The Indian Premier League's value has surged to an estimated $20.6 billion, boosted by ownership deals involving two of its biggest franchises, according to a report Wednesday by investment bank Houlihan Lokey.
The T20 competition's value rose 10.3 percent over the past year, underlining its position as one of the world's most valuable sports brands, it said.
"On a per-match basis, only the NFL ranks ahead of the IPL globally," it added.
Royal Challengers Bengaluru, IPL champions for the last two seasons and home to superstar Virat Kohli, retained their status as the league's most valuable franchise with a brand value of $312 million.
The team was recently acquired by a consortium including US asset management giant Blackstone in a deal worth nearly $1.8 billion, the most expensive franchise transaction in IPL history.
Rajasthan Royals also changed hands in a deal valued at $1.65 billion, with Indian steel tycoon Lakshmi N. Mittal and his family joining vaccine billionaire Adar Poonawalla in taking control.
"Cricket's evolution into a globally owned, institutionally backed asset class has accelerated further in 2026, with the IPL continuing to redefine the global sports landscape," Houlihan Lokey's Harsh Talikoti said.
"These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity," he said in a statement.
The league, which began in 2008, has become a top revenue earner for the Board of Control for Cricket in India and was estimated to generate more than $11 billion a year for the Indian economy in 2020.
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It has inspired copycat cricket tournaments around the world and India domestic franchise competitions in sports as diverse as boxing, badminton, poker and kabaddi.