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Sports

Billionaires bet on big-money TV deal for Indian Premier League

Cricket competition has two new teams and a lot riding on broadcasting rights talks

Around 400 million people have tuned in to at least one Indian Premier League match in the last few seasons, according to Star India. (Photo courtesy of Indian Premier League)

MUMBAI -- Broadcasters and billionaires are predicting a fierce bidding war for the TV rights to the Indian Premier League when they go up for renewal next year, after seeing the high prices paid for two new teams that will join the expanding cricketing competition.

Sanjiv Goenka, the Kolkata-based utilities and retailing tycoon, and CVC Capital Partners, a European private equity firm, snapped up the new franchises late last month, beating out companies owned by billionaires including Gautam Adani, Uday Kotak and Manchester United stakeholder Avram Glazer.

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