India’s Cricket Craze Draws Billionaire Investors

Morrison Foerster private equity partner Scott Jalowayski has been featured in Bloomberg, offering insight into the growing wave of private capital flowing into global sports—and, in particular, the surging valuations of Indian Premier League ("IPL") franchises.

Scott pointed to the structural drivers behind the IPL’s appeal to investors, including the league’s centralized media rights, limited number of teams, and its compelling content. He noted that these dynamics create scarcity and drive demand for content, and therefore, revenue—key ingredients for institutional investors. More broadly, he observed a shift in how investors view the sector: sports leagues are no longer seen solely as mere competitions, but as scalable media and data platforms with global monetization potential.

Billion-Dollar Deals Signal a Maturing Asset Class

Bloomberg’s reporting highlights a series of recent transactions that underscore just how far the IPL has evolved. In one headline deal, a consortium led by the Aditya Birla Group acquired Royal Challengers Bengaluru at a valuation of approximately $1.8 billion. Shortly before that, the Rajasthan Royals changed hands in another billion-dollar transaction involving a U.S.-based investor group.

These back-to-back deals reflect intensifying competition for access to a tightly held league with only a handful of franchises. At the same time, they point to the IPL’s expanding commercial footprint, supported by a vast and deeply engaged fan base, lucrative media rights, and strong sponsorship demand. The league’s overall enterprise value—estimated at roughly $18.5 billion in 2025—illustrates both its scale and its continued growth trajectory.

Beyond cricket, the newsletter situates the IPL within a broader global shift. Sports investing, once dominated by ultra-wealthy individuals, is increasingly attracting institutional capital drawn to predictable cash flows, content-driven growth, and opportunities to scale across platforms and geographies.

At the Forefront of Sports Investment Transactions

Scott’s perspective is grounded in his work advising on complex sports deals. He recently advised Nippon Sangyo Suishin Kiko Group (“NSSK”) on its landmark restructuring of the Japan men’s professional golf tour—marking a significant step in the sustainable commercialization of professional golf in Japan. The transaction transfers the tour’s commercial operations to J-Tour, a newly established, NSSK-backed entity that will centralize sponsorship, media rights, marketin and fan engagement.

He also advised Blue Pool Capital on Asian University Basketball League’s successful initial and subsequent financings, on which Blue Pool Capital, the lead investor, was joined by an A-list of sports investors, including David Blitzer’s Bolt Ventures, Yao Ming and Avenue Capital Group.

Together, these matters highlight Morrison Foerster’s role in advising clients navigating the rapid transformation of sports into a global, institutional asset class.

Read more in Bloomberg’s Deals Newsletter (subscription required).