The Indian Premier League is now valued at $20.6 billion according to the 2026 IPL Brand Valuation Study released by global investment bank Houlihan Lokey, making it one of the most valuable sporting properties in the world. On a per match basis, only the NFL ranks ahead of the IPL globally. The league’s standalone brand value has risen 10.3% year on year to $4.3 billion, growing by more than $1.1 billion since 2023 alone. Record breaking franchise sales, a dramatic shift toward digital viewership, and rising institutional investor interest have combined to push the IPL past a milestone that puts it in direct conversation with the biggest leagues in world sport. This marks the second consecutive year of double digit growth for the IPL’s business value, which has climbed from $15.4 billion in 2023 to $16.4 billion in 2024, then $18.5 billion in 2025, and now $20.6 billion in 2026. Two major franchise transactions during the 2026 cycle played a central role in driving this growth, while viewership patterns continued to shift decisively from traditional television to digital and connected TV platforms.
Record Franchise Sales Reshape the Ownership Landscape
The most significant driver behind the valuation surge was a landmark year for franchise ownership changes. Royal Challengers Bengaluru changed hands in a record deal worth $1.78 billion, with a consortium comprising Blackstone, Bolt Ventures, the Aditya Birla Group, and the Times of India Group acquiring the franchise. That figure alone signals how institutional investors now view IPL franchises as long term commercial assets rather than vanity purchases. Rajasthan Royals also attracted major investment, with the Mittal family and Adar Poonawalla purchasing the franchise at a valuation of $1.65 billion. According to Houlihan Lokey, these transactions underline growing institutional confidence in the IPL’s commercial model. Harsh Talikoti, Director in Houlihan Lokey’s Financial and Valuation Advisory business, noted that cricket’s evolution into a globally owned and institutionally backed asset class has accelerated further in 2026, with franchise valuations reaching new highs and private capital participation continuing to grow across the league. The broader trend of cricket’s commercial structures becoming more sophisticated is not limited to the IPL, but the league remains the clearest example of how franchise based cricket has matured into a model that attracts serious financial players.
Digital Viewership Overtakes Television
The 2026 season confirmed what has been building for several years. Digital viewership is now the primary way fans consume the IPL, and the gap between digital and traditional television is widening rapidly. According to JioStar, the tournament reached 1.06 billion screens worldwide, with total viewership rising 7% year on year. The opening weekend alone attracted 515 million viewers and generated 32.6 billion minutes of watch time. Connected TV emerged as the fastest growing platform, registering a 26% year on year increase in reach. This shift reflects the changing habits of India’s cricket audience, particularly younger demographics who consume content almost exclusively through streaming platforms and smart televisions. Traditional television ratings, by contrast, fell by 18.8%, a steep decline that signals an irreversible migration to digital. The commercial implications are significant. Digital consumption allows for more targeted advertising, premium subscription models, and richer engagement metrics, all of which strengthen the league’s revenue base. IPL revenues surpassed $1.8 billion during the 2026 season, driven in large part by premium digital partnerships. The evolution of cricket’s commercial formats across all major tournaments reflects the same digital first trajectory that the IPL pioneered.
Franchise Owners See Long Term Upside
The owners themselves are bullish about what comes next. Royal Challengers Bengaluru co owner Satyan Gajwani pointed out that the IPL commands attention comparable to the NFL but monetizes only a fraction of what America’s most valuable league generates. As Indian per capita income grows and connected TV penetration increases, Gajwani expects monetization to catch up with the attention the league already commands. Punjab Kings co owner Ness Wadia echoed that view, arguing that the perception of IPL franchises has changed completely. Centralised media rights, revenue sharing, and financial discipline have created a model that is stable, sustainable, and increasingly attractive to long term investors. The shift from viewing franchises as seasonal cricket teams to year round sports and entertainment businesses is now well underway, with several franchises expanding into other leagues and sports properties globally.
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