Blackstone Weighs First-Ever Sports Investment With Cricket Bet

Blackstone Inc. is considering whether to buy a stake in the world’s most lucrative professional cricket league through its fund for wealthy individuals, in what would be the first sports investment for the world’s biggest alternative asset manager.

The firm has weighed committing $200 million to $300 million through its Blackstone Private Equity Strategies Fund for either of the two Indian Premier League teams currently up for sale — the Rajasthan Royals and the 2025 IPL champion Royal Challengers Bengaluru — according to people familiar with the matter.

The investment from BXPE, as the fund is known, will allow Blackstone ...