KKR, CSK, RCB, RR and PBKS enter India's corporate elite as sports becomes asset class

Indian Premier League (IPL) franchises have long dominated television ratings, sponsorship deals and fan engagement. Now, they are making their mark in a different arena — corporate valuations.

According to the 2025 Burgundy Private Hurun India 500 report, released by Axis Bank's Burgundy Private and Hurun India, five IPL franchises have featured for the first time in the ranking of India's most valuable non-state-run companies. The entry of Kolkata Knight Riders (KKR), Chennai Super Kings (CSK), Royal Challengers Bengaluru (RCB), Rajasthan Royals and Punjab Kings highlights the growing financial muscle of sports franchises and underscores how cricket teams are increasingly being viewed as investible business assets rather than merely sporting entities.

Top IPL teams

According to the report, KKR emerged as the highest-valued IPL franchise on the list with an estimated valuation of ₹20,850 crore, followed by CSK at ₹19,550 crore. RCB was valued at ₹16,700 crore, Rajasthan Royals at ₹15,700 crore, and Punjab Kings at ₹14,050 crore. Collectively, the five franchises command a valuation of more than ₹71,000 crore, a figure that places them alongside some of India's leading business enterprises.

MUST READ: 'I built IPL, you got the limelight': IIT-IIM graduate Balu Nayar fires back at Lalit Modi

The development reflects the rapid evolution of the IPL from a cricket tournament into a powerful sports and entertainment ecosystem. Since its launch in 2008, the league has transformed the economics of Indian sport by attracting global investors, multinational sponsors and massive broadcasting contracts.

Media rights revenues

A major driver of franchise valuations has been the explosion in media rights revenues. The IPL's broadcasting and digital rights were sold for nearly ₹48,400 crore in 2022, making it one of the world's most valuable sporting properties on a per-match basis. The revenue generated through these deals is shared among franchises, providing a stable and growing income stream.

MUST READ: 'SRK didn't like cricket': Lalit Modi reveals how a hesitant Shah Rukh bought KKR 'basically for free'

Beyond media rights, IPL teams generate revenues from sponsorship agreements, ticket sales, merchandising, licensing deals and digital content. Many franchises have also expanded their footprint internationally by acquiring teams in overseas T20 leagues, creating multi-league sports portfolios that can generate year-round earnings.

IPL teams vs corporates

The emergence of IPL teams in a ranking traditionally dominated by banks, technology companies, manufacturers and consumer brands highlights a broader trend in global finance: the increasing recognition of sports franchises as long-term assets. Internationally, football clubs, NBA teams and Formula One franchises have seen valuations soar as investors place a premium on loyal fan bases, intellectual property and recurring media revenues.

India appears to be following a similar trajectory. The country's expanding middle class, rising digital consumption and growing appetite for sports entertainment have strengthened the commercial prospects of cricket franchises. Investors are increasingly valuing these teams not only for their current earnings but also for their ability to monetise fan engagement across multiple platforms.

MUST READ: IPL victory a big boost for RCB’s new owners, say brand experts

The Hurun report described the inclusion of IPL franchises as a sign that sports is emerging as a distinct asset class in India.

As franchise businesses diversify into content, commerce, gaming and global sports ownership, their valuations are likely to attract even greater attention from investors. The debut of IPL teams in India's corporate rankings suggests that cricket's biggest winners may increasingly be measured not only by trophies won, but also by value created.

MUST READ: IPL's costliest player takes 44% pay cut, returns to Delhi Capitals