The biggest Indian Premier League (IPL) season in the tournament’s history begins on March 28th when Royal Challengers Bengaluru host Sunrisers Hyderabad at the M. Chinnaswamy Stadium in Bengaluru. The 2026 edition will feature ten teams competing across 84 matches, an increase from 74 last season, with organisers the Board of Control for Cricket in India (BCCI) considering a further expansion to 94 matches from 2028.
This structural growth signals institutional confidence in one of modern sport’s greatest success stories, but off-field commercial dynamics and evolving market conditions present a more complex picture. For the first time since its inception in 2008, the IPL has recorded back-to-back years of valuation decline. According to a report published last October by consulting firm D&P Advisory, the league’s valuation dropped to roughly US$8.8 billion in 2025, down from around US$9.9 billion in 2024 and a peak of approximately US$11.2 billion in 2023.
Two key factors drove this decline, according to D&P Advisory. The first was the consolidation of the league’s broadcast distribution. The current 2023 to 2027 media rights cycle delivers approximately US$6.2 billion in total broadcast income, equating to around US$13.4 million per match. But, the 2024 merger of Disney Star and Reliance Industries-owned Viacom18 to form JioStar consolidated TV and digital rights within a single entity, ending the competitive bidding dynamic that had previously driven exponential value increases.
The second challenge came from regulatory changes. India’s 2025 ban on real-money gaming removed the IPL’s most significant spenders from the sponsorship ecosystem. Fantasy platforms Dream11 and My11Circle, prominent buyers of IPL kit branding and advertising inventory, were forced to exit, wiping over US$200 million from the ecosystem annually. Dream11 held front-of-shirt deals with four teams in 2025, while My11Circle had secured the league’s associate partner position in the fantasy sports category with an offer worth US$14.7 million per year – the most valuable central sponsorship deal behind Tata’s title partnership, which provides stability having been renewed for five years until 2028 at approximately US$300 million.
While FMCG and automotive brands have stepped in to fill the void left by the gaming platforms, they do not match the premium per-slot spend of their predecessors. Nevertheless, the IPL secured a three-year deal with Google-owned AI platform Gemini earlier this year, reportedly worth US$9.9 million per year, bringing the total number of confirmed league partners to six.
With the current media rights cycle expiring in 2027, the focus will soon turn to the next cycle. The IPL’s per-match media rights value – the second highest in global sport behind the National Football League (NFL) – remains substantial. However, with Netflix and Amazon yet to enter the Indian cricket rights market, and a reduced bidder pool, the BCCI faces a challenge in recreating the competitive tension seen in previous cycles. D&P Advisory has revised growth forecasts for the next media rights cycle to 15 to 20 per cent, down from earlier projections, suggesting competition may return if global tech firms enter the bidding.
JioStar’s financial position adds further complexity. The broadcaster is reportedly under significant strain having committed over US$6 billion to IPL rights for the current cycle, on top of a separate deal with the International Cricket Council (ICC) worth US$3 billion.
Despite these headwinds, IPL viewership numbers remain strong. The 2025 season reached a combined audience of one billion viewers across JioStar’s linear television and digital platforms, while last year’s final was the most-watched cricket match ever on Indian television, drawing 169 million TV viewers. Digital audiences exceeded TV viewership for the first time.
Commercial demand for IPL 2026 inventory is robust, with brands spending early. Media industry executives are projecting a 30 per cent increase in advertising expenditure this season, driven by the IPL window coinciding with peak Indian summer temperatures and favourable macroeconomic conditions. Categories including cooling appliances, beverages, FMCG and personal care are front-loading budgets. JioHotstar, where IPL 2026 will be streamed to over 650 million digital viewers, has transitioned to a subscription-only model, creating a more defined, premium demographic with greater spending power.
According to The Media Ant’s advertiser buying guide, IPL 2026 promises to be ‘the most sophisticated advertising opportunity the tournament has ever offered’ due to the subscription-only premium digital audience, increased number of matches, unified media rights structure, and Nielsen’s independent measurement for the first time.
Off the pitch, franchise-level activity has added intrigue. Both Royal Challengers Bengaluru, the reigning champions, and Rajasthan Royals are up for sale, with bids for the former expected around US$2 billion, and the Royals attracting interest in the range of US$1.1 billion to US$1.4 billion. These figures represent a significant premium over the clubs’ brand valuations, reflecting the scarcity value of holding one of just ten IPL licences and continued investor interest in India’s leading sports property.
Major private equity firms including KKR, Blackstone and EQT were said to have been aggressively pursuing ownership stakes, alongside international sports investors like David Blitzer and Avram Glazer. Several parties have since dropped out of the running, but deals are understood to be imminent, with Reuters reporting a March deadline for final bids. The Indian Express has reported that EQT and a consortium led by Manipal Group’s Ranjan Pai are the two final contenders to buy RCB. The last IPL franchise to change hands was the Gujarat Titans, when Torrent Group agreed last February to acquire 67 per cent of the team from CVC Capital Partners for US$575 million.
Investors are drawn to the IPL for its rising commercial value, centralised revenue-sharing model, lack of restrictions on private equity ownership, and predictable returns. However, concerns exist over whether the current valuation multiples, exceeding the teams’ brand values, could signal a bubble.
The IPL enters 2026 in a state of managed transition. An expanded 84-match format will add commercial inventory and matchday revenue, but the league’s future depends on resolving structural challenges, including restoring bidding competition in a consolidated media landscape and rebuilding a sponsorship category that lost its highest-yield buyers. The cricket itself will continue to draw hundreds of millions of viewers, but the business will require smart thinking and diversified monetisation to maintain its momentum.
Leave a Reply