IPL becomes $20.6 billion powerhouse business, says report — Which is the most valuable brand?

According to the 2026 IPL Brand Valuation Study by global investment bank Houlihan Lokey, the league’s enterprise value has risen 11.4% year-on-year to US$20.6 billion, while its standalone brand value increased 10.3% to US$4.3 billion, continuing a run of double-digit annual growth.

The report argues that the IPL’s commercial appeal is no longer driven solely by cricket. Instead, franchise ownership, digital audiences and long-term media revenues are increasingly shaping how investors value the tournament.

Why investors are paying record prices

The biggest statement came away from the cricket field.

During 2026, Royal Challengers Bengaluru (RCB) changed hands in a deal valued at US$1.78 billion, with a consortium including Blackstone, Bolt Ventures, Aditya Birla Group and the Times of India Group acquiring the franchise.

Shortly afterwards, the Rajasthan Royals were acquired by the Mittal family and Adar Poonawalla at a reported valuation of US$1.65 billion.

Those transactions, the report says, have effectively established new benchmarks for IPL franchise valuations and demonstrated growing confidence among institutional investors.

The league’s financial structure has also played a significant role.

Unlike many sports leagues where clubs negotiate broadcasting deals individually, the IPL operates through centralised media rights and revenue sharing, providing franchises with greater financial certainty and predictable income streams.

Digital growth changes the economics

The report also highlights a widening gap between digital and traditional television audiences.

According to broadcaster JioStar, the 2026 IPL reached 1.06 billion screens, while total viewership increased 7% year-on-year. The opening weekend alone generated 32.6 billion minutes of watch time across 515 million viewers.

Connected television emerged as the fastest-growing segment, with reach rising 26% over last season. Linear television, however, moved in the opposite direction, with ratings declining 18.8%, reinforcing the IPL’s transition towards digital-first consumption. That shift is also reshaping sponsorship.

Rather than relying solely on television visibility, brands are increasingly investing in data-driven partnerships across streaming platforms, with technology companies becoming prominent commercial partners.

The league’s total revenues, according to the study, have now crossed US$1.8 billion, supported by broadcasting, sponsorships and digital advertising.

RCB become the first US$300 million IPL brand

Among franchises, Royal Challengers Bengaluru retained their position as the IPL’s most valuable team with a brand valuation of US$312 million, becoming the first cricket franchise to cross the US$300 million mark.

Mumbai Indians remained second at US$264 million, despite finishing outside the playoffs, reflecting the commercial resilience built through five IPL titles and a long-established fan base.

Kolkata Knight Riders climbed to third with a valuation of US$245 million, narrowly overtaking Chennai Super Kings, who slipped to fourth at US$244 million after a second consecutive disappointing campaign.

The report suggests Chennai’s commercial growth has begun to slow as the franchise enters a transition period following the gradual reduction of MS Dhoni’s on-field role.

Elsewhere, Sunrisers Hyderabad ranked fifth at US$168 million, followed by Rajasthan Royals (US$161 million), Punjab Kings (US$158 million), Gujarat Titans (US$157 million), Delhi Capitals (US$156 million) and Lucknow Super Giants (US$122 million).

The IPL is increasingly being viewed not as a seasonal sporting competition but as a long-term media, entertainment and intellectual property business, one capable of attracting global institutional capital alongside traditional sports investors.