The commercial value of the Indian Premier League (IPL) — the world's richest Twenty20 cricket tournament — has risen more than 11% from last year to $20.6 billion, according to a report by U.S. investment bank Houlihan Lokey released on May 14.
Houlihan Lokey's "IPL Brand Valuation Study 2026" shows this is the second straight year the IPL has achieved double-digit growth in commercial value. Since its launch in 2008, the 10-team league has consistently attracted the world's top cricketers while building a commercial model that combines revenue from broadcast rights, sponsorships, merchandise, and franchise investments.
A shift in ownership for two teams — Royal Challengers Bengaluru and Rajasthan Royals — this year further underscores the IPL's appeal to major investors, as well as the high premiums commanded by established teams. Specifically, a consortium including Blackstone, Bolt Ventures, the Aditya Birla Group, and the Times of India Group announced in March it would acquire the Bengaluru franchise for a record $1.78 billion. Meanwhile, in May, the Mittal family and Adar Poonawalla agreed to buy the Rajasthan franchise for $1.65 billion.
Harsh Talikoti, Managing Director of Financial Advisory and Valuation at Houlihan Lokey, said: "Franchise valuations have reached record highs; private equity participation has accelerated; and the league's commercial ecosystem continues to diversify. The IPL represents a unique intersection of sports, media, and consumer opportunity, underpinned by strong revenue-generating ability, disciplined cost structures, and an expanding global audience."
"Recent deals further demonstrate the confidence investors continue to place in long-term value creation opportunities."
According to the report, the IPL's brand value alone increased 10.3% over the past year to $4.3 billion. Defending champion Bengaluru remains the league's most valuable team with a brand value of $312 million.
