IPL’s business value surpasses $20 billion, Royal Challengers Bengaluru leads franchise valuations
The Indian Premier League‘s business value has risen to an estimated $20.6 billion, according to a report by the US-based investment bank Houlihan Lokey. This marks an increase of over 11%, highlighting the league’s robust commercial model and its appeal to global investors within the cricket economy. The league’s standalone brand value also saw a 10.3% increase, reaching $4.3 billion.
The T20 competition’s value grew by 10.3% over the past year, reinforcing its position as one of the world’s most valuable sports brands. The report indicates that only the NFL ranks higher than the IPL globally on a per-match basis.
Franchise Valuations Reach New Highs
Royal Challengers Bengaluru (RCB), which has been the IPL champion for the past two seasons and is home to former India captain Virat Kohli, maintained its status as the league’s most valuable franchise. Its brand value is recorded at $312 million. This makes RCB the first cricket team to exceed the $300 million brand value mark.
The valuation of RCB reflects sustained on-field performance, fan engagement, and a digitally advanced commercial ecosystem. The team’s co-owner, Satyan Gajwani, noted the unparalleled intensity and connection of RCB‘s fanbase.
A landmark ownership transaction occurred earlier this year, with RCB being acquired by a consortium that includes Blackstone, Bolt Ventures, Aditya Birla Group, and Times of India Group. This deal was valued at approximately $1.78 billion, making it the most expensive single-franchise transaction in IPL history.
Another significant ownership change involved the Rajasthan Royals, which was acquired in a deal valued at $1.65 billion. The Indian steel tycoon Lakshmi Mittal and his family, along with SII vaccine billionaire Adar Poonawalla, took control of the team.
Harsh Talikoti, a director at Houlihan Lokey‘s Financial and Valuation Advisory business, stated that cricket’s evolution into a globally owned, institutionally backed asset class has accelerated in 2026, with the IPL continuing to redefine the global sports landscape. He added that these transactions demonstrate investor confidence in the long-term value creation opportunity.
Commercial Model and Investor Appeal
The IPL, which began in 2008, has become a significant revenue generator for the Board of Control for Cricket in India. Its commercial model combines broadcast revenues, sponsorship, merchandising, and franchise investment, consistently attracting leading players and major investors.
Punjab Kings co-owner Ness Wadia highlighted that IPL franchises are increasingly viewed as long-term sports and entertainment businesses rather than just cricket teams that play for two months each year. He also mentioned that centralised media rights, revenue sharing, and financial discipline have created a stable and sustainable model, which gives owners confidence to invest for the long term.
Behind RCB in the brand value rankings are Mumbai Indians at $264 million and Kolkata Knight Riders at $245.0 million. The overall valuation growth of IPL franchises is attributed to growing institutional investor confidence, the adoption of Connected TV (CTV), and strong revenue visibility, as global capital increasingly views IPL franchises as long-term sports and entertainment powerhouses.
The Houlihan Lokey‘s ‘2026 IPL Brand Valuation Study‘ confirmed the league’s business value increased by over 11% to $20.6 billion.
Source: theguardian.com
