IPL 2026: Navigating a Valuation Reset and Expanding Landscape

The 2026 Indian Premier League (IPL) season is set to commence on March 28th with a match between Royal Challengers Bengaluru and Sunrisers Hyderabad at the M. Chinnaswamy Stadium in Bengaluru [1]. This edition marks the largest in the tournament’s history, featuring ten teams competing across 84 matches, an increase from the 74 matches played in the previous season. The Board of Control for Cricket in India (BCCI) is even considering a further expansion to 94 matches by 2028.

A Valuation Shift in the IPL

Despite the league’s continued growth in terms of matches and teams, the IPL has experienced a valuation decline in recent years. According to a report by D&P Advisory, the IPL’s valuation decreased to approximately US$8.8 billion in 2025, down from around US$9.9 billion in 2024 and a peak of US$11.2 billion in 2023.

Key Factors Driving the Valuation Change

Two primary factors contributed to this decline. First, the consolidation of media rights with the merger of Disney Star and Reliance Industries-owned Viacom18 to form JioStar in 2024 [2]. This effectively ended the competitive bidding process that had previously driven significant value increases. The current media rights cycle (2023-2027) generates approximately US$6.2 billion in broadcast income, equating to around US$13.4 million per match.

Second, the ban on real-money gaming in India in 2025 removed a significant source of sponsorship revenue. Fantasy sports platforms like Dream11 and My11Circle, previously major sponsors, were forced to withdraw, resulting in a loss of over US$200 million in annual sponsorship revenue. Dream11 held front-of-shirt deals with four teams in 2025, while My11Circle was the league’s associate partner in the fantasy sports category with an offer worth US$14.7 million per year.

While FMCG and automotive brands have stepped in to fill the void, their spending does not match the premium levels of the online gaming platforms. However, the IPL secured a three-year deal with Google-owned AI platform Gemini, reportedly worth US$9.9 million per year, bringing the total number of confirmed league partners to six.

The Media Rights Landscape

With the current media rights cycle expiring in 2027, the focus is shifting to the next cycle. The IPL’s per-match media rights value remains the second-highest in global sport, behind only the National Football League (NFL). However, D&P Advisory has revised growth forecasts for the next cycle to 15-20%, down from earlier projections, citing a reduced bidder pool. The potential entry of global tech firms like Netflix and Amazon could reignite competition.

JioStar’s financial position adds complexity, as the broadcaster has reportedly committed over US$6 billion to IPL rights for the current cycle, in addition to a separate US$3 billion deal with the International Cricket Council (ICC).

Advertising Market Resilience

Despite the market challenges, IPL viewership remains strong. The 2025 season reached a combined audience of one billion viewers across JioStar’s platforms, with the final being the most-watched cricket match ever on Indian television, attracting 169 million TV viewers. Digital audiences exceeded TV viewership for the first time.

Commercial demand for IPL 2026 inventory is robust, with media industry executives projecting a 30% increase in advertising expenditure, driven by favorable macroeconomic conditions and the peak of the Indian summer. JioHotstar, streaming the tournament to over 650 million digital viewers, has transitioned to a subscription-only model, creating a more defined and premium audience.

Franchise Ownership and Investment

Off the field, both Royal Challengers Bengaluru and Rajasthan Royals are up for sale. Bids for Royal Challengers Bengaluru are expected to reach around US$2 billion, while Rajasthan Royals is attracting interest in the range of US$1.1 billion to US$1.4 billion. These figures represent a significant premium over brand valuations, reflecting the value of holding an IPL franchise license.

Major private equity firms, including KKR, Blackstone, and EQT, along with international sports investors like David Blitzer and Avram Glazer, have shown interest. Recent reports indicate that EQT and a consortium led by Manipal Group’s Ranjan Pai are the final contenders to acquire RCB.

Looking Ahead

The IPL enters 2026 in a period of transition. The expanded 84-match format will provide additional commercial opportunities, but the league’s future success hinges on restoring competitive bidding in the media landscape and diversifying its sponsorship base. While the business side requires strategic thinking, the cricket itself promises to remain a spectacle for hundreds of millions of viewers.