Indian cricket is increasingly becoming hot property for investors looking to cash in on the booming business of the wildly popular sport in the subcontinent.
In little over a month, the Indian Premier League, or IPL, has seen two of its franchises being sold to investors at billion-dollar-plus valuations, the latest being the Rajasthan Royals that was bought this Sunday, valued at $1.65 billion.
A consortium of U.S. investors led by Kal Somani and backed by Rob Walton of Walmart Group was in the fray to acquire Rajasthan Royals, according to multiple media reports, but lost out to global steel magnate Laxmi Mittal and Indian vaccine tycoon Adar Poonawalla.
Somani’s group expressed disappointment at not being able to own the franchise, according to ESPN. “We were all motivated by the opportunity to help take the IPL to new international heights,” the consortium reportedly said.
In late March, a group comprising Blackstone and serial American sports investor David Blitzer acquired IPL’s Royal Challengers Bengaluru, or RCB, franchise in a $1.8 billion deal.
