Franchise values in the world’s top cricket league are surging, outpacing the growth in even the NFL and the NBA.
Private equity has recently taken notice. In June, RedBird Capital, whichnearly 11 % of Fenway Sports Group, bought a 16% stake in the Rajasthan Royals at a valuation slightly above $200 million.
The average expansion fee paid by the original eight owners in 2008 was $90 million. Last October, the IPL sold two expansion teams: CVC Capital paid around $750 million for the Gujarat Titans, and is that the next round of media rights will be worth $6 billion to $7 billion over five years. Explains Taurani, “Males make the spending decisions in Indian households, and 60% of the viewing audience of the IPL are male.”values for the Super Giants and the Titans are higher than their expansion fees because the IPL’s next media deal was anticipated to be worth at mostSecond, the IPL’s economic model virtually guarantees that every team is profitable.
According to Elara Capital’s Taurani, 45% of the central revenue was shared equally among the IPL’s eight teams in 2021; for comparison, the NFL and the NBA equally share about 60% and 40% of their revenues, respectively. In addition, 5% of the central revenue was doled out to the IPL’s four playoff teams—the champion Chennai Super Kings, the Kolkata Knight Riders, the Delhi Capitals and the Royal Challengers Bangelore—based on their performance. The BCCI keeps the other 50% of central revenue.
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