Multiple blockbuster team sales have lifted the Indian Premier League’s business value to more than $20bn, according to a new report from global investment bank Houlihan Lokey.

The IPL’s value has risen more than 11 per cent year on year to $20.6bn after the takeovers of Royal Challengers Bengaluru for a record $1.78bn and Rajasthan Royals for $1.65bn, the report said. The new valuations underscore how franchise transactions are increasingly being used as a benchmark for the wider economics of cricket, where media rights, sponsorship and team ownership have become closely intertwined.

The league’s brand value increased 10.3 per cent to $4.3bn, placing it more than $1.1bn higher than in 2023, the report added.

The figures come after stakes in all eight franchises in English cricket’s The Hundred were sold last year in a process that valued the competition at close to £1bn, reflecting how top-tier cricket assets continue to draw institutional capital beyond India.

“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,” said Harsh Talikoti, a 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 calibre 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.”

Royal Challengers Bengaluru and Rajasthan Royals sales

Royal Challengers Bengaluru were acquired by a consortium including Blackstone, Bolt Ventures, Aditya Birla Group and the Times of India Group, while Rajasthan Royals were bought by the Mittal family and billionaire Adar Poonawalla.

“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,” Talikoti added.

“These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity.”

The Mittal family have since emerged as bidders for a minority stake in Liverpool FC as part of a group fronted by Amit Bhatia, Lakshmi Mittal’s son-in-law and, until recently, co-owner of QPR.