In boardrooms from New York to Zurich, the conversation has shifted from tech unicorns to T20 fireworks. The gravitational pull? The Indian Premier League.
What began as a high-octane cricket spectacle has matured into a serious financial heavyweight. The IPL’s enterprise value has climbed to an estimated $18.5 billion, placing it among the most valuable sporting properties in the world. While it remains smaller than the National Football League and the National Basketball Association in overall size, on a per-match basis the IPL now trails only the NFL globally.
And that has private equity circling.
Global investment giants including KKR and Blackstone are exploring potential stakes in leading franchises. The reigning champions, Royal Challengers Bengaluru, are said to be drawing interest. Partners Group is also weighing opportunities, while the Rajasthan Royals are reportedly under review by suitors.
The trigger for this new wave of attention was a stunning exit by CVC Capital Partners. After acquiring the Gujarat Titans in 2021, the firm exited a majority stake just four years later, booking a dollar return north of 350% and valuing the franchise at $900 million. In private equity terms, that’s not just a win — it’s a signal.
The Engine Under the Hood
The IPL’s appeal lies in its architecture.
Unlike many global leagues, the tournament operates on a tightly centralised revenue pool managed by the Board of Control for Cricket in India. Media rights and league sponsorship income are collected centrally; half is retained, and the remainder is distributed evenly among franchises. The structure cushions teams against volatility and ensures competitive balance.
Each franchise receives roughly $55 million annually from the central pool alone, before ticketing and local sponsorships are counted. For investors, that predictable base income changes the risk equation dramatically.
Broadcast economics have turbocharged the story. In 2022, media rights for a five-year cycle more than doubled to over $6 billion. The merged media operations of Reliance Industries and The Walt Disney Company now control IPL broadcast and streaming rights through 2027, having committed $6.2 billion. On a per-match basis, analysts rank the IPL second globally, behind only the NFL.
Viewership reinforces the thesis. The league drew a record 1.19 billion viewers across digital and television platforms last season — numbers that dwarf many Western leagues on raw audience scale.
Scarcity Meets Growth
There are just 10 IPL teams. Compare that with 32 in the NFL. Scarcity, in finance, is oxygen for valuation.
Regulatory filings show at least five franchises have more than doubled revenues since 2022. Some have multiplied profits even faster. The Kolkata Knight Riders, co-owned by Bollywood actor Shah Rukh Khan, reported revenue of $76.8 million in 2023-24 — a 119% jump year-on-year — while net profit surged sixfold to $19.4 million.
Big-name players add commercial lift. Superstars like Virat Kohli and Pat Cummins are not just athletes; they are brand engines. Their presence amplifies sponsorship deals and global appeal.
Unlike the NFL and NBA, which impose ownership caps on private equity participation, the IPL has no formal restrictions on PE stakes — opening the door to deeper institutional capital.
Not Without Risk
Yet the pitch is not perfectly manicured.
Cricket’s franchise ecosystem is expanding rapidly in South Africa, the UAE and Australia, creating scheduling congestion. Player availability — the lifeblood of the spectacle — may become more complicated.
There is also a looming question over the 2027 media rights auction. With the Disney-Reliance merger consolidating broadcast power, some investors worry that reduced bidding competition could temper future rights inflation.
Still, many team owners remain bullish. The belief is that India’s structural economic growth, rising disposable incomes, and insatiable appetite for cricket will keep valuations on an upward curve.
For private equity, the IPL has evolved from a flashy sports league into a disciplined cash-flow asset with scarcity value, global scale, and compounding media economics.
On the cricket field, matches last three hours.
In the investment arena, the innings may have just begun.
