Exclusive-Blitzer joins bidding war for Indian Premier League cricket teams, sources say

LONDON/MUMBAI, Feb 25 : Billionaire David Blitzer is eyeing a majority stake in an Indian Premier League cricket team and is holding talks with two franchises, two sources said, stoking a bidding war with Manchester United co-chairman Avram Glazer and Indian tycoons.

Blitzer, co-founder of Harris Blitzer Sports & Entertainment, is conducting due diligence on Royal Challengers Bengaluru and Rajasthan Royals, two sources with direct knowledge of the discussions confirmed.

The talks value Royal Challengers Bengaluru, last year's IPL champions, at around $1.8 billion, three sources said.

Royal Challengers Bengaluru and Rajasthan Royals declined to comment.

Avram Glazer, co-owner of Premier League soccer club Manchester United and owner of the NFL's Tampa Bay Buccaneers, has also submitted initial bids for both the IPL teams, according to five sources familiar with the matter.

Blitzer did not immediately respond to requests for comment.

The growing interest in IPL franchises is driven by rising team revenues and the Twenty20 league's record valuation, which investment bank Houlihan Lokey put at $18.5 billion last year.

Global investors KKR and Blackstone are among others competing for a stake; KKR is evaluating both teams, while Blackstone has shown interest in Royal Challengers Bengaluru, Reuters reported last week.     

TALKS ONGOING FOR FORMING CONSORTIUMS

Diageo's India arm launched a strategic review of its 100 per cent holding of the Bengaluru franchise in November, labeling the team "non-core" to its primary alcohol business. Rajasthan Royals are majority owned by London-based venture capitalist Manoj Badale.

Diageo declined to comment, while Badale did not respond to Reuters' queries.

A stake in the IPL would further