"No team in the Indian Premier League had ever sold for more than $1bn until a consortium backed by US businessmen agreed on Tuesday to buy the Rajasthan Royals in a deal valued at $1.63bn."
"That record only lasted hours, though, as an even bigger deal was announced the same day for reigning champion Royal Challengers Bengaluru, bought for $1.78bn by another consortium."
"The valuations for the two teams mark a huge jump from their original 2008 sales, when liquor baron Vijay Mallya bought RCB for $111.6m, and Rajasthan sold for $67m."
"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."
Two Indian Premier League teams, Rajasthan Royals and Royal Challengers Bengaluru, were sold for record amounts of $1.63 billion and $1.78 billion respectively. These sales mark a significant increase from their original purchase prices in 2008. The growing interest from US investors highlights the appeal of Indian cricket as a lucrative investment opportunity. The IPL's popularity, driven by its short format and limited season, has attracted global investment, reflecting a broader trend in sports team acquisitions worldwide.
Read at www.aljazeera.com
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