The end of a 17-year drought has helped Royal Challengers Bengaluru propel the franchise's valuation to USD 269 million, and helped it dethrone Chennai Super Kings from the top spot, a report said on Tuesday.
The standalone valuation of the Board of Cricket Control India-promoted Indian Premier League (IPL) has jumped 13.8 per cent to USD 3.9 billion, the report by Houlihan Lokey, an investment bank, said.
The value of the IPL as a business has risen to USD 18.5 billion, up 12.9 per cent, the report said.
The Ambani family-run Mumbai Indians' valuation has surged to USD 242 million, which has helped the franchise become the second most valuable one.
A "disappointing" season made the India Cements' N Srinivasan-owned CSK slip to number 3 in 2025, from top spot in the year-ago period, with the brand valued at USD 235 million, it said.
Shah Rukh Khan's Kolkata Knight Riders secured the fourth place in brand value with USD 227 million, while Sunrisers Hyderabad (SRH) stood fifth with a valuation of USD 154 million.
Punjab Kings (PBKS) achieved the highest growth of 39.6 per cent in 2025, reaching USD 141.0 million and ranking ninth, largely due to their strong performance as runners-up under new captain Shreyas Iyer.
PBKS Chief Executive Satish Menon said the franchise saw IPL as a scalable business model with high visibility, secure revenue streams, and strong brand-building potential.
"We now operate with the mindset of a media-sport brand with multiple revenue verticals, not just a cricket team -- and that's where real profitability lies," he said, adding that they have now built the franchise into a sustainable sports business.
The investment bank's director for financial and valuation advisory, Harsh Talikoti, said franchise valuations have soared, media rights deals have reached record highs, and brand partnerships have diversified across sectors.
The report said the Tata Group extended its title-sponsorship commitment through 2028 in a lucrative five-year deal worth USD 300 million, while there was a 25 per cent jump at Rs 1,485 crore in the sale of four associate sponsorship slots given to My11Circle, Angel One, RuPay, and CEAT.