The Indian Premier League (IPL) is preparing for another expansion, with the Board of Control for Cricket in India (BCCI) exploring the addition of two new franchises starting from the 2028 season. According to a report by Mint, Pune and Vadodara have emerged as top candidate cities, though discussions remain in early stages and final locations could shift.
Timed to align with the upcoming 2028–2032 media rights cycle, each new team is projected to command a valuation exceeding $1 billion. The bidding is expected to attract significant global interest from domestic conglomerates, U.S. family offices, West Asian sovereign wealth funds, and private equity firms such as Permira.
Skyrocketing Valuations Drive Investor Interest
The proposed expansion follows massive valuation surges across existing franchises:
- Royal Challengers Bengaluru (RCB): Diageo’s Indian subsidiary, United Spirits, agreed to sell RCB to a consortium including the Aditya Birla Group, Bennett Coleman & Co., Blackstone, and Bolt Ventures at a $1.78 billion valuation.
- Rajasthan Royals: A consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired the franchise at a $1.65 billion valuation.
These benchmark transactions mark a steep rise from the IPL’s last expansion in 2022, when the RPSG Group acquired Lucknow Super Giants for $940 million and CVC Capital Partners bought Gujarat Titans for $750 million.
Why Pune and Vadodara?
- Pune: Boasts a proven IPL footprint, having previously hosted the Sahara-owned Pune Warriors India (2011–2013) and Rising Pune Supergiant (2016–2017), the latter reaching the 2017 final.
- Vadodara: Positioned just 110 km from Ahmedabad, Vadodara aligns with Gujarat’s aggressive push to build world-class sporting infrastructure as India prepares its bid for the 2036 Olympic Games.
Key Factors for Execution
The final execution of the expansion will hinge on several key factors:
- Broadcaster appetite for an expanded match schedule beyond the current $6.2 billion media rights cycle (2023–2027).
- Commercial viability and scheduling windows.
- The availability and distribution of top-tier Indian talent to support two additional squads.
