IPL valuation reaches $18.5 billion; RCB emerges as top franchise

New Delhi: The Indian Premier League (IPL) has seen a significant rise in both business and brand valuations, according to Houlihan Lokey’s 2025 IPL Brand Valuation Study. The report places the total business value of the IPL at US$18.5 billion, up 12.9% from the previous year, while the league’s standalone brand value has increased by 13.8% to US$3.9 billion.

The report tracks both commercial performance and brand strength across franchises, sponsors, and media platforms. According to Houlihan Lokey, the growth reflects an expanding ecosystem of media rights, sponsorship revenues, and diversified brand partnerships.

A notable shift in franchise standings sees Royal Challengers Bengaluru (RCB) ranked as the most valuable franchise, replacing Chennai Super Kings (CSK). RCB’s brand is now valued at US$269 million, a rise from US$227 million last year, following their first IPL title win. Mumbai Indians have moved up to second place with US$242 million, while CSK has dropped to third with US$235 million, registering only marginal growth after an underwhelming season.

Punjab Kings (PBKS) recorded the highest year-on-year brand growth at 39.6%, followed by Lucknow Super Giants, which grew by over 34%. The shift is attributed to improved on-field performances, revised leadership structures, and increased audience engagement.

The report also highlights the continued growth in media consumption. JioHotstar registered 1.37 billion views during the opening weekend, a 35% increase year-on-year, with a peak of 340 million concurrent viewers. On television, Star Sports attracted 253 million unique viewers, bringing the combined total watch time to over 49.5 billion minutes. The 2025 final between RCB and PBKS saw 67.8 crore views, exceeding the viewership of the India–Pakistan clash during the ICC Championship earlier this year.

Sponsorships and title rights also registered higher commercial value. The Board of Control for Cricket in India (BCCI) generated Rs 1,485 crore from four associate sponsor slots, while Tata Group renewed its title sponsorship with a five-year, US$300 million agreement extending to 2028.

Commenting on the findings, Harsh Talikoti, Director, Financial and Valuation Advisory at Houlihan Lokey, said:
“The IPL continues to set benchmarks in the sports business. Franchise valuations have soared, media rights deals have reached record highs, and brand partnerships have diversified across sectors.”

He added, “The league’s ability to attract global investors and sponsors reflects its status as a premier sports property with enduring appeal. In summary, the IPL represents a high-yield multi-asset class with diversified risks and a catalyst for cricket’s global transformation. By blending sport, entertainment, and commerce, it has redefined how cricket is consumed and commercialised. Its growth trajectory, led by OTT penetration, blend of youthful and diverse audiences, global awareness, and asset creation (IP deals, women’s league, new franchisees) is strong. As the sport continues to expand into new territories, the IPL’s blueprint will remain central to shaping the future of cricket on the world stage.”

Satish Menon, CEO of Punjab Kings, added, “From day one, we saw IPL as more than a cricket league, it was a scalable business model with high visibility, secure revenue streams, and strong brand-building potential. It was a heady mix of sports and entertainment, which eventually had the potential to deliver huge audiences and revenues.”

 “We now operate with the mindset of a media-sport brand with multiple revenue verticals, not just a cricket team, and that’s where real profitability lies. Over time, we have built a sustainable sports business, one that spans multiple leagues, drives platform-level content, attracts global brands, and creates IPs that outlast a season.”

Royal Challengers Bengaluru (RCB) have replaced Chennai Super Kings at the top of the IPL franchise rankings in both brand and business value, with a reported brand valuation of US$269.0 million. The 2025 season saw RCB end a 17-year wait for their first title, attributed in part to a shift in leadership that placed Rajat Patidar as captain while Virat Kohli remained a senior batter.

Mumbai Indians (MI) ranked second, with a brand value of US$242.0 million. The team’s consistent performance on the field supported its position, while its legacy and continued visibility helped maintain brand strength. Rohit Sharma featured in a different capacity this season, taking on the role of an impact player.

Chennai Super Kings (CSK), previously ranked first, fell to third with a valuation of US$235.0 million, registering a modest year-on-year increase of 1.7%. A mid-season injury to Ruturaj Gaikwad saw Mahendra Singh Dhoni resume captaincy, although the team struggled throughout the season and finished at the bottom of the points table.

Kolkata Knight Riders (KKR), winners of the 2024 season, placed fourth with a brand valuation of US$227 million. The franchise continues to benefit from the presence of high-profile owner Shah Rukh Khan and a core group of players, including Sunil Narine, Rinku Singh, Andre Russell, and Varun Chakravarthy. The exit of Shreyas Iyer from the squad appeared to affect team stability.

Sunrisers Hyderabad (SRH) were ranked fifth with a brand valuation of US$154.0 million. Despite high expectations following their runner-up finish in 2024 and a strong batting line-up featuring Heinrich Klaasen, Travis Head, Abhishek Sharma, and Ishan Kishan, the team experienced inconsistency during the 2025 season.

Delhi Capitals (DC) and Rajasthan Royals (RR) followed in sixth and seventh positions, with brand valuations of US$152.0 million and US$146.0 million, respectively. RR’s performance was bolstered by emerging players, including Vaibhav Suryavanshi, who contributed to sustained fan interest.

Gujarat Titans (GT) were placed eighth with a brand valuation of US$142.0 million. Punjab Kings (PBKS), ranked ninth, recorded the highest year-on-year growth of 39.6% to reach US$141.0 million, following a strong campaign under new captain Shreyas Iyer. Lucknow Super Giants completed the list at tenth, with a valuation of US$122.0 million.