NEW DELHI: Indian Premier League (IPL) co-owner Ness Wadia believes the cash-rich league has barely scratched the surface of its potential, adding that the tournament has changed the way the sport is now seen in India. At the same time, Wadia asserted that the tournament's ‘best years are still ahead.’
Wadia's comments come on the back of global investment bank Houlihan Lokey's 2026 IPL valuation study revealing that the tournament’s business value has jumped by 11.4 per cent to USD 20.6 billion post the 2026 season, while its overall brand value rose to USD 4.3 billion - a 10.3 per cent year-on-year increase.
According to the report, Punjab Kings, one of the eight original franchises bought in 2008 for roughly USD 76 million, saw its valuation compound to approximately Rs 1,510 crore (USD 158 million) this year, marking a 12.1 per cent growth from 2025.
"It's been the emotional connection people have with their teams. Families organise their evenings around IPL matches. You can understand that intellectually, but you only truly appreciate it when you're part of it. The other thing that's genuinely surprised me is how far the game has travelled.
“We saw a team from Italy playing at this year's World Cup, and watching the IPL now stretches into places like South America, countries I never imagined would be following cricket. Year after year, people wait for it. It's slowly turning into something close to a cult, one that crosses every diaspora.
“The IPL has changed the way sport is viewed in India. It's created careers, inspired investment, encouraged other leagues and built sporting brands that millions of people genuinely care about,” Wadia said in a statement issued by the franchise on Wednesday.
The report also mentioned several landmark shifts in the league's financial landscape and broadcasting dynamics. Defending champions Royal Challengers Bengaluru (RCB) created history after being acquired for a league-record USD 1.78 billion, while Rajasthan Royals also fetched a massive USD 1.65 billion valuation.
Royal Challengers Bengaluru (RCB) created history after being acquired for a league-record USD 1.78 billion, while Rajasthan Royals also fetched a massive USD 1.65 billion valuation. The tournament witnessed a major digital migration in viewership, with Connected TV (CTV) reach surging by 26 per cent even as linear television ratings registered an 18.8 per cent decline.
Reflecting on the early days of the tournament, Wadia, co-owner of Punjab Kings alongside Mohit Burman, Preity Zinta, and Karan Paul, recalled that breaking even was a long-term process. "We simply believed Indian sport was ready for a new chapter, and we wanted to be part of building it, it took seven years to break even. We always knew this wasn't a short-term play.
“But I still think the IPL is only getting started. I always believed the IPL would become one of the biggest sporting leagues in the world. I just didn't think it would happen this quickly. Today, when you see institutional investors looking at franchises and global capital entering the space, it validates the conviction we had back in 2008.
Season 19 of the IPL reached 1.2 billion viewers, a 7 per cent increase year-on-year, while the 2026 final between Gujarat Titans and Royal Challengers Bengaluru in Ahmedabad recorded 400 million viewers across screens to become the most-watched match in IPL history.
Ahead of the next media rights cycle, whose value is currently at USD 6.2 billion, Wadia expressed strong confidence in the league's financial trajectory. “I'm optimistic about the next media rights cycle, not because I'm an owner, but because the fundamentals continue to get stronger. Every year the IPL attracts bigger audiences.
“That shows the appetite people have for live sport. I wouldn't speculate on the final number, but if you're asking whether we've reached the ceiling, my answer is no. The IPL is still evolving, and I believe its best years are still ahead of it," he added.
Highlighting the unique investment economics of the league, Wadia pointed to the exclusivity of team ownership. “People also underestimate one very important point, scarcity. There are only ten IPL franchises. That isn't changing anytime soon. When you combine a scarce asset with growing demand, the long-term outlook becomes very compelling.
“For me, that's the real investment thesis. One thing that has never changed is that cricket brings people together. Families still sit down and watch matches together. We've also seen a huge increase in women following the IPL, which is fantastic for the game and for the league.”
Addressing the rise of the WPL, Wadia called its trajectory ‘extremely encouraging’ and stated, “To build an audience of that size in such a short period tells you there's genuine interest in women's cricket, and that's great for the game. If the right opportunity came along, we'd certainly look at it, with the same patience and long-term perspective we've applied to every investment we've made."
