The Glazer family have failed in their bid to become one of the two new owners of IPL sides ahead of 2022.
The Americans, who can count Manchester United among their portfolio, had been hoping to win the rights to a team at an auction which took place in Dubai on Monday.
However, the RPSG Group and CVC Capital were behind the successful bids, the former spending $932m (£676.89m) to own a team which will be based in Lucknow.
CVC Capital, who have recently acquired a small stake in La Liga, will pay $692m (£502.28m) to become the owners of a side in Ahmedabad.
The RPSG group are no strangers to the IPL having previously been in charge of Rising Pune Supergiant between 2016 and 2017.
The latest edition of the IPL only concluded earlier this month with the Chennai Super Kings winning the competition for the fourth time.