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More IPL teams may bat for stake sale
IPL franchise valuations have seen a sharp increase. This rise is prompting some team owners to consider selling stakes. New deals have set benchmarks between $1.6-1.8 billion. This presents opportunities for partial monetization. Investor appetite remains strong for IPL assets. Future growth lies in global expansion and revenue diversification.
Mumbai: The sharp re-rating of Indian Premier League (IPL) franchise valuations following recent transactions in Royal Challengers Bengaluru (RCB) and Rajasthan Royals (RR) is expected to prompt some team owners to explore stake dilution, even as near-term upside at current levels appears limited.
Industry executives and analysts said the latest deals have pegged franchise valuations in the $1.6-1.8 billion range, marking a sharp jump from the roughly $900 million benchmark seen in earlier transactions such as Torrent Group's acquisition of a majority stake in Gujarat Titans.
This repricing is likely to strengthen the IPL's positioning as a global sports asset class while also nudging existing owners to evaluate partial monetisation opportunities.According to people familiar with the situation, there are early indications that a couple of franchise owners could be informally assessing options around their holdings, potentially influenced by internal shareholder dynamics in one instance, and evolving promoter circumstances in another. There is no certainty that this will result in any transaction. "Now that the RCB and RR deals have set a new benchmark of $1.6-1.8 billion, some franchise shareholders will be tempted to hit the market, particularly before the next media rights cycle renewal," said a sports business expert.
"Franchise owners may also explore stake dilution in the near term, given that current valuations offer limited upside," said Elara Capital EVP Karan Taurani.
The IPL is heading into a media rights auction in 2027, with the current five-year deal worth $6.2 billion ending next year. Industry consensus suggests that the next cycle's valuation will depend heavily on competitive intensity. In the absence of strong bidding interest, the rights could once again go to JioStar without a significant increase.
Around 80% of IPL franchise revenue comes from the central pool. The current boom in franchise valuations is largely driven by the $6.2 billion media rights deal signed by the Indian cricket board in 2022. This has significantly improved franchise profitability and enabled investments in T20 leagues across markets such as the US, UK, and South Africa. On demand side, investor appetite remains strong. Several global investors, including private equity funds and strategic sports owners, continue to evaluate opportunities to gain exposure to the IPL after missing out on recent transactions.
A private equity firm had initiated a search for a chief executive to lead its sports vertical even before the IPL franchise bidding concluded. Although it did not secure a team, the move indicates a clear intent to establish a long-term presence in India's sports sector.
Brand Finance India MD Ajimon Francis said the latest deals appear to have set new benchmarks, which could prompt some franchises to consider diluting stakes to capitalise on the current momentum.
"There is strong interest from both local and global investors looking to own a share of the IPL, though only minority stakes may be available given the high valuations and limited availability of assets," he said.
This imbalance between strong demand and limited supply is expected to keep valuations firm, though actual deal activity remains selective. Recent transactions have also highlighted the evolving investor profile in the IPL. The presence of American investors such as David Blitzer and Rob Walton underscores the league's growing global appeal. Blitzer has stakes in teams including the NHL's New Jersey Devils, NBA's Philadelphia 76ers, Premier League club Crystal Palace FC, and Nascar team Joe Gibbs Racing, while Walton owns the NFL's Denver Broncos. Several leading private equity firms, including KKR, EQT and Temasek, have also explored opportunities to invest in IPL franchises, having bid for stakes in either RR or RCB.
Analysts said the sharp re-rating in franchise valuations is being driven by strong media monetisation, a growing global fan base, and the potential to unlock new revenue streams such as licensing, merchandising, digital ventures and academies. They added that the future of IPL franchises will likely lie in global expansion and diversification of revenue streams.
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Source: EconomicTimes
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