IPL’s business value tops $20 billion on record franchise deals

The Indian Premier League’s (IPL’s) business value rose 11.4% from a year ago to $20.6 billion in 2026, helped by higher revenue, digital audiences and record franchise transactions, according to an investment banking study.

The increase marked a second consecutive year of double-digit growth, Houlihan Lokey said in its annual IPL valuation study released on Wednesday, 29 July. The league was valued at $18.5 billion last year.

The IPL’s stand-alone brand value, which excludes the value of its operating business, climbed 10.3% to $4.3 billion. It has added more than $1.1 billion since 2023, the bank said.

The latest valuation follows two of cricket’s biggest ownership transactions. A consortium including Aditya Birla Group, The Times Group, Blackstone and sports investor David Blitzer agreed in March to buy Royal Challengers Bengaluru for $1.78 billion.

In May, a group led by steel magnate Lakshmi Mittal and vaccine maker Adar Poonawalla agreed to acquire Rajasthan Royals for $1.65 billion. The transactions showed that investors increasingly view IPL franchises as media and entertainment assets rather than seasonal sports teams.

Royal Challengers Bengaluru retained its position as the league’s most valuable franchise brand, rising 16% to $312 million. It became the first cricket team to exceed $300 million in brand value.

Mumbai Indians ranked second at $264 million, followed by Kolkata Knight Riders at $245 million and Chennai Super Kings at $244 million.

The league, which began in 2008, earns money from broadcasting and streaming rights, central sponsorships, ticketing, merchandise and franchise-level commercial agreements. On a revenue-per-match basis, only the US National Football League ranks ahead of the IPL globally, according to Houlihan Lokey.

The IPL’s rising valuation contrasts with concerns that growth in Indian sports broadcasting revenue may moderate during the next media-rights cycle. Recent franchise transactions nevertheless suggest that investors expect commercial income from sponsorships, licensing and international expansion to keep growing, analysts said.