The business value of the Indian Premier League, the world's richest Twenty20 series, has soared more than 11% to $20.6 billion this year, according to U.S.-based investment bank Houlihan Lokey.

Since its launch in 2008, the 10-team competition has consistently attracted cricket's leading players, while building a commercial model that combines broadcast revenues, sponsorship, merchandising and franchise investment.

Ownership changes at its Royal Challengers Bengaluru and Rajasthan Royals franchises earlier this year further demonstrated the IPL's appeal to major investors and the premium attached to established teams within the league.

A consortium comprising Blackstone, Bolt Ventures, Aditya Birla Group and Times of India Group said in March it would acquire the Bengaluru franchise for a league-record $1.78 billion. Separately, in May, the Mittal family and Adar Poonawalla said they would buy Rajasthan for $1.65 billion.

The increase reflected a second consecutive year of double-digit growth in the IPL's business value, Houlihan Lokey said in its '2026 IPL Brand Valuation Study' on Wednesday.

"Franchise valuations have reached new highs, private capital participation has accelerated, and the league's commercial ecosystem continues to diversify," said Harsh Talikoti, a director in Houlihan Lokey's Financial and Valuation Advisory business.

"The IPL represents a unique convergence of sport, media, and consumer opportunity, underpinned by strong revenue visibility, disciplined cost structures, and an expanding global audience."

"These latest transactions further demonstrate the confidence investors continue to place in the long-term value creation opportunity."

The IPL's stand-alone brand value rose 10.3% over the past year to $4.3 billion. Reigning champions Bengaluru remain the league's most valuable franchise, with a brand value of $312 million.