Blackstone is evaluating a potential minority investment in the Indian Premier League, in what would mark the firm’s first foray into sports ownership, according to a report by Bloomberg citing people familiar with the matter.
The firm is considering committing between $200m and $300m via its Blackstone Private Equity Strategies Fund (BXPE) for a stake in either the Rajasthan Royals or Royal Challengers Bengaluru, the 2025 IPL champions. BXPE would reportedly allow Blackstone to hold the investment over a longer time horizon than a traditional drawdown fund. Discussions are ongoing and no final decision has been made.
Final bids for Royal Challengers Bengaluru have already been submitted, with interest from EQT alongside investors including the family office of Wipro founder Azim Premji and a consortium led by Ranjan Pai. A separate process for the Rajasthan Royals stake remains ongoing. The latest transactions are expected to value the teams at between $1.3bn and $2bn.
The move reflects growing private equity interest in sports assets, driven by strong media rights growth and constrained supply of top-tier franchises. Recent activity includes investments by firms such as Arctos Partners, which holds stakes in teams including the Buffalo Bills, as well as broader institutional capital flowing into global sports platforms.
