Mumbai: This year’s IPL growth story was driven by franchise value appreciation with media rights value locked until IPL 2027. By the sheer scale of uptick in value of Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) following their sale, IPL’s business value has risen by 11.4% to $20.6 billion, and brand value by 10.3% to $4.3 billion, according to Houlihan Lokey’s latest study.
The sale value of RCB and RR, pending approvals, total $3.43 billion, making it more than the combined sale value of Lucknow Super Giants and Gujarat Titans ($1.69bn) during IPL’s last team expansion in 2021. Subsequently, a majority stake in GT was acquired by Torrent Group in February 2025, approximately for $900mn. The 2026 RCB sale for $1.78bn is nearly double that figure within a year.
“Ownership of an IPL franchise has, in our view, moved decisively from passion-driven to portfolio-driven – a shift now formally recognised in the market,” the study noted. “The IPL is no longer merely India’s premier sporting event; it has become a distinct, institutionally held asset class.”
This view was firmed up with US and European private equity investor interest and subsequent entry as owners. RCB’s new ownership consortium led by the Aditya Birla Group included global sports investor David Blitzer and Blackstone. Blitzer’s Bolt Ventures spans Crystal Palace (EPL), Philadelphia 76ers (NBA), New Jersey Devils (NHL), Washington Commanders (NFL), and Cleveland Guardians (MLB),
making it a first for a single investor to simultaneously hold stakes across all five major North American professional leagues and a top-tier IPL franchise. Global steel baron Laxmi Mittal took a 75% controlling stake of RR with Adar Poonawalla (18%).
Media rights value to double?
Surge in ownership value can be pinned down to IPL franchise acquisition being a scarcity-driven exercise. Recovering costs may prove challenging for the new investors, at least in the short term, given the consolidated media landscape.
The study, however, is optimistic about the next round of media rights sale, predicting the 2028–32 cycle “to grow in line with market benchmarked median rate of 80% to 100% over the current deal ( ₹48,390 crore for 5 years).
Central to this is the assumption that competitive bidding will be restored through global OTT platforms. “The JioHotstar consolidation temporarily reduced auction tension, but BCCI controls how packages are structured in 2028. DAZN, Amazon Prime Video, YouTube, Netflix, and Apple TV+ are aggressively building global sports portfolios. The BCCI has every commercial incentive – and the structural tools – to recreate the competitive dynamic that tripled rights value in 2022,” noted the study.
Past media rights trajectory, structural broadening of cricket commerce due to the 2028 Los Angeles Olympics and a structural shift in viewership patterns towards digital are the other reasons why the study remains upbeat.
CSK slips to No.4 in brand value rankings
On an upward spiral, on and off the field, two-times defending champions RCB come on top on the brand value as well as business value charts. Five-time winners Chennai Super Kings (CSK), No.2 so far as business value goes, slip to No.4 on brand value, after poor showings and talisman MS Dhoni’s limited presence. Mumbai Indians (MI) and Kolkata Knight Riders (KKR) make the Big 4 of the IPL eco system.
