The Indian Premier League’s value has risen to an estimated $20.6 billion (£15.5 billion), supported by ownership deals involving two of its biggest franchises, according to a report by investment bank Houlihan Lokey.

The T20 competition’s value increased by 10.3% over the past year, strengthening its position among the world’s most valuable sports brands. The report said that, globally, only the NFL ranks ahead of the IPL in brand value per game.

Royal Challengers Bengaluru, IPL champions in the past two seasons and the team of former India captain Virat Kohli, retained their status as the league’s most valuable franchise, with a brand value of $312 million (£234.5 million).

The team was recently acquired by a consortium that includes US asset-management giant Blackstone in a deal worth nearly $1.8 billion (£1.35 billion), the most expensive franchise transaction in IPL history.

The Rajasthan Royals also changed ownership in a deal valued at $1.65 billion (£1.24 million). Indian steel magnate Lakshmi Mittal and his family joined SII vaccine billionaire Adar Poonawalla in taking control of the franchise.

“The evolution of cricket into an asset class with global ownership and institutional backing accelerated further in 2026, as the IPL continues to reshape the global sporting landscape,” said Houlihan Lokey’s Harsh Talikoti.