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The Indian Premier League (IPL) has reached a record estimated valuation of US$20.6 billion, driven by blockbuster franchise ownership deals and sustained commercial growth, according to a report released on Wednesday by global investment bank Houlihan Lokey.
The report estimates that the world’s richest T20 cricket league grew 10.3 percent in value over the past year, reinforcing its position as one of the most valuable sports properties globally and highlighting its increasing appeal to institutional and international investors.
Houlihan Lokey said the IPL now ranks among the world’s elite sporting competitions in terms of commercial value.
“On a per-match basis, only the NFL ranks ahead of the IPL globally,” the report noted, underscoring the league’s extraordinary revenue-generating ability despite its relatively short annual season.
Record franchise valuations
The valuation surge was fuelled in part by two landmark franchise transactions completed this year.
Royal Challengers Bengaluru (RCB), home to Indian batting icon Virat Kohli and champions of the last two IPL seasons, retained their position as the league’s most valuable franchise with a brand value of US$312 million.
The Bengaluru-based franchise was recently acquired by a consortium led by global investment firm Blackstone in a deal valued at nearly US$1.8 billion, making it the most expensive franchise sale in IPL history.
Another major transaction saw the Rajasthan Royals change ownership in a deal worth US$1.65 billion. The consortium includes Indian steel magnate Lakshmi N. Mittal and his family alongside vaccine billionaire Adar Poonawalla, reflecting growing interest from high-profile global investors in cricket assets.
Harsh Talikoti, Director at Houlihan Lokey, said the latest deals demonstrate how cricket has evolved into a globally recognised investment asset.
“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,” he said.
“These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity.”
Analysts say the IPL’s strong media rights revenues, expanding sponsorship portfolio, digital reach and growing international fan base continue to make it one of the fastest-growing sports businesses in the world.
Since its launch in 2008, the IPL has transformed the economics of cricket. It has become the Board of Control for Cricket in India’s (BCCI) biggest source of revenue while significantly contributing to India’s wider economy.
Previous studies estimated that the tournament generates more than US$11 billion annually in economic activity through tourism, broadcasting, advertising, hospitality and related industries.
The league has also inspired numerous franchise-based T20 competitions around the world, including tournaments in Australia, South Africa, the United Arab Emirates, the United States and several other cricket-playing nations.
Beyond cricket, the IPL’s franchise model has influenced the creation of professional leagues across India in sports such as football, kabaddi, badminton, boxing and volleyball, cementing its status as one of the most influential sporting brands of the modern era.