IPL Becomes a $20 Billion Sports Giant as Digital Boom Fuels Growth

The Indian Premier League (IPL) has crossed a major commercial milestone, with its overall business enterprise value exceeding $20 billion for the first time, according to the 2026 IPL Brand Valuation Study released by global investment bank Houlihan Lokey.

The report values the IPL business at $20.6 billion, an 11.4% increase from last year, while the league’s standalone brand value has risen 10.3% year-on-year to $4.3 billion. Since 2023, the IPL’s brand value has grown by more than $1.1 billion, cementing its place among the world’s most valuable sporting properties.

Record IPL franchise sales fuel valuation surge

A key driver behind the growth was a landmark year for franchise ownership.

Royal Challengers Bengaluru (RCB) 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.

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, the transactions underline growing institutional confidence in the IPL’s long-term commercial model.

“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,” said Harsh Talikoti, Director in Houlihan Lokey’s Financial and Valuation Advisory business.

He added that franchise valuations had reached new highs while private capital participation continued to accelerate across the league.

Digital viewership continues to outpace television

The report also highlighted a changing media landscape during IPL 2026.

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.

Traditional television, however, continued to lose ground, with ratings falling by 18.8%, reflecting the IPL’s growing dependence on digital consumption.

The shift has also strengthened commercial opportunities, helping league revenues surpass $1.8 billion through premium digital partnerships and targeted advertising.

Owners back IPL’s long-term growth

Royal Challengers Bengaluru co-owner Satyan Gajwani said the league still has significant commercial headroom despite its rapid rise.

“The IPL has the attention of the NFL with a fraction of its monetization,” Gajwani said.

“As Indian per-capita income grows and connected TV penetration increases, we expect monetization to match up to attention.”

Punjab Kings co-owner Ness Wadia echoed that view, arguing IPL franchises are increasingly being viewed as long-term sports and entertainment businesses rather than teams operating for two months each year.

“The way people look at IPL franchises has changed completely,” Wadia said.

“Centralised media rights, revenue sharing, and financial discipline have created a model that’s stable and sustainable.”

With franchise valuations reaching record highs and investor interest continuing to grow, the report suggests the IPL has evolved beyond a domestic cricket tournament into one of global sport’s most valuable commercial properties.