer, he holds interests in several clubs including Premier League side Crystal Palace through Global Football Holdings. He previously co-owned Major League Soccer’s Real Salt Lake and the Utah Royals before selling a controlling stake in a deal valued at roughly $600 million.
This global sports footprint has made Blitzer one of the most influential investors in modern sports ownership.
Why the IPL fits his global strategy
An IPL franchise would represent a natural extension of Blitzer’s global sports strategy. The league has rapidly transformed into one of the most valuable sports properties in the world, attracting investors from North America, Europe and India.
Royal Challengers Bengaluru, last season’s champions, generated about $56 million in revenue in 2024–25, representing growth of more than 70 percent over three years. Rajasthan Royals reported even faster revenue expansion during the same period.
Such growth has led to intense competition for ownership stakes. Avram Glazer, co-chairman of Manchester United and owner of the Tampa Bay Buccaneers, has submitted preliminary bids for both teams. Investment firms including KKR and Blackstone are also exploring deals, while Indian billionaires such as Adar Poonawalla and Ranjan Pai have expressed interest in RCB.
The franchises are being sold under different circumstances. Royal Challengers Bengaluru is owned by Diageo’s Indian subsidiary, which launched a strategic review last year after describing the team as non-core to its core alcohol business. Rajasthan Royals are majority owned by London-based investor Manoj Badale, with investment banks overseeing the sale process.
A sign of the IPL’s global rise
Final bids are expected by mid-March, with any transaction requiring approval from the Board of Control for Cricket in India. The next IPL season begins on March 26, meaning ownership decisions could reshape the league’s financial landscape in the coming years.
For Blitzer, buying into the IPL would cement his status as one of the most globalized sports investors in the world. For the league, his interest highlights something even bigger, the IPL is no longer just India’s cricket tournament.
It has become a global sports asset powerful enough to attract billionaires from three continents, and investors like David Blitzer see it as one of the most valuable opportunities in modern sport.