US investors bet big on Indian cricket with record billion-dollar IPL deals

United States investors are making a big move into Indian cricket, with two separate billion-dollar deals made on the same day for teams in the country’s most popular sports league.

No team in the Indian Premier League — one of Asia’s most-watched sports events — had ever sold for more than $1bn until a consortium backed by US businessmen Kal Somani and Rob Walton — the former Walmart chairman —...