The Indian Premier League’s business value rose 11.4% to $20.6 billion, a consecutive year of double-digit growth, according to Houlihan Lokey’s IPL Valuation Study 2026, as record franchise sales confirmed the league as a global institutional asset.
Two record sales
Royal Challengers Bengaluru (RCB) — champions for the past two seasons and home to Virat Kohli — were sold on March 24 in a $1.78 billion all-cash deal, the most expensive single franchise transaction in IPL history.
Rajasthan Royals – which finished fourth in the 2026 edition and for whom teen sensation Vaibhav Sooryavanshi plays – followed on May 3, at a $1.65 billion valuation.
IPL’s most valuable brand
RCB remains the league’s most valuable brand at $312 million, up 16% on the year. The report calls the alignment of brand-value rank No. 1 and business-value rank No. 1 unprecedented, saying no franchise has previously led both columns simultaneously by the margin RCB now commands.
Also read: The rise and rise of IPL economy
What’s in it for investors?
Each franchise draws about $55 million a year from the Board of Control for Cricket in India’s central pool before their own earnings, with up to 80% of revenue secured pre-season.
Unlike the United States’ National Football League (NFL), National Basketball Association (NBA) or Germany’s Bundesliga, BCCI sets no ceiling on private equity ownership or control — CVC exited its Gujarat Titans majority stake to Torrent Group in February 2025 at a return exceeding 350%.
Also read: Ajinkya Rahane retires from all forms of cricket with immediate effect, bids tearful goodbye
Fewer TV viewers
↓18% — TV ratings fell from 4.57 rating points per match in 2025 to 3.71 in 2026.
↓26% — Average viewership dropped from 10.6 million to 7.86 million per match
↓8.3% — Total linear TV reach fell from 123.96mn unique viewers in 2025 to 113.61 million
↓31% — TV advertisers fell from 65 brands in 2025 to 45 in 2026; 44 brands left, only 24 new ones entered