IPL may become the GOAT of sports world; League sees sharp rise in valuations on record media rights deals, deep-pocketed sponsors

MUMBAI: The Indian Premier League (IPL), already among the world's most valuable sports properties, has seen average franchise valuations surge from about $100 million in 2008 to $1.8 billion in 2026.

This is projected to reach $15 billion by 2032, according to a joint report by Hurun India and Fanatic Sports, potentially rivaling the biggest soccer clubs in Europe.

To be sure, Forbes data showed that Real Madrid and Manchester United, top European clubs, are valued in excess of $6.5 billion each. Real Madrid also reported revenues touching a billion dollars.


The sharp rise in IPL values has been driven by record media rights deals, deep-pocketed sponsors, rising cash flows, and increasing investor appetite for sports assets.

IPL franchise valuations have climbed on the back of the league's $6 billion media rights cycle, multi-million-dollar sponsorship deals with brands including Tata Group, Google, Ceat and Kingfisher, and improving franchise economics.

Several teams are estimated to generate annual cash flows of Rs 100-200 crore while expanding into multi-team ownership across leagues in the US, UK, South Africa, the UAE and the Caribbean.

The combined valuation of all 10 IPL franchises now stands at Rs 1,63,200 crore ($18 billion), with the average franchise valued at $1.8 billion.

Also Read: 20-30 percent increase in IPL media rights won't be surprising: Punjab Kings co-owner Mohit Burman

Investor interest has intensified as IPL franchises increasingly resemble institutional-grade assets. Recent transactions involving Gujarat Titans, Royal Challengers Bengaluru (RCB) and Rajasthan Royals have reset valuation benchmarks, attracting private equity firms and strategic investors to the league.

Last year, private equity major CVC Capital Partners sold a 67% stake in Gujarat Titans to Torrent Group at an enterprise valuation of $900 million.

Also Read: The IPL behemoth- The money, metrics & might behind cricket’s biggest revolution

Mega Deals
In March, RCB parent Diageo sold the team to a consortium comprising Aditya Birla Group, Blackstone, Bolt Ventures and Times of India Group, the parent of The Economic Times, for a record $1.78 billion.

Earlier this month, Rajasthan Royals was majority acquired by a consortium led by Lakshmi N. Mittal's family and Adar Poonawalla at a valuation of $1.65 billion.

The IPL is increasingly emerging as an institutional-grade asset, drawing interest from Indian and global investors including Aditya Birla Group, Serum Institute of India's Adar Poonawalla, Torrent Group, Blackstone, KKR, EQT and Temasek.

Investors are betting on stable profitability anchored in lucrative media rights, a steadily expanding fan base, and the enduring appeal of live sports, one of the last major categories of appointment viewing in an increasingly on-demand entertainment world.

Lachlan Murdoch achieved a 92.1x return on his exit from Rajasthan Royals, while Manoj Badale's Blenheim Chalcot generated a 24.3x return from the same franchise. United Spirits Limited realised a 37.2x return from Royal Challengers Bengaluru, while CVC Capital Partners achieved a 1.3x multiple through the Gujarat Titans stake sale.

By comparison, average franchise valuations in America's National Football League (NFL) have risen from about $1 billion in 2008 to $7.1 billion in 2026 and are projected to reach $30 billion, according to the report.

The report, titled Hurun India's Most Valuable Sports Teams 2026, draws a correlation between rising consumer purchasing power and franchise sports valuations. It estimates that GDP per capita for India's top 350 million consumers rose from $8,000 in 2008 to $39,000 in 2026 and is expected to reach $65,000 in the coming years, helping expand discretionary spending on sports and entertainment.

During the same period, US GDP per capita increased from $49,000 in 2008 to $93,000 in 2026 and is projected to touch $109,000. GDP per capita is widely regarded as a measure of consumer purchasing power.

The report valued franchises using a combination of discounted cash flow analysis and revenue multiples, factoring in performance, brand strength, fan engagement, global cricket portfolios and city-level economic dynamics.

Anas Rahman Junaid, Founder and Chief Researcher, Hurun India, and Raghav Gupta, Founder and CEO, Fanatic Sports, said recent transactions involving Gujarat Titans, RCB and Rajasthan Royals demonstrate how sport has emerged as a strategic asset for Indian corporates and billionaires.

PE Playground
"If India's GDP doubles over the next decade, rising consumer incomes will meaningfully expand spending capacity and benefit the broader sports economy," Rahman said, explaining why private equity firms are increasingly seeking exposure to IPL franchises.

Gupta said the business of sport in India is becoming an asset class in its own right, with distinct audiences, economics and heroes.

"Indian leagues are expanding beyond major metros, with Tier 2 and Tier 3 cities embracing them like never before, signalling a future where fandom and sporting culture will deepen across newer markets," he added.

IPL team owners include India's richest man Mukesh Ambani, the Jindals of JSW Group, Dabur's Mohit Burman, Sun TV Network promoter Kalanithi Maran, and celebrities such as Shah Rukh Khan and Preity Zinta.

Cumulative earnings paid to IPL players across the league's 18-season history total Rs 6,341 crore ($735 million).

Virat Kohli leads all-time IPL earnings at Rs 230.2 crore across 18 seasons, followed by Rohit Sharma (Rs 227.2 crore) and M.S. Dhoni (Rs 200.3 crore), making them the only three players to have crossed $25 million in career earnings from a single league.

India's premier cricket leagues currently feature a combined 336 elite athletes, comprising 249 men in the IPL and 87 women in the Women's Premier League (WPL).