T-20 cricket has always been about mega bucks. But as the 19th edition of the Indian Premier League gets underway it is clear that its financialisation has assumed global proportions. This could alter the manner in which IPL monies are invested and its returns split between various stakeholders. PE/VC funding could reshape the commerce of cricket — and maybe the game itself.
Even before the first ball was bowled, it was the sale of franchises Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) at eye-popping valuations — $1.78 billion for RCB and $1.63 billion for RR — that made big news. RCB was acquired by a consortium led by Aditya Birla Group, the Times Group, Bolt Ventures and Blackstone. RR was bought by a consortium led by US based tech entrepreneur Kal Somani, backed by US business families including Walmart. The entry of Blackstone and Walmart signals IPL turning into a global sporting property. To be sure, it has some way to go before it can catch up with NFL, NBA and English Premier League. But these two deals could also pave the way for other IPL franchises attracting foreign money. According to analysts, every IPL franchise now is worth more than $1.5 billion. IPL’s business value stands at $18.5 billion and its brand value is $3.9 billion, according to Houlihan and Lokey, an NYSE-listed global investment bank. IPL’s massive viewership is obviously the prime attraction for global investors. The 2025 season attracted 251 million TV viewers on Star Sports and 1,370 million viewers on the opening weekend on JioHotstar. The 2025 final attracted 678 million viewers on JioHotstar, the official streaming platform.
However, there are some concerns nevertheless over how much more the financial model can be expanded. The IPL has four major streams of revenues — media rights, sponsorships, ticket sales and franchise fees. The revenue model of IPL leans heavily on broadcast rights. BCCI shares almost 60 per cent of broadcast revenues with franchises. Though broadcast rights over the years have gone for huge sums, this seems to have plateaued with only one player bidding for it —JioHotstar that now also owns Star Sports. Ticket prices cannot be raised beyond a point. That leaves sponsorship and selling ad spots as cash cows. But will longer ad spots increase match duration and impact fan experience?
Foreign investors betting on the expansion of IPL into more franchises and matches could run up against scheduling problems with the international cricketing calendar and availability of foreign players. Cricket is perhaps the only global sport that is played across four formats — Tests, ODIs, T20 and the Hundred. The franchise-based model exists only in T20 and the Hundred. The rest are country-based formats. It remains to be seen how the globalised model plays out. Questions about what it does to the game per se, as well as cricket’s parity or lack of it, with other sports will remain.
Published on March 29, 2026