Sportico puts IPL's 10 franchises at about $17 billion in first valuation study

What Sportico measured

Sportico estimated average franchise revenue at $74.4 million for the 2026 season and put the average valuation at 22.9 times revenue. That multiple is the highest among major global sports leagues, ahead of the NBA at 14.6, according to the study. The Financial Express reported the study also put the NFL at 12.7, the NHL at 9.4 and Major League Baseball at 7.2.

Sportico described the figures as estimated enterprise values, not sale prices, cash reserves or profits. It built them from team revenue, league distributions and a team-specific multiplier, using public information, financial records and interviews with sports bankers and investors involved in IPL transactions.

Where the money comes from

About 75% of an average franchise's revenue comes from central distributions by the Board of Control for Cricket in India, according to the study. Those payments rest on the five-year, $6.2 billion package of broadcast deals the BCCI signed in 2022, covering the 2023-27 seasons. The BCCI keeps half the rights fees after production costs, then shares about 90% of the remainder, plus other league earnings, equally among the 10 teams and allocates 10% on performance. Tickets and local sponsorships supply most of the rest.

The central model helps explain the narrow spread. Sportico's revenue multiples for IPL teams range only from 22 to 24, the narrowest spread among its 10 annual sports team projects.

Top to bottom of the table

According to the study, Mumbai Indians lead at $2.1 billion, ahead of Royal Challengers Bengaluru at $1.85 billion and Chennai Super Kings at $1.75 billion. Kolkata Knight Riders follow at $1.73 billion and Delhi Capitals at $1.7 billion. Then Rajasthan Royals at $1.65 billion, Sunrisers Hyderabad at $1.62 billion, Gujarat Titans at $1.58 billion and Punjab Kings at $1.53 billion. Lucknow Super Giants are last at $1.5 billion. The $600 million gap leaves Mumbai Indians 40% more valuable than Lucknow, Business Standard reported.

Reliance Industries bought Mumbai Indians for $111.9 million in 2008; Sportico now values the team at almost 19 times that price. The $2.1 billion estimate sits just above the Detroit Tigers at $2.08 billion and the Vancouver Canucks at $2.05 billion, according to the study. Sportico estimates average franchise values have risen nearly 1,800% since 2008, against about 800% for NFL teams and just under 1,700% for NBA teams.

Royal Challengers Bengaluru's $1.85 billion estimate is above the roughly $1.78 billion a consortium of Aditya Birla Group, Times of India Group, Bolt Ventures and Blackstone agreed in March to pay for the company that owns the team. That company holds both the IPL and Women's Premier League sides, so the price is not a standalone valuation of the men's IPL franchise, Business Standard reported.

What the valuations mean

The Financial Express said high multiples can reward owners if revenue and cash flow expand as expected, but leave less room for disappointment if commercial growth slows. A Sunday Guardian analysis said the next media-rights cycle will be particularly important: if broadcasters become more cautious, the assumptions behind today's prices could face a test. The current deal runs to 2027.

Houlihan Lokey, using a different method, put the league's business value at $20.6 billion in July, up more than 11% year on year, Reuters reported. Sportico's $17 billion is a sum of team enterprise values, not a sale price for the league.