IPL Franchises Sell for Over $1 Billion as Global Investors Target Indian Cricket

The Rajasthan Royals franchise sold for $1.65 billion. A consortium that included investors backed by the Walmart Group competed for the team but did not prevail, according to multiple media reports. The group expressed disappointment at not acquiring the franchise.

"We were all motivated by the opportunity to help take the IPL to new international heights," the consortium said, as reported by ESPN. In late March a group that included the investment firm Blackstone acquired the Royal Challengers Bengaluru franchise for $1.8 billion.

The Indian Premier League, launched in 2008, features 10 teams and runs for nearly two months each year. It combines international and domestic players with entertainment elements and reaches large television and streaming audiences. On a per-match basis the league ranks as the second most valued sports property after the NFL, according to Deloitte.

The IPL's total valuation stands at an estimated $18.5 billion in 2025, compared with $227 billion for the NFL and $165 billion for the NBA. The IPL plays 74 matches per season while NFL teams play 272 games and NBA teams play 82 games each. Private equity firm CVC Capital earned a 350 percent return last year after selling its 67 percent stake in the Gujarat Titans franchise, which it had acquired in 2021.

One franchise that changed hands in March returned 37 times the original invested capital.

More than 66 percent of people in India follow cricket, equating to about 950 million fans, according to Nielsen. Rising disposable incomes have supported higher ticket prices and increased spending on merchandise, subscriptions and brand campaigns.

"IPL has become highly attractive to investors because it combines strong capital appreciation potential with stable, recurring cash flows," James Walton, sports business group leader at Deloitte Asia Pacific, told CNBC in an email. Gareth Berlee, director at Singapore-based Mason Rae Capital, said franchise valuations have multiplied several times over the past decade.

He noted that the IPL remains at an earlier stage of maturity than the NBA or English Premier League, suggesting further growth potential. "In my opinion, investors are buying into what US assets looked like 12-15 years ago, but this time with a much larger population and digital audience upside," Berlee said in an email response to CNBC.

Future expansion is expected to focus on globalization of the league, deeper digital audience monetization and commercial revenue beyond match days. Fan engagement continues after matches through merchandise, platform subscriptions and brand-related purchases.