The Indian Premier League has cemented its status as cricket's most lucrative property, with its business value surging past $20 billion for the first time. An 11.3 percent jump to $20.6bn, calculated by investment bank Houlihan Lokey, marks a second consecutive year of double-digit growth for the 10-team T20 competition. Main Developments Two franchise ownership changes earlier this year underscored the league's magnetic pull for global investors. A consortium including Blackstone, Bolt Ventures, Aditya Birla Group and Times of India Group paid a league-record $1.78bn in March to acquire Royal Challengers Bengaluru. In May, the Mittal family and Adar Poonawalla purchased Rajasthan Royals for $1.65bn. The IPL's stand-alone brand value climbed 10.3 percent over the past year to $4.3bn. Reigning champions Bengaluru remain the league's most valuable franchise, with a brand valuation of $312m, according to the Houlihan Lokey study released Wednesday. Read also: Why Netanyahu's low-key White House visit signals a shift Background Launched in 2008, the IPL has evolved from a domestic experiment into a global sporting juggernaut. Its commercial model blends broadcast rights, sponsorship deals, merchandising and franchise investments, consistently attracting the world's top cricketers. The league expanded to 10 teams in 2022, further broadening its reach and revenue streams. Houlihan Lokey's annual valuation study tracks the league's financial trajectory, and this year's report highlights accelerating private capital participation. The two franchise sales in 2026 alone exceeded the combined price of many previous team transactions, signaling a structural shift in how investors view cricket assets. Why It Matters The IPL's valuation surge reflects a broader trend of sports leagues becoming prime targets for institutional capital. Harsh Talikoti, a director at Houlihan Lokey, described the league as "a unique convergence of sport, media, and consumer opportunity, underpinned by strong revenue visibility, disciplined cost structures, and an expanding global audience." For cricket, the IPL's financial dominance creates both opportunity and tension. It strengthens the sport's commercial base but also concentrates wealth in a single league, potentially reshaping player markets and international scheduling priorities. What's Next With franchise valuations at record highs, further ownership changes or minority stake sales are likely as investors seek entry points. The league's media rights deal, currently valued at roughly $6bn over five years, will eventually come up for renewal, offering another potential value catalyst. Expansion beyond 10 teams remains an open question, though the current model shows no signs of slowing.