Blackstone and Carlyle are reportedly weighing acquisitions of stakes in two of the Indian Premier League’s (IPL) top franchises, Royal Challengers Bengaluru and Rajasthan Royals, as PE eye India’s booming sports and entertainment market, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as highlighting that the discussions are at an early stage, with neither firm having submitted bids. Royal Challengers Bengaluru, the 2025 IPL champions, have been valued at around $1.2bn by potential investors, while Diageo, the current owner, has explored selling part or all of the club for up to $2bn. Billionaires such as Adar Poonawalla have also expressed interest, highlighting the competition PE firms could face from buyers motivated by both financial and personal returns.
A stake in an IPL team offers private equity investors exposure to a highly profitable, eight-week sporting season that combines revenue from media rights, sponsorships, ticket sales, and merchandise. The league’s profit-sharing model, similar to the US NFL, adds further appeal for investors seeking stable, recurring cash flows from sports assets.
CVC Capital Partners was the first PE firm to enter the IPL, selling a 67% stake in Gujarat Titans to Torrent Group in 2025, while Siguler Guff & Co acquired a minority stake in Rajasthan Royals last year, signalling growing institutional interest in the league.
