Punjab Kings Co-Owner Ness Wadia Reflects on IPL’s $20.6 Billion Rise as Franchise Value Doubles Since 2008

Mumbai, July 29, 2026: Punjab Kings co-owner Mr. Ness Wadia has featured in Houlihan Lokey’s 2026 IPL valuation study, which was published today. He is one of the league’s original eight owners still running the same franchise he backed in 2008, when Punjab Kings was bought at roughly $76 million.

Houlihan Lokey said that stake has compounded to approximately ₹1,510 crore (US$158 million), with 12.1% growth from 2025. After the 2026 season, IPL’s business value rose 11.4% to US$ 20.6 billion, while its brand value increased 10.3% from the previous season to US$ 4.3 billion.

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 broader market data supports that view. India’s sports economy crossed $2 billion for the first time in 2025, and cricket accounted for 89% of it, according to WPP Media’s Sporting Nation report. Season 19 of IPL reached 1.2 billion viewers, up 7% year on year, and the 2026 final between GT and RCB drew 400 million across screens.

Wadia said the next media rights cycle, now valued at $6.2 billion, should still have room to grow. “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,” he said.

He also pointed to scarcity and fan behaviour. “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.”

On Punjab Kings, Wadia said the team’s reach goes beyond cricket because of Punjabi communities in India, the UK, Canada, the US, Australia, Thailand and the Middle East. He cited “Sarpanch Saab,” the nickname PBKS fans gave captain Shreyas Iyer, as an example of a brand building its own identity.

He called merchandise one of the league’s biggest untapped opportunities and said content, fan data and commerce are now working together. On the WPL, he said its growth was “extremely encouraging” and added that Punjab Kings would look at the right opportunity with patience and a long-term view.

Wadia said the biggest surprise over 18 years has been the emotional link with teams and the game’s wider reach. He added that IPL has changed sport in India by creating careers, inspiring investment, encouraging other leagues and building sporting brands that millions care about.