No team in the Indian Premier League — one of Asia’s most-watched sports events — had ever sold for more than $1 billion until a consortium backed by U.S. businessmen Kal Somani and Rob Walton — the former Walmart chairman — agreed Tuesday to buy the Rajasthan Royals in a deal that Indian media valued at $1.63 billion.

That record only lasted hours, though, as an even bigger deal was announced the same day for reigning champion Royal Challengers Bengaluru. That team was bought for $1.78 billion by another consortium that includes U.S. billionaire David Blitzer’s Bolt Ventures and American asset manager Blackstone.

The two deals highlight the increasing allure of India’s national pastime among international investors looking to be part of the most popular sport in the world’s populous country.

“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 valuations for the two teams mark a huge jump from their original 2008 sales, when liquor baron Vijay Mallya purchased RCB for $111.6 million and Rajasthan sold for $67 million.

Sports teams overall have become a major target of global investments, as businesses try to tap into new markets abroad and spending from their fan bases. Deloitte analysts wrote in an outlook published last month that the industry is “entering an age of expansion” — and that private equity deals across sports leagues have jumped in recent years.

Cricket’s hottest property

The IPL, which only runs three months a year, features the sport’s shortest format — called Twenty20 — and has developed into cricket’s hottest property. In 2022, the broadcast rights for the 2023-27 cycle were bought for $6.4 billion by Disney Star and Reliance Viacom18. Disney has since exited its India business and the two entities together formed JioStar in 2025.

In a statement, Blitzer described the IPL as “one of the great growth stories in global sport.”

In 2021, the league was expanded from eight to 10 teams and the two new franchises, Gujarat Titans and Lucknow Super Giants, sold for $670 million and $940 million, respectively.

In comparison, the London Spirit team of the British cricket league The Hundred was valued in 2025 at $370 million — the highest for any team in that tournament — when its partial stake was up for sale last year.

“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 of 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.”

The 2025 title was RCB’s first, but the celebrations turned tragic when at least 11 people died in a deadly crowd crush at the team’s stadium.

The new ownership consortium will bring in a reformed management team for RCB. Aditya Birla director Aryaman Vikram Birla will serve as chairman, while Satyan Gajwani of the Times of India Group will take on the role of vice chairman.

Blitzer already has ownerships stakes in the NBA’s Philadelphia 76ers, the NHL’s New Jersey Devils and the Premier League’s Crystal Palace, among a slew of other teams.

For Rajasthan, Somani was an existing shareholder and moved to take full control of the franchise in a deal that still needs approval from the Board of Control for Cricket in India, Indian media reported. The Arizona-based tech entrepreneur is also one of the founders of Motor City Golf Club in the TGL league co-founded by Tiger Woods and Rory McIlroy.

The 81-year-old Walton is the eldest son of Walmart founder Sam Walton, and is an owner of the NFL’s Denver Broncos.

Room for growth

While the IPL’s current valuations still fall well shy of the top global sports franchises in other sports, like the NFL’s Dallas Cowboys or soccer’s Real Madrid, there is still room to grow.

Cricket made a foray into the U.S. market with the 2024 T20 World Cup — won by India — and the sport will return to American shores at the Los Angeles Olympics in 2028.

Times Group, another of RCB’s new co-owners, is already heavily invested in the American cricket market. It owns Willow, which primarily broadcasts all major cricket matches — including the IPL — in the U.S.

Walmart, meanwhile, has key interests in India. It acquired a majority stake in e-commerce giant Flipkart in 2018, and also controls PhonePe, the leading digital payments platform among other business interests.

There is also a connection between the IPL and Major League Cricket — a T20 competition that began in 2023 and has six teams: in Los Angeles, New York, San Francisco, Seattle, Dallas and Washington, D.C.

The MLC is run with the blessings of IPL’s franchises – Chennai Super Kings owns the Texas franchise, while Kolkata Knight Riders and Mumbai Indians own the Los Angeles and New York teams, respectively. The league is expected to grow to eight teams in 2027, with Arizona being a prime contender for one of the new franchises.

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AP business writer Wyatte Grantham-Philips in New York contributed to this report.