Cricket+cash+commerce=IPL

As the moneyed T20 league turns 18, Swaroop Swaminathan takes the microscope to understand why a franchise's profitability potentially has little to do with on-field success.

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In the first 17 editions of the Indian Premier League (IPL), Chennai Super Kings (five), Mumbai Indians (five), and Kolkata Knight Riders (3) have taken home the crown 13 times between them. Royal Challengers Bengaluru, one of the founding eight, have underachieved. Even if they reached the final three times, they have ended up on the losing side on all of those occasions.

But, from a commercial standpoint, their lack of a trophy cabinet hasn't mattered. According to the IPL valuation report put out by Houlihan Lokey (a leading global investment bank) in 2024, the franchise's valuation was pegged at $227mn. In 2023, they finished outside the playoffs but in the one year between 2023 and 2024, their valuation jumped 16.4%.