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Satyan Gajwani stated that American investors see IPL as a top growth opportunity in sports.
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He plans to discuss future plans with Virat Kohli after the deal is finalized.
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Gajwani is part of the group that acquired full ownership of RCB.
Satyan Gajwani, chairman of Times Internet Limited, emphasized on Friday that American firms investing in franchises like RCB and Rajasthan Royals underscores the IPL’s position as a major growth opportunity in sports globally.
The recent ownership changes in the Indian Premier League indicate a rise in its commercial value, with teams reaching billion-dollar valuations, solidifying IPL’s global sports status.
“As you may have noticed, multiple International investors showed interest in the teams. This validates the IPL and WPL’s past success and future potential. Many see the IPL as the leading growth opportunity in sports worldwide,” Gajwani, new co-owner of RCB, mentioned in a PTI interview.
He is part of a consortium that includes Aditya Birla Group, Times Group, David Blitzer’s Bolt Group, and Blackstone’s BXPE, which acquired RCB for USD 1.78 billion (Rs 16,700 crore) from United Spirits Limited.
The Rajasthan Royals group includes Walmart’s Rob Walton, who owns the NFL’s Denver Broncos, and Sheila Ford Hemp, principal owner of the Detroit Lions. The RCB group also features David Blitzer, owner of NBA’s Philadelphia 76ers.
Gajwani, who will serve as vice-chairman after the takeover, discussed various topics, including if the bid was a good deal, how their group came together, and conversations with Virat Kohli about future collaboration.
Regarding whether the less than USD 2 billion price was a good deal, he noted that media has suggested it was a “steal.” He stated, “Pricing is subjective. It’s a strong price for a strong franchise, and both buyers and sellers are satisfied with the outcome.”
Gajwani also shared that the Times Group had interest in the Rajasthan Royals. “We closely evaluated both franchises. They have their pros and cons. We are very pleased with the result,” he said, adding that each consortium member will contribute uniquely in the coming years.
When asked how he, Aryaman Birla, Bolt group, and Blackstone joined forces, he explained that each had individual interest and found common ground during the bidding process.
“Each member contributes something unique, whether it’s industry strength, media and Cricket knowledge, global sports experience, or financial expertise. It’s a strong combination.” He praised the BCCI for creating a valuable property that could command a premium price.
“I can’t go into specific numbers, but we believe there is significant potential for IPL and WPL to grow, especially regarding media rights and engaging fans more closely,” he added.
Gajwani commended the BCCI for establishing the IPL as one of the most desirable leagues globally.
Planning Discussions with Virat Kohli After Deal
Virat Kohli has been a key figure for RCB over the last 18 seasons, and Gajwani recognizes this importance. Once the deal is finalized, they aim to have in-depth talks with Kohli to understand his future ambitions.
“Virat is a legendary player, and we appreciate the chance to work with him. After closing the deal, we will connect with him and his team to align our goals and drive success collectively,” the vice-chairman stated.
Royal Challengers Bengaluru, named after an alcoholic beverage brand from UB Group, is unlikely to change its name, according to Gajwani. He believes the brand is already “very strong.”
“Our focus now is to support the franchise, its brand, and its performance, both on and off the pitch, which have all been excellent,” he said.
Insights from Running MLC
Although Major League Cricket is still developing, managing it has offered valuable insights into the economics of franchise cricket.
“The IPL and MLC are quite different. MLC aims to grow cricket in a country where it’s not widely known, while IPL focuses on leveraging a key consumer engagement opportunity in India. Same sport, but very different situations,” he concluded.