IPL valuation 2026 hits $20.6 billion after RCB, Rajasthan sales
Houlihan Lokey says the IPL’s business value rose 11.4% as two franchise deals reset cricket’s club price tags.
By Georgia Hale · Staff Writer
3 min read
The IPL valuation 2026 has climbed to $20.6 billion, up 11.4% from last year, after two heavyweight franchise sales pushed Indian cricket’s richest league to another commercial peak, according to Houlihan Lokey’s 2026 IPL Valuation Study.
The firm said the Indian Premier League’s stand-alone brand value rose 10.3% to $4.3 billion. It was the second straight year of double-digit growth for both business value and brand value, with the league moving from $15.4 billion in 2023 to $16.4 billion in 2024 and $18.5 billion in 2025.
Houlihan Lokey also said the IPL trails only the NFL globally on a per-match basis, a tidy reminder that Twenty20 cricket is playing in the big-money sports league.
Why is the IPL valuation 2026 so high?
Houlihan Lokey points to rising media rights, sponsorships, ticket sales, franchise deal prices and investor-friendly ownership rules. The report also says each team receives roughly $55 million a year from the BCCI’s centrally negotiated media pool before any club-level revenue is counted.
The biggest jolt came from Royal Challengers Bengaluru and Rajasthan Royals changing hands. RCB was acquired in March by a group including the Aditya Birla Group, the Times of India Group, David Blitzer’s Bolt Ventures and Blackstone’s BXPE for $1.78 billion, according to the study.
That all-cash deal was the highest-priced single IPL franchise transaction on record. Houlihan Lokey said seller United Spirits Limited had targeted $2 billion.
Rajasthan Royals followed in May, selling to the Mittal family and Serum Institute of India CEO Adar Poonawalla for $1.65 billion. The report said an earlier agreement with a U.S.-based group led by Kal Somani fell apart during exclusivity. Together, the two sales reached $3.43 billion.
Harsh Talikoti, a director in Houlihan Lokey’s financial and valuation advisory business, said the market, rather than valuation models, delivered the year’s clearest signal. He cited buyers including Blackstone, the Aditya Birla Group, ArcelorMittal, the Serum Institute and David Blitzer as the level of capital the league was built to attract.
Which IPL teams are worth the most?
Royal Challengers Bengaluru led both the business value and brand value tables for the first time in IPL history, Houlihan Lokey said. Its brand value rose 16% to $312 million after back-to-back IPL and Women’s Premier League titles.
Mumbai Indians ranked second at $264 million despite a ninth-place finish. Kolkata Knight Riders moved ahead of Chennai Super Kings into third at $245 million. Sunrisers Hyderabad and Rajasthan Royals also placed in the top six, helped by playoff runs.
Lucknow Super Giants finished last on both business value and brand value at $122 million, with the report noting Rishabh Pant’s decision to step down as captain.
Satyan Gajwani, co-owner of Royal Challengers Bengaluru and chair of Times Internet, said the club’s supporters shaped the acquisition decision, calling RCB’s fan connection “unparalleled.” Punjab Kings co-owner Ness Wadia, a founding league investor since 2008, said he still believes the IPL is “only getting started.”
What is happening with IPL media rights?
Houlihan Lokey described IPL viewing as shifting platforms rather than shrinking. Total reach across television and digital hit 1.06 billion screens, up 7% year over year, while linear TV ratings fell 18.8% and average per-match television viewership dropped 26%.
The study projects total IPL 2026 revenue, including broadcast rights, sponsorships and ticket sales, at more than $1.8 billion.
Houlihan Lokey said the 2028-32 media rights cycle, currently valued at $6.2 billion, could rise by 80% to 100%, citing 18% compound annual growth in rights value since 2008 and broader international viewing.
That outlook differs from Media Partners Asia’s March forecast. MPA projected the next cycle would stay near $5.4 billion, with per-match value falling 13% from $13.2 million to $11.5 million, partly because a 94-match format could dilute each game’s value and the JioStar merger reduced bidder competition.
This story draws on original reporting from Variety.