The Indian Premier League (IPL) could expand again, with the Board of Control for Cricket in India (BCCI) exploring plans to introduce at least two new franchises from the 2028 season. Pune and Vadodara have emerged as potential destinations, although discussions remain at an early stage, according to a Mint report.
The proposed expansion is expected to coincide with the next IPL media rights cycle, covering 2028 to 2032. Each new franchise could be valued at more than $1 billion, with interest reportedly coming from Indian business groups and international investors.
Potential investors include European private equity firm Permira, West Asian sovereign wealth funds, Asian state-backed investment entities, major Indian conglomerates and US-based family offices. Several ultra-high-net-worth individuals are also exploring opportunities, including minority stakes in the proposed franchises.
Why Pune And Vadodara Are In Contention For New IPL Teams
Vadodara has emerged as a potential destination amid Gujarat’s wider push to establish itself as a sporting hub. Located around 110 km from Ahmedabad, the city could become the state’s second IPL centre, with the Gujarat Titans currently based in Ahmedabad. The Centre has also highlighted Ahmedabad’s plans to develop international-standard sporting infrastructure as India looks to host the 2036 Olympic Games.
Pune, meanwhile, has previously hosted two IPL franchises. The city was represented by Sahara Group-owned Pune Warriors India from 2011 to 2013 before the franchise exited following financial disagreements with the BCCI over franchise fees.
The IPL returned to Pune in 2016 with Rising Pune Supergiant. The team competed in the 2016 and 2017 seasons while Chennai Super Kings and Rajasthan Royals served suspensions. Rising Pune Supergiant reached the 2017 final but lost to Mumbai Indians by one run.
IPL Franchise Valuations Surge After RCB And Rajasthan Royals Deals
The expansion discussions come amid a sharp rise in IPL franchise valuations following two major ownership deals. United Spirits, the Indian subsidiary of Diageo, agreed to sell Royal Challengers Bengaluru (RCB) to a consortium featuring the Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures. The deal valued the franchise at $1.78 billion.
In another major transaction, a consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired Rajasthan Royals at a valuation of $1.65 billion. These deals have raised expectations around the potential price of new IPL franchises.
The tournament last expanded ahead of the 2022 season, when the BCCI introduced Lucknow Super Giants and Gujarat Titans. The RP-Sanjiv Goenka Group acquired Lucknow Super Giants for $940 million, while CVC Capital Partners secured Gujarat Titans for $750 million.
Commercial Factors That Could Shape IPL Expansion Plans
Despite strong investor interest, the BCCI will need to consider several factors before taking the expansion plans forward. The availability of leading Indian players and the commercial viability of adding more teams will be important considerations.
Broadcasters’ willingness to pay for additional matches will also influence the decision. More franchises would increase the tournament’s overall match count and potentially raise the cost of acquiring media rights.
The current IPL media rights cycle, covering 2023 to 2027, was secured for $6.2 billion. The deal established the tournament as one of the world’s most valuable sporting competitions on a per-match basis. The next media rights cycle could therefore play a key role in determining the timing and scale of the proposed expansion. However, the BCCI’s plans remain at an early stage.