India’s Indian Premier League has emerged as a serious private equity target, with global firms including KKR, Blackstone, Partners Group, and CVC Capital circling franchise stakes as valuations surge to record levels, according to a report by Reuters.

The IPL’s business value climbed to $18.5bn last year, according to Houlihan Lokey. While still smaller in absolute terms than the NFL at $227bn and the NBA at $165bn, the IPL now ranks second globally on a per-match basis after the NFL. Crucially for investors, media rights have more than doubled to over $6bn in the latest auction cycle, with Disney and Reliance committing $6.2bn for broadcast and streaming rights through 2027.

KKR and Blackstone are reportedly evaluating stakes in Royal Challengers Bengaluru, while KKR is also reviewing a possible investment in Rajasthan Royals. Swiss-based Partners Group is said to be assessing at least one franchise opportunity.

The catalyst for renewed investor interest was CVC Capital’s exit from Gujarat Titans. The European private equity firm sold a majority stake after four years, generating a return exceeding 350% in dollar terms and valuing the team at $900m.

Unlike many sports leagues, the IPL operates under a highly centralised and equalised revenue model. The BCCI pools media rights and sponsorship income, retains half, and distributes the remainder equally among the league’s ten franchises. Each team receives approximately $55m annually from this pool alone, before ticketing and additional sponsorship revenues.

For private equity firms seeking scarce, cash-generative assets with global viewership and structured revenue streams, the IPL presents a compelling proposition. However, risks persist. Competing cricket leagues across South Africa, the UAE, and Australia are crowding player schedules, and investors remain alert to the potential impact of reduced competition in the 2027 broadcast auction following the Disney–Reliance merger.

Nevertheless, the combination of limited franchise supply, escalating media economics, and robust profit growth has elevated the IPL into a credible alternative asset class. For global private equity, Indian cricket could potentially become an institutional capital territory.

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