RCB leads both brand and business value charts for the first time ever, but TV viewership drops sharply, shows Houlihan Lokey’s IPL Valuation Study 2026.
The Indian Premier League’s business value rose 11.4% to $20.6 billion, a consecutive year of double-digit growth, according to Houlihan Lokey’s IPL Valuation Study 2026, as record franchise sales confirmed the league as a global institutional asset.
Two record sales
Royal Challengers Bengaluru (RCB) — champions for the past two seasons and home to Virat Kohli — were sold on March 24 in a $1.78 billion all-cash deal, the most expensive single franchise transaction in IPL history.
Rajasthan Royals – which finished fourth in the 2026 edition and for whom teen sensation Vaibhav Sooryavanshi plays – followed on May 3, at a $1.65 billion valuation.
IPL's most valuable brand
RCB remains the league's most valuable brand at $312 million, up 16% on the year. The report calls the alignment of brand-value rank No. 1 and business-value rank No. 1 unprecedented, saying no franchise has previously led both columns simultaneously by the margin RCB now commands.
What’s in it for investors?
Each franchise draws about $55 million a year from the Board of Control for Cricket in India’s central pool before their own earnings, with up to 80% of revenue secured pre-season.
Unlike the United States' National Football League (NFL), National Basketball Association (NBA) or Germany's Bundesliga, BCCI sets no ceiling on private equity ownership or control — CVC exited its Gujarat Titans majority stake to Torrent Group in February 2025 at a return exceeding 350%.
Fewer TV viewers
↓18% — TV ratings fell from 4.57 rating points per match in 2025 to 3.71 in 2026.
↓26% — Average viewership dropped from 10.6 million to 7.86 million per match
↓8.3% — Total linear TV reach fell from 123.96mn unique viewers in 2025 to 113.61 million
↓31% — TV advertisers fell from 65 brands in 2025 to 45 in 2026; 44 brands left, only 24 new ones entered
