US Investors Pour Billions Into Indian Cricket Teams in Record-Breaking Deals

Two American-backed groups purchased Indian Premier League cricket teams for over $1 billion each on the same day, marking unprecedented investment in the sport. The deals include former Walmart chairman Rob Walton's group buying Rajasthan Royals for $1.63 billion and US billionaire David Blitzer's consortium acquiring Royal Challengers Bengaluru for $1.78 billion.

BENGALURU, India — Two record-shattering transactions completed on the same day have marked a watershed moment for American investment in Indian cricket, as US-backed groups purchased teams in India’s premier sports league for unprecedented amounts exceeding $1 billion each.

The Indian Premier League, which ranks among Asia’s most-watched sporting spectacles, witnessed its first-ever billion-dollar team sale when a group supported by US entrepreneurs Kal Somani and Rob Walton — Walmart’s former chairman — completed their purchase of the Rajasthan Royals on Tuesday. Indian media reports placed the transaction’s value at $1.63 billion.

However, this milestone was quickly surpassed within hours when an even larger acquisition was revealed the same day involving defending champions Royal Challengers Bengaluru. The franchise changed hands for $1.78 billion to a partnership that features US billionaire David Blitzer’s Bolt Ventures alongside American investment firm Blackstone.

These massive transactions underscore the growing appeal of India’s beloved national sport among global investors eager to participate in the world’s most populous nation’s favorite athletic competition.

“It’s mind-boggling numbers,” Indian cricketing great Sourav Ganguly told local reporters. “But great news for Indian cricket and the way forward. I think it’s already as big as the NBA.”

The astronomical prices represent a dramatic increase from the teams’ initial 2008 purchases, when spirits magnate Vijay Mallya acquired RCB for $111.6 million while Rajasthan sold for just $67 million.

Operating only three months annually, the IPL showcases cricket’s fastest format — known as Twenty20 — and has evolved into the sport’s most coveted property. Broadcasting rights for the 2023-27 period commanded $6.4 billion from Disney Star and Reliance Viacom18 in 2022. Following Disney’s departure from its India operations, the two companies merged to create JioStar in 2025.

Blitzer characterized the IPL as “one of the great growth stories in global sport” in his official statement.

The league grew from eight to 10 teams in 2021, with newcomers Gujarat Titans and Lucknow Super Giants selling for $670 million and $940 million respectively.

For perspective, the London Spirit franchise in Britain’s The Hundred cricket competition reached a peak valuation of $370 million in 2025 — the tournament’s highest — when a partial ownership stake was offered for sale.

“Over the past two decades, the IPL has morphed to become a global sporting powerhouse that has changed the face of Indian cricket, creating enormous value for India,” said Kumar Mangalam Birla, chairman Aditya Birla Group, which is part of the consortium that includes Blitzer. “RCB, as one of the most compelling franchises in modern sport, offers us a distinctive platform to extend our legacy into the arena of global sport.”

RCB claimed their inaugural championship in 2025, though the victory celebrations were marred by tragedy when a crowd crush at the team’s stadium resulted in at least 11 fatalities.

The incoming ownership group plans to install new leadership for RCB, with Aditya Birla director Aryaman Vikram Birla assuming the chairman position and Satyan Gajwani from the Times of India Group becoming vice chairman.

Blitzer’s sports portfolio already encompasses ownership interests in the NBA’s Philadelphia 76ers, NHL’s New Jersey Devils, and Premier League’s Crystal Palace, among numerous other franchises.

Regarding the Rajasthan acquisition, Somani previously held shares in the team and moved to secure complete ownership through a transaction requiring approval from India’s Board of Control for Cricket, according to Indian media outlets. The Arizona-based technology executive also co-founded Motor City Golf Club in the TGL league established by Tiger Woods and Rory McIlroy.

Walton, age 81, is the oldest child of Walmart founder Sam Walton and currently owns the NFL’s Denver Broncos.

Although current IPL team valuations remain below top-tier global sports franchises like the NFL’s Dallas Cowboys or soccer’s Real Madrid, significant growth potential exists.

Cricket expanded into American markets during the 2024 T20 World Cup — which India won — and the sport will feature at the 2028 Los Angeles Olympics.

Times Group, another RCB co-owner, maintains substantial American cricket investments through Willow, which broadcasts major cricket competitions including the IPL throughout the United States.

Walmart holds significant Indian business interests, having purchased a controlling stake in e-commerce platform Flipkart in 2018 and operating PhonePe, the country’s dominant digital payments service, among other ventures.

Connections also exist between the IPL and Major League Cricket — a T20 tournament launched in 2023 featuring six teams across Los Angeles, New York, San Francisco, Seattle, Dallas and Washington, D.C.

MLC operates with IPL franchise support — Chennai Super Kings owns the Texas team, while Kolkata Knight Riders and Mumbai Indians control the Los Angeles and New York franchises respectively. The league anticipates expansion to eight teams by 2027, with Arizona considered a leading candidate for one of the new franchises.