Punjab Kings co-owner Ness Wadia has said the Indian Premier League (IPL) has 'changed the way sport is viewed in India' and that the league's 'best years are still ahead,' as a fresh valuation study places the tournament's business value at USD 20.6 billion — an 11.4 per cent jump following the 2026 season.

Valuation Milestone

Global investment bank Houlihan Lokey's 2026 IPL Valuation Study found that the league's overall brand value climbed to USD 4.3 billion, a 10.3 per cent year-on-year rise. Punjab Kings, one of the eight original franchises acquired in 2008 for roughly USD 76 million, has seen its valuation compound to approximately ₹1,510 crore (USD 158 million) in 2026 — a 12.1 per cent increase from 2025.

What Wadia Said

Wadia, who co-owns Punjab Kings alongside Mohit Burman, Preity Zinta, and Karan Paul, reflected on the franchise's long road to profitability. 'It took seven years to break even. We always knew this wasn't a short-term play,' he said in a statement issued by the franchise on Wednesday, 29 July.

He pointed to the emotional bond fans have built with their teams as the league's defining strength. 'Families organise their evenings around IPL matches. You can understand that intellectually, but you only truly appreciate it when you're part of it,' Wadia said. He also noted the league's widening global footprint, citing cricket's presence at the World Cup via a team from Italy and growing viewership across South America as markers of its expanding reach.

'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,' he added.

Record Franchise Valuations and Viewership Shift

The Houlihan Lokey report highlighted several landmark developments. Defending champions Royal Challengers Bengaluru (RCB) were acquired for a league-record USD 1.78 billion, while Rajasthan Royals fetched a valuation of USD 1.65 billion. On the viewership front, the tournament recorded a significant digital migration: Connected TV (CTV) reach surged 26 per cent even as linear television ratings fell by 18.8 per cent.

Season 19 of the IPL drew 1.2 billion viewers, a 7 per cent year-on-year increase. The 2026 final between Gujarat Titans and Royal Challengers Bengaluru in Ahmedabad was watched by 400 million viewers across screens, making it the most-watched match in IPL history.

Media Rights and the Scarcity Argument

With the next media rights cycle — currently valued at USD 6.2 billion — approaching, Wadia expressed confidence in the league's financial trajectory. 'I wouldn't speculate on the final number, but if you're asking whether we've reached the ceiling, my answer is no,' he said.

He also underscored the structural scarcity of IPL ownership as a key investment driver. '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,' Wadia noted.

Women's Premier League on the Radar

Wadia described the trajectory of the Women's Premier League (WPL) as 'extremely encouraging,' and said Punjab Kings would consider entering the women's league if the right opportunity arose. 'To build an audience of that size in such a short period tells you there's genuine interest in women's cricket,' he said, adding that any move would be approached 'with the same patience and long-term perspective we've applied to every investment we've made.'

With institutional investors and global capital increasingly drawn to IPL franchises, the league's next chapter appears set to test whether its growth curve can sustain the momentum of its first two decades.