The Indian Premier League has crossed the US$20 billion threshold for the first time in its history, reaching a business enterprise value of US$20.6 billion in 2026 — an increase of 11.4 per cent year-on-year — as two landmark franchise transactions and record-breaking revenue figures underlined the league’s emergence as one of the world’s most valuable sporting properties, according to the Houlihan Lokey 2026 IPL Brand Valuation Study. The league’s standalone brand value rose 10.3 per cent to US$4.3 billion, having added more than US$1.1 billion in value since 2023, with the IPL now trailing only the NFL on a per-match media rights valuation basis globally.
Franchise transactions redefine the investment landscape
The 2026 season was defined as much by what happened off the field as on it. Royal Challengers Bengaluru changed hands in the most expensive single franchise transaction in IPL history, acquired by a consortium comprising Blackstone, Bolt Ventures, Aditya Birla Group and Times of India Group at a valuation of US$1.78 billion, as previously reported by cricexec. Rajasthan Royals followed, acquired by the Mittal family and Serum Institute Chief Executive Officer Adar Poonawalla at a valuation of US$1.65 billion, as reported previously by cricexec.
Harsh Talikoti, Director of Financial and Valuation Advisory Business at Houlihan Lokey, said: “The most telling development this year did not come from our models; it came from the market. Two franchises changed hands – Royal Challengers Bengaluru for $1.78 billion and Rajasthan Royals for $1.65 billion – and the buyers are precisely the calibre of investors we have long believed the league would attract.”
The scale of both transactions reflected a structural shift in how global capital views the IPL — no longer as a domestic cricket league but as an institutionally backed, long-term sports and entertainment asset. Talikoti said in the Houlihan Lokey 2026 IPL Brand Valuation Study: “Cricket’s evolution into a globally owned, institutionally backed asset class has accelerated further in 2026, with the IPL continuing to redefine the global sports landscape. What the market confirmed this year, through landmark franchise transactions, is the extent to which the league can attract precisely the caliber of global, institutional, and strategic capital it was built to draw. Franchise valuations have reached new highs, private capital participation has accelerated, and the league’s commercial ecosystem continues to diversify. The IPL represents a unique convergence of sport, media, and consumer opportunity, underpinned by strong revenue visibility, disciplined cost structures, and an expanding global audience. These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity.”
RCB becomes the IPL’s first US$300 million brand
Royal Challengers Bengaluru’s double title triumph — winning both the IPL and the Women’s Premier League in 2026 — translated directly into a historic commercial milestone. The franchise’s brand value rose 16 per cent to US$312 million, making RCB the first cricket team in history to cross the US$300 million brand value mark and placing it at the top of the IPL’s franchise rankings for the first time.
How the rest of the franchises ranked
Mumbai Indians held second position with a brand value of US$264 million, up 9.1 per cent from US$242 million in 2025, demonstrating that brand strength built on five titles and institutional ownership can remain largely insulated from a disappointing on-field season — the franchise finished ninth in IPL 2026 yet maintained commercial resilience throughout.
Kolkata Knight Riders climbed to third at US$245 million, up 7.9 per cent, continuing to convert the commercial momentum generated by their 2024 title win into sustained brand growth. Chennai Super Kings followed closely in fourth at US$244 million, though their 3.8 per cent growth was the most modest among the top four, with the report identifying generational transition as an increasingly significant factor for the franchise as MS Dhoni’s on-field role continues to diminish.
Sunrisers Hyderabad ranked fifth at US$168 million, up 9.1 per cent, supported by consecutive playoff appearances and growing commercial momentum. Rajasthan Royals came sixth at US$161 million, up 10.3 per cent, with the emergence of teenage sensation Vaibhav Sooryavanshi adding a new commercial dimension alongside the landmark ownership transaction. Punjab Kings ranked seventh at US$158 million, up 12.1 per cent, maintaining strong commercial growth despite narrowly missing the playoffs.
Gujarat Titans ranked eighth at US$157 million, up 10.6 per cent, cementing their status as one of the league’s fastest-growing commercial franchises following a third IPL final appearance in five seasons. Delhi Capitals ranked ninth at US$156 million, up 2.6 per cent, while Lucknow Super Giants ranked tenth at US$122 million — flat year-on-year — following a difficult campaign that ended with Rishabh Pant stepping down as Captain after the season concluded.
Franchises evolving into long-term businesses
The broader argument running through the study is that IPL franchises have outgrown the identity of seasonal cricket teams and are now being assessed by investors as durable sports and entertainment businesses. Ness Wadia, Co-Owner of Punjab Kings, said in the Houlihan Lokey 2026 IPL Brand Valuation Study: “The way people look at IPL franchises has changed completely. They’re no longer seen as cricket teams that play for two months every year. They’re increasingly being viewed as long-term sports and entertainment businesses, and I think that’s exactly how they should be viewed. The numbers speak for themselves. In less than two months, the IPL delivers extraordinary audiences, sponsorship value, and fan engagement. On a per-match basis, its media rights already compare with some of the biggest leagues in world sport, and that’s remarkable for a competition that’s only eighteen years old. The NFL is over a hundred, the NBA close to eighty. Put next to that, where we already stand is remarkable. Another strength is the structure of the league. Centralised media rights, revenue sharing, and financial discipline have created a model that’s stable and sustainable. That gives owners the confidence to invest for the long term rather than simply think about the next season.”
Digital growth reshapes the commercial model
The 2026 season also marked an accelerating shift in how audiences consume the IPL. According to JioStar, the tournament reached a cumulative 1.06 billion screens, with total viewership up 7 per cent year-on-year. The opening weekend alone drew 515 million viewers and generated 32.6 billion minutes of watch-time. Connected TV was the primary growth driver, with reach increasing 26 per cent year-on-year, while linear television ratings declined 18.8 per cent — a divergence that is reshaping how the league structures its commercial partnerships and monetises its audience.
That migration toward digital has enabled the IPL to pursue more sophisticated, data-driven sponsorship arrangements, including a three-year association with Google Gemini. Total league revenues for the 2026 season are expected to surpass US$1.8 billion, with the next media rights cycle beginning in 2028 anticipated to set another benchmark as global interest in the competition continues to expand.
