Mumbai: The Indian Premier League (IPL) has strengthened its position as one of the world’s most valuable sports properties, with its overall business value rising 11.4% year-on-year to US$20.6 billion, according to the 2026 IPL Brand Valuation Study released by Houlihan Lokey, Inc. The league’s stand-alone brand value also grew 10.3% to US$4.3 billion, reflecting sustained commercial momentum, expanding digital reach, and rising investor confidence.
The report notes that the IPL has added more than US$1.1 billion in brand value since 2023. On a per-match basis, only the NFL ranks ahead of the IPL globally, underscoring the league’s growing influence in the international sports economy.
A key highlight of the 2026 season was the landmark ownership transactions involving Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR). RCB was acquired by a consortium comprising Blackstone, Bolt Ventures, Aditya Birla Group, and Times of India Group at a reported valuation of US$1.78 billion, making it the most expensive IPL franchise transaction to date. Rajasthan Royals changed hands to the Mittal family and Adar Poonawalla at a reported valuation of US$1.65 billion.
The report says these deals reflect growing institutional confidence in the IPL, with global investors increasingly viewing franchises as long-term sports and entertainment assets backed by predictable revenues, large audiences, and sustained commercial growth.
“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,” says Harsh Talikoti, Director in Houlihan Lokey’s Financial and Valuation Advisory business. “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.”
The study also highlights a significant shift in media consumption. According to JioStar data cited in the report, IPL 2026 reached 1.06 billion screens, with overall viewership increasing 7% year-on-year. The opening weekend alone attracted 515 million viewers and generated 32.6 billion minutes of watch time.
Connected TV (CTV) emerged as the fastest-growing platform, recording 26% growth in reach, while linear television ratings declined 18.8%. The report says this transition towards digital consumption is reshaping the league’s monetisation strategy, supporting premium, data-driven partnerships, including a three-year association with Google Gemini, as total league revenues crossed US$1.8 billion.
Reflecting on the franchise acquisitions, Satyan Gajwani, Co-Owner of Royal Challengers Bengaluru and Chairman at Times Internet, said, “We were actively engaged in the processes for both the RCB and Rajasthan Royals, and both are great assets. Across the league, however, RCB’s fanbase intensity and connection are unparalleled, which made this a special opportunity.”
He added, “Overall, we are strong believers in the growth potential of cricket as a global sport, and exposure at both the media level and the IP level fits that thesis. The IPL has the attention of the NFL with a fraction of its monetization, and as Indian per-capita income grows and connected TV penetration increases, we expect monetization to match up to attention. We are very grateful to be able to work with exceptional partners on RCB, and we all believe in both the opportunity for the IPL to continue to grow, as well as for RCB to create real global brand and fan equity.”
Ness Wadia, Co-Owner of Punjab Kings, said the perception of IPL franchises has evolved significantly. “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.”
Among franchises, Royal Challengers Bengaluru retained the top position with a brand value of US$312 million, becoming the first cricket franchise to surpass the US$300 million mark. Mumbai Indians ranked second at US$264 million, followed by Kolkata Knight Riders at US$245 million and Chennai Super Kings at US$244 million.
The remaining rankings saw Sunrisers Hyderabad placed fifth with a brand value of US$168 million, ahead of Rajasthan Royals (US$161 million), Punjab Kings (US$158 million), Gujarat Titans (US$157 million), Delhi Capitals (US$156 million), and Lucknow Super Giants (US$122 million).
According to Houlihan Lokey, the latest findings reinforce the IPL’s emergence as a global sports business powered by robust commercial fundamentals, growing institutional investment, and rapidly evolving digital consumption, positioning the league for sustained long-term value creation.
