IPL valuation up 11.4% YoY: Houlihan Lokey report

The value of IPL as a business has risen to US$20.6 billion, up 11.4% year-on-year, marking a second consecutive year of double-digit business value growth, according to Houlihan Lokey’s 2026 IPL Brand Valuation Study. 

IPL has added more than US$1.1 billion in value since 2023. On a per-match basis, only the NFL ranks ahead of the IPL globally.

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

“What the market confirmed this year, through landmark franchise transactions, is the extent to which the league can attract precisely the caliber of global, institutional, and strategic capital it was built to draw. Franchise valuations have reached new highs, private capital participation has accelerated, and the league’s commercial ecosystem continues to diversify. The IPL represents a unique convergence of sport, media, and consumer opportunity, underpinned by strong revenue visibility, disciplined cost structures, and an expanding global audience. These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity.”

In the report, Satyan Gajwani, Co-Owner of Royal Challengers Bengaluru and Chairman at Times Internet, says: “We were actively engaged in the processes for both the RCB and Rajasthan Royals, and both are great assets. Across the league, however, RCB’s fanbase intensity and connection are unparalleled, which made this a special opportunity.”

“Overall, we are strong believers in the growth potential of cricket as a global sport, and exposure at both the media level and the IP level fits that thesis. The IPL has the attention of the NFL with a fraction of its monetization, and as Indian per-capita income grows and connected TV penetration increases, we expect monetization to match up to attention. We are very grateful to be able to work with exceptional partners on RCB, and we all believe in both the opportunity for the IPL to continue to grow, as well as for RCB to create real global brand and fan equity.”

According to Ness Wadia, Co-Owner of Punjab Kings: “The way people look at IPL franchises has changed completely. They’re no longer seen as cricket teams that play for two months every year. They’re increasingly being viewed as long-term sports and entertainment businesses, and I think that’s exactly how they should be viewed. The numbers speak for themselves. In less than two months, the IPL delivers extraordinary audiences, sponsorship value, and fan engagement. On a per-match basis, its media rights already compare with some of the biggest leagues in world sport, and that’s remarkable for a competition that’s only eighteen years old. The NFL is over a hundred, the NBA close to eighty. Put next to that, where we already stand is remarkable. Another strength is the structure of the league. Centralised media rights, revenue sharing, and financial discipline have created a model that’s stable and sustainable. That gives owners the confidence to invest for the long term rather than simply think about the next season.”