The IPL Season 19 is knocking at the door, and it’s not just the players buy the moneybags are also getting ready to shell out a fortune for two of the league’s most high-profile franchises – Royal Challengers Bengaluru and Rajasthan Royals. The two franchises are currently in the market, with private equity firms circling, negotiations expected to close by the end of this week. Even as deals are being discussed at current valuations, Lalit Modi, regarded as the architect of the Indian Premier League, spoke Exclusively to NDTV from London, laying out a bold and aggressive roadmap for the league’s financial future, one that could dramatically reshape global sports economics.
Speaking about franchise valuations, Modi offered a clear, step-by-step projection of how IPL teams could appreciate in the coming years.
IPL TEAM VALUATION
“We can look at it objectively. If the value is 2 billion this morning, then one year down the line the value is 2.4 and a 20% rise. In a worst-case scenario, it’s USD 2.3 billion. The following year, 2028, you take it again up by 15 and 20%, you’re at 2.9 or 3. In third year, you’re at 3.5 billion, in the fourth- 4.2 billion and the fifth year you can expect the value of each team to be a minimum of USD 5 billion each team. That’s the minimum.”
At present, IPL franchises are already among the most valuable in global cricket, with recent deals pushing valuations close to the $2 billion mark. Modi’s projection suggests a doubling – and more – within a five-year window, positioning IPL teams alongside some of the biggest assets in world sport.
This bullish outlook is closely tied to India’s rapidly expanding digital ecosystem. The country currently has an estimated 650-690 million smartphone users, second only to China. By 2030, that number is expected to reach approximately 1.2 billion, with 5G adoption driving a surge in high-speed data consumption. Average monthly data usage per user is projected to double to nearly 62 GB, fundamentally transforming how sports content is consumed.
Modi believes this shift will be central to the IPL’s next phase of growth.
IPL IN THE FUTURE- BID FOR STREAMING RIGHTS NEXT
“IPL will again double in value in five years time. In 7-10 years you’ll see them taking over and becoming what the NBA is today, between eight to ten billion. Look at our market, look at our distribution, look at our middle class, look at the propensity to pay, look at the penetration of media and of data services. Number of people with smartphones, it’s not going to be television anymore. It’s the smartphones that are going to dictate. The next round of bidding is going to be on streaming rights.”
NBA franchises are currently valued between $4 billion and $10 billion, placing them among the most lucrative sports properties globally. Modi’s assertion that IPL teams could reach similar levels within a decade underscores the scale of his ambition for the league.
Beyond valuations, Modi also addressed what is driving investor interest in IPL franchises – particularly from global private equity funds, sovereign wealth funds and institutional investors.
IPL AND VIEWERSHIP
“It’s not about today’s value that one is looking at. Funds and sovereign funds and hedge funds and big equity funds overseas are looking at value appreciation, eyeball appreciation in the marketplace. Most of the world is stagnant. NFL is stagnant. Soccer world is stagnant. Only growing piece of viewership is IPL.”
In an increasingly saturated global sports market, the IPL’s consistent growth in audience numbers – both on television and digital platforms – has made it a standout property. While leagues in the United States and Europe have reached maturity, the IPL continues to expand its reach, particularly among younger, mobile-first audiences.
This growth in “eyeballs,” as Modi describes it, is translating into long-term confidence among investors who are betting not just on current revenues, but on future monetisation opportunities.
A key part of that monetisation shift, according to Modi, will come from subscriptions rather than traditional advertising.
SUBSCRIPTION THE NEXT BIG THING?
“And if you look at our advertising rates, till now all our media rights were sold primarily based upon advertising revenue. Now the subscription market is way, way bigger than the advertising market, which hasn’t been reflected in the numbers. Most of the companies of sports leagues around the world have no profit. IPL has guaranteed profits. So IPL value you’ll see once the world starts to understand the sports leagues will be at multiple levels of what it is today.”
The shift toward subscription-driven revenue models mirrors broader global trends in media consumption, where streaming platforms are increasingly prioritising direct-to-consumer income over ad-based models. For the IPL, this could mean a significant re-rating of media rights in future bidding cycles – particularly as digital platforms compete aggressively for premium sports content.
As the potential sale of stakes in Royal Challengers Bengaluru and Rajasthan Royals nears completion, Modi’s projections add a new dimension to ongoing negotiations. Buyers entering at current valuations may be positioning themselves for exponential returns if the league’s growth trajectory plays out as forecast.
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