NEW DELHI: The Indian Premier League’s business value has been estimated at $18.5 billion with reigning champions Royal Challengers Bengaluru its wealthiest franchise, according to a report by an investment bank.

The world’s richest cricket tournament has been a top revenue earner for the Board of Control for Cricket in India (BCCI) and in 2020 was estimated to generate more than $11 billion a year for the Indian economy.

According to US investment bank Houlihan Lokey, which has valued several sports franchises around the world, the brand value of the 10-team T20 franchise tournament has seen a sharp rise of 13.8 percent to $3.9 billion over the past year.

Bengaluru, who along with star player Virat Kohli won their first IPL title this year, have overtaken five-time winners Chennai Super Kings and Mumbai Indians to achieve a brand value of $269 million.

Mumbai is second with $242 million, followed by Chennai at $235 million.

The Houlihan Lokey report called the IPL “a global phenomenon” that has become more than just a cricket league.

“The IPL continues to set benchmarks in sports business. Franchise valuations have soared, media rights deals have reached record highs, and brand partnerships have diversified across sectors,” Harsh Talikoti from Houlihan Lokey, said in a statement.—AFP