According to the Los Angeles-headquartered investment bank, the growth was primarily fuelled by a fiercely contested auction for the 2023-2027 media rights deal involving Viacom18 and Disney Star, with the two media giants paying ₹48,390 crore collectively.

Media rights of the IPL grew at a compound annual growth rate of 18% between 2008 and 2023. That apart, the auctions for 2023-27, saw its value rise by 196% from the earlier cycle of 2018-2022.

Compared to other professional leagues worldwide, the IPL’s broadcasting fees for a match exceeded the National Basketball Association (NBA), English Premier League (EPL), and Bundesliga, only behind the National Football League, (NFL) to claim the second spot in rankings.

“Created along the lines of the American franchise-based systems of hiring players, IPL established itself as a lucrative sports league, compared to the NFL and NBA,” Harsh Talikoti, senior vice president, corporate valuation advisory services, Houlihan Lokey, said.

While Chennai Super Kings, the most popular team, had a brand value of $212 million, up 45.2% from a year earlier, the second-ranked Royal Challengers Bangalore’s brand value was at $195 million, followed by Mumbai Indians with brand value of $190 million, up 34.8% from $141 million in 2022.

However, Rajasthan Royals, with a brand value of $120 million, recorded the steepest rise in valuation by 103% in 2023, over the last edition’s $59 million, according to the report.

Houlihan Lokey considered the income and cash-generating capabilities of IPL teams on a stand-alone basis to arrive at the figures, it said.