The IPL is now worth $20.6 billion, with record-breaking franchise sales and RCB emerging as the league's most valuable team, proving cricket has become one of the world's biggest sports businesses.
The Indian Premier League (IPL) has reached a historic financial milestone, with its business value climbing to $20.6 billion, an 11.4 percent increase over the past year. According to the IPL Valuation Study 2026 released by Houlihan Lokey, this is the second consecutive year the tournament has delivered double-digit growth.
The report reinforces what sports economists have argued for years. The IPL is no longer merely a cricket tournament. It has evolved into a global sports business powerhouse, attracting investors and commanding valuations comparable to some of the world's leading professional leagues.
Record-Breaking Franchise Sales
The study highlights two landmark franchise transactions that underline the league's growing commercial appeal.
On March 24, Royal Challengers Bengaluru (RCB), champions of the past two seasons, was sold in an all-cash deal valued at $1.78 billion, making it the most expensive franchise sale in IPL history.
Just weeks later, on May 3, Rajasthan Royals, which finished fourth in the 2026 season and is home to teenage sensation Vaibhav Sooryavanshi, was sold at a valuation of $1.65 billion.
These record-breaking deals reflect increasing investor confidence that IPL franchises have become long-term commercial assets capable of delivering consistent returns.
RCB Emerges as the League's Most Valuable Brand
Royal Challengers Bengaluru has strengthened its dominance beyond the cricket field.
The franchise's brand value has risen to $312 million, marking a 16 percent increase over the previous year. This makes RCB the IPL's most valuable brand while also holding the highest overall business valuation, a distinction no franchise has achieved before.
The report describes this as an unprecedented alignment, with one team leading both brand value and business value by a significant margin.
The remaining franchises are ranked by brand value as follows:
- Mumbai Indians: $264 million
- Kolkata Knight Riders: $245 million
- Chennai Super Kings: $244 million
- Sunrisers Hyderabad: $168 million
- Rajasthan Royals: $161 million
- Punjab Kings
- Gujarat Titans
- Delhi Capitals
- Lucknow Super Giants: $122 million, with no year-on-year change.
In terms of overall business value, RCB again occupies the top position, followed by Chennai Super Kings, Mumbai Indians, and Kolkata Knight Riders. Lucknow Super Giants remain tenth.
Why Investors Continue to Bet on the IPL
Owning an IPL franchise has become one of the most attractive investments in global sport.
Each franchise receives approximately $55 million annually from the Board of Control for Cricket in India's (BCCI) central revenue pool before accounting for its own operating expenses.
Unlike many international sports leagues, IPL franchises retain as much as 80 percent of their own season revenues, significantly boosting profitability.
The league also imposes a 350 percent pre-season revenue-sharing ceiling on private equity ownership while restricting easy exits from majority ownership and control. This differs from ownership structures seen in leagues such as Germany's Bundesliga and the United States' National Basketball Association.
A notable example came in February 2025, when CVC Group exited its majority stake in Gujarat Titans with a return exceeding 350 percent, demonstrating the strong financial potential of IPL investments even within regulatory limits.
A $5 Billion Rise in Just Three Years
The IPL's business value has followed a remarkable upward trajectory:
- 2023: $15.4 billion
- 2024: $16.4 billion
- 2025: $18.5 billion
- 2026: $20.6 billion
In just three years, the league has added more than $5 billion in business value.
Strong Growth Despite Falling Television Ratings
One of the report's most striking findings is that the IPL's financial growth has continued despite softer television viewership.
Average TV ratings declined from 3.85 rating points per match in 2025 to 3.17 in 2026, representing an 18 percent drop. However, the tournament still reached 26 crore viewers, indicating that audiences are increasingly shifting toward digital platforms rather than abandoning the league altogether.
This suggests that the IPL's commercial success is now driven by a broader ecosystem that includes digital streaming, sponsorships, licensing, merchandising, and franchise investments, reducing its dependence on traditional television audiences.
A Global Sports Business Success Story
The IPL's latest valuation underscores its transformation into one of the world's most valuable sporting properties. While viewing habits continue to evolve, investor confidence remains exceptionally strong.
With record franchise sales, rising brand values, and expanding commercial opportunities, the IPL has firmly established itself as far more than a cricket tournament. It has become a global sports business institution whose financial growth continues to outpace changes in the media landscape.
The Indian Premier League (IPL) has reached a historic financial milestone, with its business value climbing to $20.6 billion, an 11.4 percent increase over the past year. According to the IPL Valuation Study 2026 released by Houlihan Lokey, this is the second consecutive year the tournament has delivered double-digit growth.
The report reinforces what sports economists have argued for years. The IPL is no longer merely a cricket tournament. It has evolved into a global sports business powerhouse, attracting investors and commanding valuations comparable to some of the world's leading professional leagues.
Record-Breaking Franchise Sales
The study highlights two landmark franchise transactions that underline the league's growing commercial appeal.
On March 24, Royal Challengers Bengaluru (RCB), champions of the past two seasons, was sold in an all-cash deal valued at $1.78 billion, making it the most expensive franchise sale in IPL history.
Just weeks later, on May 3, Rajasthan Royals, which finished fourth in the 2026 season and is home to teenage sensation Vaibhav Sooryavanshi, was sold at a valuation of $1.65 billion.
These record-breaking deals reflect increasing investor confidence that IPL franchises have become long-term commercial assets capable of delivering consistent returns.
RCB Emerges as the League's Most Valuable Brand
Royal Challengers Bengaluru has strengthened its dominance beyond the cricket field.
The franchise's brand value has risen to $312 million, marking a 16 percent increase over the previous year. This makes RCB the IPL's most valuable brand while also holding the highest overall business valuation, a distinction no franchise has achieved before.
The report describes this as an unprecedented alignment, with one team leading both brand value and business value by a significant margin.
The remaining franchises are ranked by brand value as follows:
- Mumbai Indians: $264 million
- Kolkata Knight Riders: $245 million
- Chennai Super Kings: $244 million
- Sunrisers Hyderabad: $168 million
- Rajasthan Royals: $161 million
- Punjab Kings
- Gujarat Titans
- Delhi Capitals
- Lucknow Super Giants: $122 million, with no year-on-year change.
In terms of overall business value, RCB again occupies the top position, followed by Chennai Super Kings, Mumbai Indians, and Kolkata Knight Riders. Lucknow Super Giants remain tenth.
Why Investors Continue to Bet on the IPL
Owning an IPL franchise has become one of the most attractive investments in global sport.
Each franchise receives approximately $55 million annually from the Board of Control for Cricket in India's (BCCI) central revenue pool before accounting for its own operating expenses.
Unlike many international sports leagues, IPL franchises retain as much as 80 percent of their own season revenues, significantly boosting profitability.
The league also imposes a 350 percent pre-season revenue-sharing ceiling on private equity ownership while restricting easy exits from majority ownership and control. This differs from ownership structures seen in leagues such as Germany's Bundesliga and the United States' National Basketball Association.
A notable example came in February 2025, when CVC Group exited its majority stake in Gujarat Titans with a return exceeding 350 percent, demonstrating the strong financial potential of IPL investments even within regulatory limits.
A $5 Billion Rise in Just Three Years
The IPL's business value has followed a remarkable upward trajectory:
- 2023: $15.4 billion
- 2024: $16.4 billion
- 2025: $18.5 billion
- 2026: $20.6 billion
In just three years, the league has added more than $5 billion in business value.
Strong Growth Despite Falling Television Ratings
One of the report's most striking findings is that the IPL's financial growth has continued despite softer television viewership.
Average TV ratings declined from 3.85 rating points per match in 2025 to 3.17 in 2026, representing an 18 percent drop. However, the tournament still reached 26 crore viewers, indicating that audiences are increasingly shifting toward digital platforms rather than abandoning the league altogether.
This suggests that the IPL's commercial success is now driven by a broader ecosystem that includes digital streaming, sponsorships, licensing, merchandising, and franchise investments, reducing its dependence on traditional television audiences.
A Global Sports Business Success Story
The IPL's latest valuation underscores its transformation into one of the world's most valuable sporting properties. While viewing habits continue to evolve, investor confidence remains exceptionally strong.
With record franchise sales, rising brand values, and expanding commercial opportunities, the IPL has firmly established itself as far more than a cricket tournament. It has become a global sports business institution whose financial growth continues to outpace changes in the media landscape.
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