Mumbai: Punjab Kings Co-owner Ness Wadia has expressed confidence in the Indian Premier League’s long-term commercial potential, saying the league’s strongest years are still ahead as audience growth, institutional investment and media rights continue to strengthen the sports ecosystem.
His comments feature in Houlihan Lokey’s 2026 IPL Valuation Study, released on Tuesday, which values the IPL business at US$20.6 billion, up 11.4% year-on-year, while its standalone brand value has grown 10.3% to US$4.3 billion.
Wadia, one of the IPL’s original franchise owners, has remained with Punjab Kings since backing the franchise in 2008, when it was acquired for approximately US$76 million. According to the report, Punjab Kings’ valuation has now grown to around ₹1,510 crore (US$158 million), registering 12.1% growth over 2025.
Reflecting on the league’s journey, Wadia said, “We simply believed Indian sport was ready for a new chapter, and we wanted to be part of building it, it took seven years to break even. We always knew this wasn’t a short-term play. But I still think the IPL is only getting started. I always believed the IPL would become one of the biggest sporting leagues in the world. I just didn’t think it would happen this quickly. Today, when you see institutional investors looking at franchises and global capital entering the space, it validates the conviction we had back in 2008.”
The report notes that India’s sports economy crossed the US$2 billion mark for the first time in 2025, with cricket contributing nearly 89% of the total value. IPL Season 19 attracted 1.2 billion viewers, while the 2026 final between Gujarat Titans and Royal Challengers Bengaluru reached 400 million viewers across screens, becoming the most-watched IPL match to date.
Looking ahead to the league’s next media rights cycle, currently valued at US$6.2 billion, Wadia said the underlying fundamentals remain robust.
“I’m optimistic about the next media rights cycle, not because I’m an owner, but because the fundamentals continue to get stronger. Every year the IPL attracts bigger audiences. That shows the appetite people have for live sport. I wouldn’t speculate on the final number, but if you’re asking whether we’ve reached the ceiling, my answer is no. The IPL is still evolving, and I believe its best years are still ahead of it.”
He also highlighted the scarcity value of IPL franchises as a key driver of long-term investor interest.
“People also underestimate one very important point, scarcity. There are only ten IPL franchises. That isn’t changing anytime soon. When you combine a scarce asset with growing demand, the long-term outlook becomes very compelling. For me, that’s the real investment thesis. One thing that has never changed is that cricket brings people together. Families still sit down and watch matches together. We’ve also seen a huge increase in women following the IPL, which is fantastic for the game and for the league.”
Speaking about Punjab Kings’ own growth, Wadia said the franchise’s brand extends well beyond cricket through its strong connection with the global Punjabi community.
“Whether it’s India, the UK, Canada, the US, Australia, Thailand or the Middle East, Punjabis carry enormous pride in where they come from. That gives us a connection that extends well beyond cricket.”
He cited the fan-created nickname “Sarpanch Saab” for captain Shreyas Iyer, which the franchise later adopted as part of its marketing campaign, as an example of the organic evolution of the Punjab Kings brand.
Wadia also identified merchandising as one of the IPL’s biggest untapped commercial opportunities.
“For years, merchandising was about selling jerseys during the season. Today it’s about building an ongoing relationship with supporters. Content, fan data and commerce are businesses that are increasingly running together rather than apart.”
On the growth of the Women’s Premier League (WPL), Wadia said the tournament’s progress has been encouraging and indicated Punjab Kings would remain open to opportunities in women’s cricket.
“To build an audience of that size in such a short period tells you there’s genuine interest in women’s cricket, and that’s great for the game. If the right opportunity came along, we’d certainly look at it, with the same patience and long-term perspective we’ve applied to every investment we’ve made.”
Reflecting on nearly two decades of IPL, Wadia said the league’s emotional connection with fans has exceeded his expectations.
“It’s been the emotional connection people have with their teams. Families organise their evenings around IPL matches. You can understand that intellectually, but you only truly appreciate it when you’re part of it. The other thing that’s genuinely surprised me is how far the game has travelled. We saw a team from Italy playing at this year’s World Cup, and watching the IPL now stretches into places like South America, countries I never imagined would be following cricket. Year after year, people wait for it. It’s slowly turning into something close to a cult, one that crosses every diaspora.”
Summing up the league’s broader impact on Indian sport, he added, “The IPL has changed the way sport is viewed in India. It’s created careers, inspired investment, encouraged other leagues and built sporting brands that millions of people genuinely care about.”
