BEYOND

YARDS
IPL WPL VALUATION

THE POWER OF PLATFORMS

THE PRICE OF REGULATION

D P ADVISORY
 In this
report
Limitations to the Study
Foreword
IPL Ecosystem Valuation
IPL Brand Ranking
Beyond the Commentary Box - Harsha Bhogle
Consolidation Over Competition:
The Jio Star Effect on IPL Ecosystem
Strategy Structure: Rajasthan Royals Up Close
WPL Ecosystem Valuation
The IPLs New Innings: Adapting to the
Post-RMG Era
GMR Sports: Inside the Delhi Capitals Franchise
Methodology to Value the WPL and IPL
Ecosystem and Brand
WPL Trivia
Credits BCCI

IPL Trivia
Parting Thoughts
 | BEYOND YARDS - IPL WPL VALUATION |

Credits BCCI

Limitations to the study advice and the valuation provided in the conclusions arrived at in many cases will assumptions for the valuation are based
report shall not be used for any purpose of necessity be subjective and dependent on information derived and analysed
The analysis and estimates presented in other than the general research and on the exercise of individual judgement. from a combination of primary interviews
this report are based on our extensive media consumption. Each of D P There is therefore no indisputable single and secondary sources. Accordingly, our
research on secondary sources of Advisory and its affiliates expressly value, and we normally express our assessment and estimates are based on
information and limited primary disclaims all liability for any loss or opinion on the value as falling within a market perceptions and most likely trends
discussions with industry participants. damage of whatever kind which may likely range. However, for the said of growth for the IPL WPL. Others may
We have not undertaken any arise from any person acting on any purpose, we have provided a single value. place a different value on the ecosystem.
independent verification or carried out information and opinions and analyses Under normal circumstances, our
any due diligence on the data used or relating to the valuations contained in assumptions and methodologies are
considered, nor have we verified its this Report. supplemented by discussions with the
factual accuracy in the current context. All trademarks, trade names, or logos
management and insights provided by referenced herein are the property of
The conclusions provided in this report The valuation of a business or intangible them on the most likely course of
shall not be construed as investment assets is not a precise science and the IPL, WPL, BCCI and the respective
business over the near term. Our current franchises.
 | BEYOND YARDS - IPL WPL VALUATION |

FOREWORD
W
e are proud to present time in its history, the IPL has
this year s Indian faced two consecutive years of
Premier League IPL ecosystem valuation decline
and Women s Premier League from ₹ , crore in to
WPL Valuation Report , ₹ , crore in , and
titled Beyond Yards : The further down to ₹ , crore in
Power of Platforms, The Price of . The drivers of this
Regulation. contraction are structural. The
This has been a landmark consolidation of media rights
year for the IPL, one that under JioStar has ended the
combined sporting drama with competitive tension that once
structural disruption. On the fuelled auction fever.
field, Royal Challengers Meanwhile, the sweeping
Bangalore finally lifted their ban on Real Money Gaming
maiden title, powered by Virat RMG advertising and
Kohli s redemption arc and a sponsorship has removed
team performance that ₹ , , crore of annual
captivated fans across the globe. spend from the ecosystem,
The season reminded us why the leaving a visible void across
IPL remains the most-watched broadcaster revenues, franchise
cricket league in the world, partnerships, and
drawing over one billion viewers fan-engagement activations.
across TV and digital platforms, These twin shocks the collapse
with digital audiences now of rivalry in media rights and the
surpassing television for the first exit of the IPLs most aggressive
time. sponsor category mark a reset
Off the field, however, the for the league s business model.
narrative has shifted. For the first

For the first time in its history, the IPL has faced two
consecutive years of ecosystem valuation decline from
₹ , crore in to ₹ , crore in , and
further down to ₹ , crore in
The twin shocks collapse of rivalry in media rights and
the exit of the IPLs most aggressive sponsor category of
RMG mark a reset for the league s business model
Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

And yet, the fundamentals cities during match windows.

remain resilient. Attendance was Television ratings jumped by
strong, engagement deepened ~ year-on-year, and digital
through connected TV and viewership grew by ~ , in the
regional feeds, and franchises opening game of WPL . The
are recalibrating their sponsor overall Television viewership
portfolios toward more stable increased by ~ year on
categories such as auto, BFSI, year, making the WPL one of
healthcare, and consumer tech. India s fastest-growing broadcast
The IPLs challenge is not properties.
survival, but Commercially, the WPL is
reinvention shifting from not immune to the same
episodic valuation spikes driven headwinds that face the IPL. The
by competition and speculative RMG ban and the JioStar
categories to sustainable, consolidation also weigh on
annuity-like growth built on sponsorship inflows and media
diversification, digital rights projections. The league s
monetisation, and potential ecosystem value dipped
entry of global streaming giants. modestly from ₹ , crore in
If the IPL is grappling with to ₹ , crore in . But
maturity and recalibration, the unlike the IPL, where declines
WPL is still in its growth arc. In its signal structural recalibration, in
third season, the league has WPL the moderation represents
proven that women s cricket is a phase of consolidation after
no longer an experiment but a early exuberance. With strong
premier sporting platform in its fan engagement, increasing
own right. Mumbai Indians sponsor diversity, and year-
secured their second title, while round digital storytelling by
Delhi Capitals once again franchises, the league is building
finished as runners-up a a foundation for long-term,
consistent narrative that sustainable growth.
highlights both competition and
consistency at the top. Stadiums
were filled across expanded The title of this year s report,
venues, with travel data showing Beyond Yards : The
surges in bookings to WPL host Power of Platforms, The Price of

The business of cricket is no longer driven only by what

happens on the pitch, but equally by the platforms that
deliver it and the policies that govern it.
Credits BCCI

Truly inspiring quot; - Jay Shah reacts as GG vs RCB WPL season opener shatters viewership records
WPL Sparks a Sports Travel Boom in India, Skyscanner Data Reveals - myKhel
 | BEYOND YARDS - IPL WPL VALUATION |

Regulation, reflects the twin JioStar s formation has

forces that have defined Indian reshaped bargaining power in
cricket s commercial landscape the media market, while the
over the past year. The power RMG ban has removed a once-
of platforms captures how dominant sponsorship stream.
JioStar s consolidation has These changes are rewriting
transformed the media rights the commercial DNA of Indian
ecosystem, altering the cricket but also opening the
balance of competition and door to more resilient models
value creation. The price of of value creation grounded in
regulation highlights how the scale, inclusivity, and
RMG ban though well- innovation rather than
intentioned has reshaped episodic bidding wars.
sponsorship and advertising We thank the BCCI for its
flows, leaving both leagues to stewardship of both leagues,
reimagine their commercial and our readers for their
engines. continued engagement with
Together, these forces Beyond Yards. We hope this
underscore a new reality: the year s report offers not just
business of cricket is no longer valuations, but a deeper
driven only by what happens understanding of the forces
on the pitch, but equally by shaping the future of
the platforms that deliver it cricket both on and beyond
and the policies that govern it. the field. Hope you enjoy
This year s thematic reading this report and we
analyses examine these shifts: look forward to your feedback.

Santosh N
Managing Partner
santosh.n [Link]
Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

IPL
ECOSYSTEM VALUATION
The value of the IPL ecosystem has fallen from INR , crore to
INR , crore, reflecting a drop of about . . In dollar terms, it has
contracted from . billion to . billion, a decline of roughly . .

Value of IPL Ecosystem Value of IPL Ecosystem

INR Crore USD Billion

, , . .

Change: - . Change: - .

Value of IPL Ecosystem

. . .
.
. .
.
. .
. .
.
.

Value in USD Billion

Value in INR Crore

. .
. .
. .
. . .

. . . .
. .
. .
. .
. .
. .
.
.

- -

Years
INR s Crore USD Billion

Source: - Data - IPL Valuation Report - Kroll, - data from D and P Advisory IPL Valuation Report

For the first time in its history, the IPL ecosystem has recorded two consecutive years of valuation decline.
The overall value dropped from ₹ , crore in to ₹ , crore in ≈- . and has now
further contracted to ₹ , crore in ≈- . . In USD terms, the ecosystem has slid from .
billion in to . billion in , and now to . billion in .
 | BEYOND YARDS - IPL WPL VALUATION |

: A PLATEAU TRIGGERED : A STRUCTURAL SHOCK

Broadcasters Hit
BY MEDIA RIGHTS FROM THE RMG BAN
CONSOLIDATION
RMG firms were among The decline is
the highest-yield buyers The first decline came in , sharper in its commercial
of digital ad inventory, when the Disney impact and more structural in
often paying premiums Star Viacom merger created nature.
for dominance. Their JioStar, consolidating IPLs Real-Money Gaming
removal has left television and digital rights RMG exit: Fantasy and
broadcasters scrambling under one roof. This eliminated gaming platforms had become
to backfill with categories the fierce two-horse race that the IPLs most aggressive
that spend less had driven rights inflation and advertiser cohort, contributing
aggressively, leading to auction fever in prior cycles. ₹ , , crore annually
weaker CPMs despite While the league still drew across league, franchise, and
record reach. record audiences, the prospect broadcaster deals.
of a monopolised rights market
With the Promotion
Franchises Exposed signaled lower escalation in
future auctions. The valuation Regulation of Online
Many teams had RMG dip was therefore interpreted Gaming Act banning
logos as front-of-shirt as a plateauing of growth after money-game advertising
sponsors or key partners. years of steep climb. and sponsorship, this
Replacing these deals entire revenue stream has
with traditional sectors vanished
FMCG, BFSI, auto, EVs is
proving challenging Dream s ₹ crore exit
given the spending gap. from the national jersey deal
was the most visible sign of the
broader retreat.

Two-Step
: Correction in Context :
Rivalry Sponsorship
collapse shock

JioStar merger ended RMG ban erased a

competitive bidding, critical revenue stream,
tempering rights forcing a reset in
escalation. valuations.
Credits BCCI

This one-two punch has created the first sustained downturn in IPLs commercial history, reducing the
ecosystem s value by nearly ₹ , crore ~ . billion in just two years.
 | BEYOND YARDS - IPL WPL VALUATION |

OUTLOOK: FROM AUCTION SPIKES

TO SUSTAINABLE GROWTH

Despite the contractions discussed above, However, the growth model is shifting.
IPL fundamentals remain resilient With auction-driven surges less likely,
future valuations will depend on:

Over one billion viewers in Diversified sponsor bases auto,

, with digital audience fintech . , healthcare, esports ,
now surpassing TV. New monetisation models
subscription bundles, regional
Engagement strengthened packages, commerce integrations ,
by regional language Entry of global tech players
streams, connected TV Netflix, Amazon, Apple to restore
adoption, and interactive competitive tension in rights
formats. auctions.

The IPL has moved from an era of competitive escalation into one of structural
recalibration. The challenge ahead is to replace volatile categories with more stable,
diversified value streams ensuring that India s premier sports league continues to
compound sustainably, even without auction fever or RMG-fueled spend.

Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

IPL
FRANCHISEE BRAND RANKINGS

A
bsolute franchise performance. their position as the league s
brand valuations often The season makes strongest brand. Their victory,
mask the underlying this perspective even more coupled with being only the
reality of India s cricket relevant. With the exit of real- second franchise to win both
economy. Revenue categories money gaming sponsors and IPL and WPL titles, highlights
like merchandise central to the second consecutive year of the depth of their sporting
leagues such as the NFL or ecosystem-wide valuation ecosystem. Beyond the
NBA remain structurally decline, short-term absolute historic victory, RCB s greatest
underdeveloped in the IPL values are more susceptible strength lies in its unmatched
context. Weak IP enforcement, than ever to external shocks. A fan loyalty as Ee Sala Cup
counterfeit circulation, and a rank-based lens provides a Namdu became a reality for
price-sensitive fan base steadier measure of franchise millions who have supported
continue to cap both resilience, highlighting who the franchise since inception.
scalability and consistency of has strengthened their brand What sets RCB apart is their
merchandise-led income. equity in turbulent conditions. unmatched fan loyalty and
For this reason, our By retaining cultural influence, amplified by
framework continues to place methodological consistency the presence of icons like Virat
greater emphasis on relative yet accounting for new market Kohli. A balanced squad
brand rankings rather than disruptions, our rankings offer approach with multiple
headline figures. Rankings a clearer and more meaningful match-winners
allow for more accurate, year- understanding of franchise contributing showcased a
on-year comparisons by brand dynamics within the IPL shift from individual brilliance
filtering out the noise of ecosystem. to collective strength. This
volatile revenue streams and Royal Challengers combination of historic
sharpening focus on the Bangalore RCB finally ended success, iconic players, and a
enduring drivers of franchise their title drought in IPL , passionate fanbase makes
strength fan equity, sponsor lifting the trophy for the first RCB the standout franchise of
alignment, and on-field time and instantly reinforcing , both on and off the field.
Credits BCCI
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THE IPL BRAND RANKINGS

STAND AS BELOW:

RANK TEAM PERFORMANCE SNAPSHOT - IPL BRAND STRENGTHS

Champions of IPL A team made up of

First team in the history of IPL to win all global icons of cricket
Massive cultural and
commercial Influence

They finished th on the points table and Elite talent scouting

had a -match winning streak equalling player development
their consecutive wins record system
Suryakumar Yadav became the first non- Culture of resilience
opener to score more than runs in a and winning mindset
single edition

Finished rock bottom on the points table The Dhoni factor

mainly because of a very inconsistent Faith in experience
batting performance
Chepauk Stadium once considered a
fortress was breached out of times

Couldn t defend their title and finished Shah Rukh Khan s

th on the points table influence
Only the third time a franchise has not Global Reach
recorded even a single + opening
partnership in a season

Finished rd on the points table Focus on team more

First time that batsmen from the same than the Individuals
franchise scored + runs: Sai Resilience under
Sudarshan who also won the orange pressure

Sources: ESPNcricinfo, IPL T , The Economic Times

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THE IPL BRAND RANKINGS

STAND AS BELOW:

RANK TEAM PERFORMANCE SNAPSHOT - IPL BRAND STRENGTHS

Finished th on the points table Aggressive brand of

Season was plagued with inconsistent cricket
batting performances, and the bowling Strong leadership

Finished th on the points table Strong management

Won the first games of IPL on the support
trot and had a rocky season post the
initial high

Runners-up of IPL A deep-rooted

Power packed performances by different connection with the
individuals at different stages of the supporters
tournament

Finished th on the points table Relentless

The most expensive player in IPL history determination
- Rishabh Pant sold at crores to LSG, Forward thinking vision
had a season to forget

Finished th on the points table Cultivating a team-first

Vaibhav Suryavanshi, the -year-old ethos
became the youngest ever to feature in Champions of talent

Sources: ESPNcricinfo, IPL T , The Economic Times

 | BEYOND YARDS - IPL WPL VALUATION |

BEYOND THE COMMENTARY BOX

HARSHA BHOGLE
Harsha Bhogle
Indian Cricket Commentator

In the ever-evolving landscape of Indian cricket, few voices resonate with as much insight, clarity, and
passion as Harsha Bhogle s. A revered commentator and analyst, Bhogle has been a constant presence through
the IPLs meteoric rise, offering nuanced perspectives that bridge the sport s tradition with its modern-day
spectacle. In this exclusive conversation, Harsha Bhogle shares his thoughts on the IPL WPLs future, its impact
on Indian society, the shifting dynamics of franchise loyalty, and the league s role in shaping cricket s global
narrative. What follows is a candid and thought-provoking Q A with one of cricket s most articulate minds.

What is your outlook for IPL over the next years, especially with media rights and
Q broadcasting consolidation
From a cricketing standpoint, the IPL continues to ascend and it is now seen as aspirational across the
world. I believe, the India loyalty is still stronger than the franchise loyalty, but for those two months the
franchise loyalties are getting stronger and stronger. That s my qualitative view from what I m watching.
The sense of tribal loyalty similar to how Manchester United fans identify with their club regardless
of geography is now deeply embedded in the IPL. Fans may live in Chembur, but they passionately claim
allegiance to teams like RCB, CSK, or MI. This tribalism, which took time to develop, is now a defining
strength of the league.
Cities like Hyderabad have embraced this culture wholeheartedly the stadiums are vibrant, packed, and
unmistakably colored in franchise hues, much like Bangalore. However, regions such as Delhi, Punjab,
Lucknow, and Ahmedabad still have room to grow in terms of fan engagement and identity.
On the international front, resistance to the IPL has faded. Countries like England and Australia now
accommodate their top players participation, recognizing the league s significance. Even with media
consolidation such as Jio and Star joining forces the IPLs appeal remains undiminished. This growing
loyalty and global acceptance only reinforce the league s upward trajectory.

Is franchise loyalty in IPL driven more by individual players than by teams What happens
Q when iconic players retire
Franchise loyalty in the IPL is often built around iconic players rather than the teams themselves.
Many fans support RCB because of Virat Kohli, CSK because of MS Dhoni, and MI because of Rohit Sharma.
We haven t yet witnessed a full generational shift Sachin Tendulkar retired early in the IPLs journey, but
Dhoni, Kohli, and Rohit are still active, anchoring fan loyalty.
There is always this slight irrationality in all loyalty. When Rohit was replaced as MI captain, the
backlash was immediate, despite his recent dip in performance. But, if MI performs well, everything else
will be forgotten.
RCB might transition from Kohli more smoothly than CSK from Dhoni, whose presence is deeply
woven into the franchise s identity. Dhoni isn t just a player he s the face, the strategist, and the emotional
 | BEYOND YARDS - IPL WPL VALUATION |

core of CSK. His following resembles that of cultural icons like Rajnikanth. Without him, CSK may struggle to
redefine itself.
I recently met a young cricket enthusiast who passionately insisted that Dhoni should continue
playing. Even when I insisted that Dhoni s presence might weaken the team he kept defending Dhoni s
role his leadership, his keeping, even his brief appearances with the bat. That kind of emotional
connection is rare and powerful. It shows how deeply individual players shape franchise loyalty in the IPL.
But no other franchise has been identified with a talisman. Sunrisers never had one, but it might
happen with Abhishek. Let s see how that goes.

Q What does IPL tell us about how India has changed as a society, economy, and culture
The IPL has become a huge matter of pride for Indians. It mirrors the evolution of the country
itself an India that is increasingly confident in its affluence and global standing. When I speak overseas,
people are often surprised when I tell them that the second richest league in cricket is not in Australia or
England but the WPL, right here in India. That tells you how deep cricket runs in our culture.
Initially, there was a lot of antagonism from traditional cricket powers like England and Australia, after
all, they saw themselves as the centre of the cricketing world. But over time, even they have adjusted their
schedules and mindsets, recognising the IPLs pull. Today, the league is aspirational not just for its quality of
cricket but also for the wealth it offers players, money that many could scarcely imagine earning from the
sport.
Beyond the financials, the IPL has created a whole ecosystem. Feeder leagues have sprung up,
producing players who are far better prepared when they enter the IPL than they were a decade ago.

So, in many ways, the IPL is not just a symbol of Indian cricket it is a symbol of how India
as a society and economy has changed: more confident, more aspirational, and very
much at the centre of the cricketing world.

The IPL was slated to expand to matches in this media cycle. Do you think that s achievable,
Q or have scheduling pressures capped the tournament at games
While concerns around player fatigue persist, the IPLs viewership remains remarkably strong. I recall a
conversation with the owner of Cricbuzz, who mentioned that their traffic trends closely mirror what s
happening on television. In earlier seasons, viewership would dip by when marquee teams like
Mumbai Indians or Royal Challengers Bangalore weren t playing. That pattern has now disappeared- even
matches that were traditionally considered low-interest, like Rajasthan Royals vs Punjab Kings, are drawing
solid numbers.

From a qualitative standpoint, I see no decline in audience engagement the IPL has
become such a fixture in people s lives that many feel a void once the tournament ends.

That said, the per-game basis model for media rights feels flawed, especially since there are so few
games. If the number of matches increased, I doubt the value would rise in the same proportion. For now,
there s pressure to keep the tournament at games, even though it was originally slated to expand to
or in the media rights cycle. The challenge lies in the sustainability of broadcasting costs,
especially with a single entity now controlling both digital and television rights. If the cost per match can
be rationalized, expanding to matches is entirely feasible.
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Q From Bumrah to Yashasvi Jaiswal to Rinku Singh, the IPL has unearthed talent from places that
once rarely produced India players. Harsha, has the league redefined meritocracy in Indian
cricket and become one of its greatest social elevators
There are two or three layers to it. The first is that increasingly, parents want their kids to play the IPL
rather than for India, because they realize that India can sometimes feel like a dream too far. What the IPL
has done is give opportunities at scale where talent meets opportunity. With teams, there are around
contracts on offer. Earlier, only players could dream of playing for India; now, can dream.
And every year, we see those numbers go up. Earlier it was ₹ crore, then ₹ crore, and more
recently ₹ crore. The escalating sums, while reflecting the league s growth, also bring added expectations
and pressure for players to perform.
But what the IPL has done is democratize the game enormously. Young kids everywhere now dream
of playing the IPL because it gives them their place in the sun even if it s just or minutes of brilliance,
everyone remembers.
The movement towards players from smaller towns had already begun with people like Sehwag from
Najafgarh, Harbhajan from Jalandhar, Zaheer from Ahmednagar, and it peaked with Dhoni from Ranchi.
Now you see players like Natarajan from Chinnapampatti near Salem. Many of these boys come from very
disadvantaged families, some without even their own kit, and that hunger is extraordinary. For them, the
IPL auction is a moment of great anticipation families wait anxiously, and the rewards can genuinely
change lives.
And we re beginning to see that in the WPL too. One of the stories I heard was of a player from Kerala
who used to change two buses just to get to training. With her WPL contract though still small compared
to the IPL she said she could finally buy a scooter so she wouldn t have to take those two buses. It s still a
young league, but if handled well, the WPL can become just as powerful a social elevator.

With international boards already adjusting calendars for the IPL and now the WPL, and with
Q T leagues expanding worldwide, how do you see players balancing national duties with
franchise commitments Do you think we could move towards a European football-style model
where club cricket takes precedence over country
It s already beginning to show in small ways. Balancing franchise commitments with international
cricket is never easy, and there have been instances where players have featured in the IPL but then missed
red-ball matches that followed. It underlines how demanding the cricket calendar has become.
That s why windows will probably become essential, because the IPL is among the most physically and
emotionally draining tournaments in the world. Players might increasingly need a two-to-three-week
recovery period after the tournament before moving onto other formats.
We ve seen a similar pattern elsewhere, like in the West Indies players such as Gayle, Pollard, Bravo,
Narine, Russell, and Pooran all stepped away from Test cricket relatively early, with some focusing largely
on T leagues. It could be that this becomes a template for players in other countries too.

Q Has IPL struck the right balance between cricket s soul and showbiz
I might be the wrong person to ask that, because my generation still believes work ethic and effort
should come first. But the truth is, showbiz is becoming far more acceptable today. People are fine with the
drama whether it s a player s watch or a piece of jewellery making headlines. We saw it with Beckham too:
his social life sometimes overshadowed his ability as a player, and football carried on regardless. It will
probably happen in India as well.
 | BEYOND YARDS - IPL WPL VALUATION |

That s why your phrase the soul of the game is interesting. Who decides what the soul is For some,
its Test cricket, seen as pure. But T cricket has its own purity too its own rhythm and skill set that Test
cricketers often cannot reproduce. Over time, that definition will evolve. India has been fortunate to still
uphold Test cricket as important, but even proud cricketing nations like South Africa have started to step
back from it.
So yes, the balance is shifting. As social media and even mainstream media focus more on style,
image, and personality, players will embrace that. For younger generations, it s simply part of the game.

In a league with frequent player movement, how can IPL teams build stronger franchise
Q identities Beyond continuity, does the IPLs ecosystem of top players, coaches, and global
influences play a role in shaping both franchises and the wider cricket landscape
Yes, player churn is a real challenge. For franchises to build lasting identities, they need to retain
players longer. Take RCB embracing Rajat Patidar or CSK backing Ruturaj Gaikwad these connections
matter. But if these players switch teams in a couple of years, that bond is lost. Interestingly, the most
successful teams Mumbai, Chennai, and Kolkata have consistently held onto their core players, and that
continuity has translated into titles.
Yes, frequent player movement makes it hard for fans to build long-term loyalty. Teams like CSK, MI,
and KKR have retained cores and seen success. Reducing auction frequency while maintaining purse
sanctity could help stabilize rosters and strengthen franchise identities.
But the IPLs strength goes beyond that. Look at what s happening elsewhere South Africa s national
side is visibly stronger because of SA , and even the UAE has three or four players who are much better
thanks to ILT . The same thing is happening here: our Indian players are improving faster because they re
sharing dressing rooms with the best players and coaches in the world.

That s why I often say the IPL is not just the best cricket tournament in the world, it s a
congregation of the finest cricketing minds almost like a Davos for cricket.

Some of the game s greatest players and coaches want to be part of it, sharing their insights and
shaping the next generation. Nitish Reddy has grown enormously because he s been mentored by some of
the best at SRH.
So yes, frequent churn makes it harder to build football-style franchise identities. But the flip side is,
the IPL has created a different kind of identity, one rooted in excellence, growth, and the fact that for two
months every year, the best minds and the best players in cricket all come together. That is what gives
franchises their character and the league its unmatched strength.

As someone who has shaped how cricket is consumed, how do you see commentary and
Q broadcasting evolving in the IPL era between storytelling, commercial pressures, analytics,
and showbiz
There s much less room for traditional storytelling during an IPL telecast compared to the past. With
so many elements packed into a broadcast advertising, graphics, and replays commentators often have
only a few seconds to weave in a player s backstory before the next segment comes up.
 | BEYOND YARDS - IPL WPL VALUATION |

As a result, the real storytelling is now happening outside the live match in wraparound
shows, in short -second clips on platforms like Cricbuzz, and increasingly on social
media. Viewership of clips often surpasses the viewership of the entire wraparound show.
That s where you can go deeper into analysis, into personal journeys, into narratives.

Looking ahead, commentary could split into multiple feeds: an analytical nerdy feed, a comic or
entertainer s feed, an RJ-style high-energy feed, alongside the mainstream one. Regional language feeds
have already revolutionized broadcasting, letting fans in Bihar, Sultanpur, or Amritsar follow the game in
Bhojpuri, Hindi, or Punjabi, even reaching diasporas in Canada.
The craft of commentary itself is also evolving. In T cricket, for instance, the scorer-analyst plays a
central role in tracking matchups, head-to-heads, and tactical shifts in real time. For commentators, the
challenge is to adapt to these changes embracing analytics and new formats while still finding those
moments to tell a story in the limited windows available.

Q With brands now splitting ad budgets between television, digital platforms, and social media,
how do you see the IPL sustaining its commercial dominance Is there a risk that sponsorships
and ad spends will taper off
I think money always flows to where it sees returns. There might be turbulence, but as long as the IPL
continues to deliver, brands will keep coming. I ve seen companies transform their profile after associating
with the IPL.
That said, the pressure is real. Sponsorship costs are rising fast, and many brands can t afford
mainstream advertising anymore. For a long time, the league was funded by VC-backed startups chasing
visibility like Unacademy, Swiggy, Zomato. Some of those have dropped off, but every time someone exits,
another brand steps in, often at a higher price. Apollo Tyres, for instance, paid a premium just two
years after the last deal.
Digital platforms like YouTube and Instagram are changing the ad market. They make advertising
more flexible, allowing small local brands with modest budgets and big companies with massive spends to
both find space around the IPL.
As for whether IPL sponsorships are too expensive, I compare it to gold every generation thinks the
price has peaked, and yet it keeps rising. Remember when people scoffed at teams paying million in
Today that looks like a bargain. What the IPL has also done is signal to the world the sheer financial
power of India. Now every global business plan has a line item on how to tap the Indian market.
So, I don t know what s too much or too little in the IPL. For now, it continues to attract money, and as
long as it delivers returns, that won t change.

Q Has IPL improved the stadium viewing experience in India

When it comes to the in-stadium experience, there is still room for improvement. Tickets often go on
sale quite close to match day, making planning difficult for fans, and access to seats can involve long
queues. Inside the grounds, the atmosphere is vibrant and energetic sometimes even overwhelming,
with music and announcements competing with the cricket itself.
Basic amenities also vary across venues. While some stadiums have invested in upgrades, many
others remain constrained by older infrastructure. Even iconic grounds such as Eden Gardens, with all their
history, could benefit from modernization to match the league s global stature. Overall, improving comfort,
convenience, and facilities would go a long way in elevating the live match experience to the same world-
class level as the cricket on display.
 | BEYOND YARDS - IPL WPL VALUATION |

Q Can WPL replicate IPLs success

I hope we don t make that comparison. It s like the Premiership in England you know Arsenal or
Chelsea men s teams, but far fewer know their women s sides. The WPL must carve out its own identity and
set its own goals. Already, it has acquired an aura much earlier than expected. Just look at how England
players skipped a bilateral series against New Zealand to stay back for the WPL that tells you the pull it
already has.

The real accelerator will be scouting. Franchises have already started extending their
scouting into smaller towns and it will open up opportunities for young women. Smriti
Mandhana from Sangli is an international icon and that process will only accelerate.

Which is why I was hoping that every original IPL franchise CSK, MI, RCB, KKR would be required to
have a women s team. Imagine the ready-made loyalty and the synergy across coaching, physios, trainers,
and scouting that would create.
Another factor is overseas players. Personally, I felt the WPL should have started with six overseas
players and then tapered down to five and eventually four. That would have kept the competitive quality
high while giving Indian players time to emerge. Right now, it s still four overseas stars plus two or three
Indians, and the rest are fill-ins. Over time, though, you can already see players like Amanjot Kaur coming
through.
It s still only three years old, and young girls especially from small towns face more societal hurdles
than boys. That will take time to overcome. But with financial backing, TV support, and the power of
franchise loyalties, I m very bullish. The WPL will grow bigger, more competitive, and it will revolutionize
Indian sport in its own way.

Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

CONSOLIDATION OVER COMPETITION:

THE JIO STAR EFFECT ON IPL ECOSYSTEM
The merger of these two giants, however, marks a
structural shift: IPLs media rights landscape has moved from
rivalry to consolidation, reshaping the entire value chain.

T
he Indian Premier and commerce. Media rights rights auctions, where rivalry
League has grown from auctions have been the engine between Disney Star and
a domestic cricketing of this growth, driving Viacom set record
experiment in into India s valuations and making the IPL benchmarks. Until recently,
premier sports property and a the second most valuable the story was one of intense
global commercial behemoth. league in the world on a per- competition Disney s Hotstar
It is not just cricket it is a match basis. The league s and Reliance s JioCinema
convergence of valuation trajectory has been battling for digital dominance.
entertainment, technology, powered by escalating media

Credits BCCI

PRE-MERGER LANDSCAPE

A
cross the two cycles experience, bid, creating a unified
that preceded the and crucially tilted broadcast and streaming into a
merger, the Indian bargaining leverage toward single commercial stack built
Premier League s media the Board of Control for Cricket around Star Sports and
market evolved from a in India BCCI . Hotstar. That benchmark set
singular, platform-led era into In , Star India the floor for what would
an adversarial, two-horse race consolidated television and follow.
that turbocharged rights digital rights for the
inflation, rewired the product cycle with a ₹ , . crore

, , m - the key numbers from a record-breaking IPL rights auction | ESPNcricinfo

 | BEYOND YARDS - IPL WPL VALUATION |

When the BCCI unbundled the packages for the auction, the market snapped
into a clean duopoly: Disney Star retained domestic TV, while Viacom JioCinema secured
the marquee India digital package and the non-exclusive digital add-on .

The outcome was historic the first time Indian digital rights priced
higher than TV and it rewrote the IPLs economics overnight.

IPL Media Rights

, . .

, . .
.
.
, .
INR Crores

INR Crores
.
, . , .
. .
, .
.

, . . .
, . , .
. .
- - -
Cycle
IPL Media Rights INR Crores IPL Media Rights Per Match INR Crores

Source: ESPN CricInfo

Note: The figures for Media Rights Per Match have been calculated based on expected number of matches in the respective cycle.
We have considered the - period as the first media rights cycle as the media rights contract was terminated by the
BCCI with World Sports Group and it was renegotiated for - period with Multi Screen Media Pvt Ltd.

Competition between priced at ₹ , crore; India ₹ , crore. The total haul

Disney Star and Viacom digital Package B at ₹ , vaulted past ₹ , crore for
amplified by the BCCI s crore; with Package C digital the five-year window, lifting
package design drove a simulcast adding another per-match value to levels
near-threefold rights step-up. ₹ , crore; Overseas TV second only to the NFL
Domestic TV Package A Digital Rights Package D for globally.

This was not a passive re-rating; it was the direct by-product of head-to-
head rivalry between the two platforms, each seeking strategic primacy in
Indian streaming. Once the rights were bifurcated the contest shifted from
price to product.

Sony keeps IPL rights with new deal - Times of India

IPL Media Rights Sale: IPL media rights sold for Rs , crore for a -year period: BCCI Secretary Jay Shah - The Economic Times
 | BEYOND YARDS - IPL WPL VALUATION |

Viacom s JioCinema: Hotstar

Innovation Reach Counterpunch:

Weaponised free mobile access, broad Countered Jio s scale advantage by

language coverage and new streaming upgrading live production quality and
features to grow reach: the platform offering free mobile streaming during the
publicly promised multi-language feeds ICC T World Cup.
languages and rolled out multi-cam and This feature arms race was not cosmetic. It
K Ultra-HD options, low-latency streams materially shifted consumption patterns
and interactive overlays. toward connected TV and high bitrate
JioCinema reported ~ million viewers viewing, with K usage emerging as a
across IPL a~ increase year-on- distinct cohort in the data.
year , ~ billion video views and an
average session length of ~ minutes up
from ~ minutes the prior season

The marketing blitz spilled advertisers followed the estimated at roughly

into monetisation. Free mobile audience. Industry estimates ₹ , , crore, making
access, celebrity-led and market reporting for IPL the season in which
promotions, and day-parted placed digital digital ad revenue overtook
ad stacks pulled advertising in the range of linear TV in headline
unprecedented digital ~₹ , , crore while industry estimates .
audiences into the funnel; television ad revenue was

IPL scores m viewers for JioCinema - SportsPro

IPL Ad Revenue: Digital outperforms TV; JioCinema rakes in ~Rs , crore
 | BEYOND YARDS - IPL WPL VALUATION |

The commercial leap audience, and yield. The behavioural insights

drove sponsorship dynamics Beyond the product and mattered for programming
too: JioCinema announced pricing moves, structural and yield: trade coverage
major sponsors for its fundamentals amplified the summarising broadcast
digital stream the largest stakes. India s internet audience measurement
sponsorship roster any digital ecosystem dwarfed most noted that afternoon
sporting stream had attracted other sports markets active matches attract roughly
at the time and platforms internet users were reported fewer viewers than
began selling inventory and at million and India evening fixtures, while
CPMs with clear CTV mobile sustained well over . billion Sunday double-headers
differentials. By , the cellular mobile connections suffer a smaller afternoon
rivalry had normalised as of creating a drop ~ , findings
innovations such as dynamic mobile-first, OTT-friendly that influenced the
creative optimisation, cohort- distribution environment and scheduling mix of double-
based buying, and CTV-first steepening the upside for headers and prime-time
plans, tightening the feedback whoever won digital rights. fixtures.
loop between product,

Number of Internet Users in India Millions

Millions

Source: IAMAI Report

In sum, the pre-merger other to claim share, the the full surplus of rivalry
period was defined by consumer experience was through a finely tuned auction
competitive escalation. elevated to global best-in- architecture. That dynamic
Hotstar and JioCinema out- class standards, and the would set the stage for the
spent and out-innovated each BCCI by design harvested next act: consolidation.

Digital streaming: Digital streaming of IPL gets strong response from advertisers - The Economic Times
Kantar_ IAMAI report_ _.pdf
Digital : India DataReportal Global Digital Insights
IPL : The Big Four factor that drives IPL viewership | Cricket
 | BEYOND YARDS - IPL WPL VALUATION |

THE MERGER:
MARKET CONSOLIDATION AND POWER SHIFT
Pre Merger India Media Rights Post Merger India Media Rights IPL Reach in Million
, .

, .

, .

Millions
.

.
TV Digital Total
TV Rights - Disney Star Digital Rights - Viacom JioStar
IPL Reach

B
y rewiring India s robustness reached . For agencies and
sports distribution million simultaneous digital
stack combining streams. marketers, the
JioCinemas dominant OTT By any comparative merger simplified
scale with Star s linear benchmark, this was a decision-making: one
television heft the merger watershed: the IPL had
produced a vertically effectively matched the NFLs platform, one
integrated giant straddling crown jewel in momentary contract, one
both television and digital. attention, but across a multi-
audience spanning
For the IPL, this was not week season rather than a
merely a change of broadcast single night. living rooms and
partner it was the The outcome was mobile phones.
reconfiguration of its entire historic. JioStar projected
distribution architecture. advertising revenues of Public-facing campaign
That consolidation roughly ₹ , crore for IPL metrics amplified the
instantly changed the , and its own Year of narrative. JioStar s season
arithmetic of reach. Firsts summary detailed report reported billion
According to JioStar s + advertisers with ~ minutes of tournament watch-
post-season report, IPL new entrants to the time across platforms and
reached ~ . billion people tournament s advertiser flagged the final s massive
across television and digital roster. These commercial engagement.
platforms million on outcomes explain why In effect, consolidation
digital and million on marketers described the has transitioned the IPLs
TV making it the edition as India s most media rights market from
tournament s largest monetised sporting season to episodic, auction-driven
cumulative audience on date. escalation to a more stable but
record. Peak concurrency a less contestable framework.
critical measure of OTT

From Stadiums to Screens: JioStar s TATA IPL : A Year of Firsts Report Highlights how a Billion Viewers Came Together To Celebrate Cricket - Jiostar
Jiohotstar closes in on Netflix, subscribers touch million - The Economic Times
IPL eyes record ₹ , crore in ad revenue as JioStar secures sponsors - The Economic Times
JioStar banks on mn engine to sustain IPL as India s most monetized league | Mint
 | BEYOND YARDS - IPL WPL VALUATION |

IMPACT ON BARGAINING
POWER AND INVESTMENT

T
he JioStar merger marks footprint and a dominant OTT willingness to invest heavily in
a fundamental platform. No other Indian content, technology, and fan
rebalancing of player possesses a comparable experience.
bargaining power between combination of reach, capital, Looking forward, the
the BCCI and broadcasters. In and distribution muscle across media rights landscape will be
the previous media rights linear and digital. This reality closely watched in the next
cycles, the BCCI thrived on transforms the BCCI s auction cycle. The number of
rivalry particularly the head- negotiating context: auctions deep-pocketed bidders has
to-head battles between Star may still occur in form, but in effectively reduced by one,
India and Viacom . This substance they risk becoming suggesting less aggressive
competition fuelled auction negotiated partnerships with a bidding. However, given the
fever, driving rights valuations single anchor partner of IPLs centrality to JioHotstar s
skyward and ensuring unmatched clout. platform strategy, Reliance-
episodic windfalls for the The value trade-offs are Disney s commitment to
board. The auction was clear. On one hand, the board retaining the property is
emblematic of this dynamic, may lose the episodic spikes in stronger than ever. The
with both companies pushing rights value that came from merged company s ability to
aggressively to outbid one competitive bidding wars. On extract multi-platform
another, inflating the total the other, it gains stability and value from television
package to record levels. predictability in monetization. advertising, digital
That landscape has now Instead of betting on auction- subscriptions, ecosystem
shifted dramatically. With driven premiums, the IPL can bundling, and cross-
Disney-Star and Viacom count on long-term, multi- promotional synergies gives
consolidated into a single season commitments from a it a higher private valuation of
integrated powerhouse, the broadcaster deeply invested in IPL rights than any other
BCCI no longer has the luxury the property. Indeed, JioStar potential bidder. This makes it
of playing two equally executives have already highly likely they will continue
matched rivals against each signalled intent by committing to justify paying top dollar.
other. JioStar the merged over million toward
entity stands as the sole building a sports-led
broadcaster with both a production and product
nationwide television engine, underscoring their
Credits BCCI

JioStar banks on mn engine to sustain IPL as India s most monetized league | Mint
 | BEYOND YARDS - IPL WPL VALUATION |

EMERGING
REVENUES RISKS

I
f the consolidation and of Firsts report entrants and the platform
post-merger monetisation corroborated by trade reported advertising receipts
described above altered coverage records the season around ₹ , crores. Those
who sets price, IPL as India s most monetised headline commercial numbers
showed how much there still is sporting edition to date: + were widely republished by
to monetise. JioStar s post- advertisers participated of industry outlets.
season TATA IPL : A Year which ~ were first-time

JioStar IPL Advertising

India s most monetised
sporting edition to date
Total Advertisers +
Debutants +
Unique Categories
Source: JioStar

That advertiser breadth varies by the revenue moment JioStar cited .

matters because it signals categories included. billion minutes for the final .
depth, not just scale. Multiple These revenue lines were Peak technical load and scale
specialist observers estimated underpinned by engagement million concurrent
that overall IPL ad revenues metrics that dwarfed previous streams and platform
rose sharply year-on-year seasons. JioStar and BARC download milestones
industry commentary puts the summaries put aggregate reinforced advertisers
incremental jump compared watch-time at ~ billion confidence that the reach
to prior season baselines, minutes watch time and JioStar sold was real and
though the exact percent flagged the final as a peak measurable.

The key uncertainty is negotiations. This shift in when distribution is

whether the merger dynamics raises three concentrated , and
diminishes the scarcity practical concerns: . Monetisation missteps
premium that previously . Market crowd-out smaller aggressive paywalls or
inflated rights through OTTs and regional abrupt price moves risk
head-to-head competition, broadcasters marginalised , alienating an audience
replacing episodic bidding . Innovation dampening accustomed to accessible
surges with steadier, less incentive for viewing .
partnership-style experimental product plays

From Stadiums to Screens: JioStar s TATA IPL : A Year of Firsts Report Highlights how a Billion Viewers Came Together To Celebrate Cricket - Jiostar
IPL scores viewership record with bn mts watch time: JioStar | Industry News - Business Standard
 | BEYOND YARDS - IPL WPL VALUATION |

MUTUAL VALUE
OF THE PARTNERSHIP
The post-merger IPL is best seen as a high-stakes symbiosis: JioStar gains
subscribers, measurement and advertising leverage; the BCCI gains
unmatched reach, sophisticated monetisation and a reliable commercial
engine. Each needs the other and each materially raises the other s
optionality.

T
he platform s subscriber day-specific packages e.g. the slots that best fit their
surge during the Thursday Night Football is an audiences and budgets all
season is striking: exclusive Amazon Prime while maintaining a strong
JioHotstar reported growth package under the new NFL baseline return for the league.
from roughly million TV deal. By analogy, the IPL Concentration made
subscribers in February to could be split into day-of- each party more powerful in
million by May a near-six- week bundles: one package different dimensions.
fold expansion that trade for high-profile weekend JioHotstar acquired unrivalled
coverage attributes directly to double-headers e.g. subscriber and measurement
the IPLs pull. Friday Sunday , and another scale; the BCCI acquired a
From the Board s for weekday games partner capable of extracting
perspective, the merged Monday Thursday . This more value from every minute
platform delivers scale into would let broadcasters or of fan attention. Mutual
every household segment and streamers bid specifically on dependence does not
across regional languages; the timeslots they value most, eliminate alternative options:
JioStar s season metrics show deepening competition across major global platforms
million connected-TV audiences. Amazon, Sony, Google ,
viewers, million mobile These hypothetical historically proven to pursue
viewers and double-digit tactics mirror successful big sports rights, remain
growth in regional feeds strategies in other leagues and realistic suitors for the IPL
Telugu + , Kannada + , markets: the NFLs segmented under the right commercial
Tamil + , demonstrating day-of-week sales and IPLs terms. Independent analysts
that the IPLs national footprint own tiered bundle approach. note that the league s brand
has become more localised By introducing day- and strength and international
and deeper at the same time. platform-specific packages appeal mean the BCCI retains
BCCI could explore more with smart minimum bids, credible negotiating leverage
granular packaging of IPL BCCI could deepen the even if the auction format
broadcasting rights to boost auction s reach. In turn, the IPL will likely be reshaped by a
competition and revenue. For could tap new revenue by dominant incumbent.
example, leagues like the NFL matching specialized bidders
sell their games in separate broadcasters or streamers to

JioHotstar Closes in on Netflix with Million Subscribers

JioStar banks on mn engine to sustain IPL as India s most monetized league | Mint
 | BEYOND YARDS - IPL WPL VALUATION |

FUTURE
OUTLOOK

T
he IPLs growth M digital M TV and appointment viewing let
trajectory now rests less total watch-time at ~ brands run multi-phase
on auction windfalls billion minutes; the final was a campaigns, experiment across
and more on the realities of standalone peak JioStar creative formats and
consolidation. With JioStar reported . billion minutes continually optimise with first-
commanding unmatched for the final and M total party data. In aggregate, that
reach across TV and digital, the final viewers in its season temporal depth can
BCCI has lost the leverage that split . These scale metrics approach or in some
once came from pitting rivals allowed commentators to commercial dimensions
against each other. No compare IPL favourably to surpass the Super Bowl s
alternative OTT player offers global tent-pole events. short-burst intensity for
comparable scale, making By contrast, Super Bowl LIX set advertiser ROI.
head-to-head bidding battles a US single-event record with Taken together, these trends
unlikely to return. ~ . million average US position the IPL as an
The IPLs comparative strength viewers with -second ad emerging platform economy
lies in temporal depth and spot rates as high as M a a converged ecosystem
repeats engagement. JioStar s perfect example of single- where scale, innovation, and
season reporting and industry night intensity. The IPLs global expansion drive its next
coverage put the competitive advantage is phase of growth.
tournament s cumulative different: eight weeks, +
season reach at ~ . billion matches and repeated

CONCLUSION

F
or JioStar, the next explore unbundled packages, Whether the IPL follows that
phase is about scale- minimum bid floors, and new playbook or continues to court
driven bidders Amazon, Sony, multiple platforms will shape
monetisation leveraging Google to keep competition its commercial future.
M subscribers, telecom alive and valuations rising. In the end, one scenario points
bundling, AI-led ad targeting, The global precedent is to JioStar entrenching as a
and global distribution to turn telling WWE s billion single dominant partner; the
IPL into a predictable, annuity- Netflix deal, with India priced other sees the BCCI re-
like revenue stream. For the into its ₹ month plans, engineering rights to diversify
BCCI, the challenge is shows how a shift to exclusive bidders and monetisation
different: without the auction digital rights can deliver streams. The ending is
wars that once pushed rights subscription-led stability but unwritten, and the real contest
beyond ₹ , crore, it must also risks narrowing access. may only just be beginning.

From Stadiums to Screens: JioStar s TATA IPL : A Year of Firsts Report Highlights how a
Billion Viewers Came Together To Celebrate Cricket - Jiostar
Super Bowl LIX averages record audience of . million viewers
Super Bowl audience largest-ever for single network telecast | Reuters
 | BEYOND YARDS - IPL WPL VALUATION |

STRATEGY STRUCTURE
RAJASTHAN ROYALS
James Howlett
Principal, Emerging Media Ventures UP CLOSE
James Howlett leads investment execution, financial structuring, and capital raising across Blenheim
Chalcot s sports and media portfolio.
As part of this year s valuation study, we sat down with Emerging Media Ventures EMV , the majority
owner of the Rajasthan Royals, to understand the philosophy shaping one of the IPLs most distinctive
franchises. EMV, led by Manoj Badale with a stake, has built a global cricketing portfolio spanning the IPL,
the Caribbean Barbados Royals , and South Africa Paarl Royals .
In this candid conversation, the EMV team reflected on the ownership model, the shifting IPL media and
sponsorship landscape, the rise of the WPL, and how the Royals are shaping their long-term identity and global
journey.

SECTION : IPL MEDIA MARKET LANDSCAPE

With television and digital rights now consolidated under a single entity JioStar , how do you
Q anticipate the design and pricing structure of future IPL media rights packages evolving Could
this consolidation lead to more partnership-driven negotiations instead of competitive
bidding
Previously, around of the value sat with traditional linear television. Today, OTT rights digital are
greater, and in the next cycle, we would expect a wider split in favour of digital. That means less of a binary
TV vs digital debate, and more of a conversation about total content rights: packaging that reflects how
fans actually consume the content. Regional language feeds, segmented products for different
demographics, and potentially even dynamic pricing will all matter.
At the same time, cricket rights are no longer just about live broadcast. They now include shoulder
content, social highlights, and companion data layers that help fans understand the why without losing
the unpredictability that makes sport magical.

Sport s next big opportunity is to own the fan relationship to build a fan tech stack
where rights aren t just sold to broadcasters but extended through direct engagement,
co-creation, and analytics.

While consolidation in India may mean the next cycle feels less like an outright bidding war and more
like a partnership or consortium driven process, the competition will remain fierce. Global tech players
continue to circle, and cricket s advantage is that it is both a live appointment-viewing product and a
digital-first content engine. That combination makes me bullish that rights values will keep growing.
 | BEYOND YARDS - IPL WPL VALUATION |

Could the merger of JioCinema and Hotstar to JioStar inadvertently create a market opening for
Q global tech giants such as Amazon, Apple, or Google to enter India s sports streaming market
more aggressively in the next media rights cycle If so, what unique models subscription,
bundling, exclusive streaming could they introduce to disrupt the landscape
Yes and they re already looking at it. Cricket is also the only content property that truly moves the
needle for global companies in India. In a world where appointment viewing is increasingly scarce, the IPL
still delivers. That makes it not just a broadcast deal, but the anchor for any global tech or consumer brand
looking to grow its India business.
Tech players will bring models the Indian market hasn t yet fully embraced: subscription bundling
with devices or e-commerce, integrated engagement and hyper-personalised viewing. The IPL is already
the second-most valuable sports league on a per-game basis after the NFL and India will continue to play a
vital role for Big Tech in the future. So, while consolidation offers stability, it also creates an opening for
disrupters with global balance sheets.

Considering the volatility of India s regulatory and business environment where a single
Q policy change can significantly alter market dynamics what do you view as the most material
strategic risk for the IPL ecosystem over the next years How might it affect monetization,
investor confidence, and global expansion
The biggest risk is not constantly reinventing the IPL. From the very beginning, the league s success
has come from innovation auctions, salary caps, formats designed for unpredictability and fan appeal. In
the years ahead, staying relevant in the global attention economy will require the IPL to keep evolving how
the game is packaged, told, and consumed.
There is a huge opportunity to use AI and digital tools to make that reinvention real: more
personalised viewing, performance insights that explain the why, new forms of gamification, and fan co-
creation that deepens engagement without undermining the drama.
If the league leans into that, it won t just mitigate risk, it will strengthen monetisation, give investors
confidence, and ensure cricket continues to grow as one of the world s defining sports properties.

SECTION : ICONS, FANS SPONSORSHIPS

To what extent do marquee players like MS Dhoni and Virat Kohli influence IPLs brand equity
Q How significant is their presence in terms of commercial partnerships, and sustaining long-
term fan loyalty once such icons retire
Massively. The most-watched IPL game of all time was essentially Dhoni vs. Kohli. These figures
transcend cricket; they are cultural icons. Their presence anchors commercial partnerships and fan loyalty.
But the IPL cannot depend solely on individual stars. The structural strength of the league is that new
heroes emerge Jaiswal today, Jadeja a decade ago. The test will be to manage the transition so that the
brand equity sits as much with teams and the league as with individual players.

With the regulatory ban on the RMG real-money gaming sector impacting IPL sponsorships,
Q which new sectors are best positioned to step into this financial void and how might
categories like fintech, FMCG, or e-commerce reshape the sponsorship landscape
We are already seeing fintech, FMCG, and e-commerce step in. Each brings a different dynamic:
fintech offers transactional engagement, FMCG brings mass consumer connection, and e-commerce
 | BEYOND YARDS - IPL WPL VALUATION |

platforms see cricket as a conversion funnel. This diversity is healthy, but sponsors must be encouraged to
go beyond media exposure and into activation. Too often in India, sponsorship is treated as a media buy
rather than a partnership

The recent India front-of-shirt sponsor deal shows the hunger for premium inventory.
Whether it s a domestic company, global enterprise software company or a global real
estate brand, everyone wants to access the IPLs trust and scale. That diversity is healthy
for the ecosystem.
SECTION : WPL WOMEN S CRICKET

How do you see the WPL shaping the visibility, recognition, and commercialization of women s
Q cricket in India Have you observed tangible shifts in public perception, sponsorship interest,
or media coverage since its inception
The early signs are hugely encouraging. Crowds, media coverage, and sponsorship interest are all
moving in the right direction. More importantly, young girls in India now see a clear pathway to play
professionally. That is transformational. The WPL will not mirror the IPL overnight, but if it maintains quality
and investment, it will change the landscape for women s sport in India and beyond.

How would you evaluate the current brand equity of WPL teams relative to other women s
Q sports leagues globally What lessons can WPL franchises draw from the success of
international women s sports properties to strengthen their commercial and fan base
Early days, but the opportunity is significant. The WPL sits in the world s largest cricket market and
benefits from the IPL playbook brand association, media innovation, and private capital. Lessons from
the WNBA or women s football in Europe suggest that long-term investment, coupled with storytelling
around players, is essential. Franchises need to think beyond attendance and sponsorship into digital
reach, grassroots activation, and alignment with broader societal change.

SECTION : RAJASTHAN ROYALS OWNERSHIP STRATEGY

Q ofRajasthan Royals journey from the original Emerging Media buyout to the current consortium
Manoj Badale, RedBird Capital, and global media stakeholders reflects a distinctive, multi-
national ownership model. How has this mix influenced the franchise s evolution, especially
when compared to celebrity family-led or corporatized ownership structures in the IPL
From the outset, the Royals story has been one of collaboration. We were the only founding franchise
built through a multinational consortium. That structure has served us well: it has demanded resilience,
forced us to operate in a professional way, and given us access to perspectives that go beyond cricket and
beyond India. Where other teams have been built around a single family, celebrity, or conglomerate, our
model has always required a balance between business discipline, cricketing innovation, and the
responsibility we feel to our fans and to Rajasthan.

With strategic investors like RedBird Capital and Lachlan Murdoch bringing international
Q business and media expertise, how has this ownership stability unlocked new commercial or
operational advantages How do these translate into long-term sponsor relationships and
professionalizing franchise operations
 | BEYOND YARDS - IPL WPL VALUATION |

The entry of RedBird Capital and Lachlan Murdoch has been about more than capital. It has been
about governance, alignment, and long-termism. With RedBird, for example, we have been able to
accelerate our use of analytics, an area that has always been central to our identity. Together, this stability
has underpinned our relationships and ensured the Royals are run with transparency and professionalism.
There is certainly some synergy for instance, we ve executed global sponsorships with activations
across various regions. However, sponsors still primarily focus on local audiences. We re not yet at the point
where a single sponsor would commit to front-of-shirt deals across all our teams in Barbados, South Africa,
and India. Our investments have been made with a long-term perspective, anticipating that both talent
and sponsorships will gradually become more centralized.

How do you think about RR s valuation journey compared to newer franchises like Lucknow
Q Super Giants and Gujarat Titans And do you see an eventual exit strategy for RR, such as an
IPO or sale
All IPL franchises share a similar underlying structure due to the league s economic model. The
primary differentiator lies in the population base of each team s state or city which drives local revenues
and fan engagement, alongside any star players they have in their squad during the current cycle. We
don t rely heavily on benchmarking against other franchises or marking to market for majority valuations,
particularly given public transactions like Gujarat s may not fully reflect outstanding franchise fees,
meaning the actual enterprise value can be higher than reported. We estimate the implied equity value of
the Gujarat Franchise to have been close to . billion.
We are fortunate to have a group of shareholders aligned around a long-term vision and we see
ourselves as custodians of the franchise, prioritizing the team s growth and the league s integrity.

What will franchises do in the next years to build strong franchise-specific revenue, given
Q most income comes from the central pool
Merchandise is unlikely to become a major revenue stream over the next five years due to structural
challenges in India. Instead, our focus is on high-impact areas like sponsorships, fan engagement, content
creation, and innovative matchday experiences. We prioritize driving strong engagement metrics and
hosting unique events to attract and retain sponsors. Adjacent ventures such as fan programs and
academies also offer opportunities to create differentiated value.

Over the long term, building a year-round brand presence, without being limited to the
months of IPL season, similar to major US sports leagues, will be the key to unlocking
greater potential in business lines such as licensing and merchandise.

SECTION : ROYALS IDENTITY PHILOSOPHY

Rajasthan Royals have built a reputation for identifying and nurturing young Indian talent
Q from Ravindra Jadeja and Sanju Samson to Yashasvi Jaiswal, Riyan Parag, and most recently
Vaibhav Sooryavanshi. How central is this Moneyball philosophy to the Royals identity, and
what systems scouting, academies, mentorship are in place to sustain it
The Royals were built on the idea that talent is everywhere if you are willing to look. From Jadeja and
Yusuf Pathan in , to Jaiswal, Parag, and now Sooryavanshi, that philosophy remains at the heart of
who we are. We call it our Moneyball DNA using data, scouting networks, and a willingness to back
 | BEYOND YARDS - IPL WPL VALUATION |

unproven players. Increasingly, AI will allow us to take that philosophy further: to see patterns in on field
performance and how a team is built that humans might miss, and to democratize scouting beyond
traditional centres. It is not a slogan, it is a system: academies, scouting camps, analysts, and mentors all
feeding into one purpose championing potential.

Looking ahead, what is the next chapter of the Rajasthan Royals journey Is the focus on
Q building a multi-title winning team, expanding into global T ecosystems, creating a broader
pan-India or pan-Asian brand, or deepening roots in Rajasthan through community and
sporting initiatives Additionally, what governance practices are in place to ensure
transparency, resilience, and sustainable growth
Looking ahead, our ambition is threefold:
On-field, to build a multi-title winning team.
Off-field, to grow the Royals as a pan-India and pan-Asian brand, while staying rooted in Rajasthan.
Globally, to continue playing a leadership role in the multi-franchise T ecosystem.

Underlying all of this is governance. We have learnt, sometimes painfully, that strong
governance is non-negotiable. Transparent processes, professional management, and
patient capital are what will ensure sustainable growth.

And we believe cricket is uniquely placed to thrive in the age of AI: it is a sport of data, but also of
community. If we use innovation responsibly AI for performance, fan tech for engagement, optimism as a
cultural edge, then cricket can be one of the defining global sports of the next years.

Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

WPL
ECOSYSTEM VALUATION
Compared to the previous edition, the WPL ecosystem s value
has decreased from INR , Cr to INR , Cr, marking a
. decline. In USD terms, this translates from million to
million, reflecting an approximate . drop.

Value of WPL Ecosystem Value of WPL Ecosystem

INR Crore USD Million

, ,

Change: - . Change: - .

A drop in value is expected because of a shifting broadcast landscape after the Disney Star-Viacom
merger and the ban on real-money gaming platforms, which might weigh heavily on sponsorship inflows.

Value of WPL Ecosystem

, . , . .

, .
.
, . .
Value in USD Million
Value in INR Crore

.
, .
, .
, . . .

, .
.
.
, . , .

.
, .

, . .

Years
INR Crore USD Million

Source: - data from D and P Advisory IPL Valuation Report

 | BEYOND YARDS - IPL WPL VALUATION |

Credits BCCI
A
dding to the The league continued strong and growing
uncertainty, delivering its signature mix of connection with the
Dream s three- cricket, business, and tournament.
season deal concluded in entertainment. The This enthusiasm is
, and with the online season, held in the further confirmed by
gaming bill passed in August, February March window, Skyscanner data, which
the BCCI now faces the had already attracted strong shows a clear surge in travel
challenge of securing fresh brand interest before the linked to WPL fixtures.
sponsors for the WPL. With gaming bill was passed later Bengaluru, Mumbai, and
only a few months left before in the year. In the opening Lucknow emerged as the
the next season and little match of WPL TV ratings most searched cities for
visible interest from new surged up to year-on- travel during February and
corporate partners, the year and digital viewership March, with notable spikes
league enters a period of jumped around . New around key matches and the
unpredictability. brand entrants cautiously playoffs. The trend
explored the women s cricket underscores how the WPL is
The ban also space, reflecting a market in not only energizing stadiums
transition. but also shaping travel
threatens to erode
On the fan side, while patterns, as fans plan trips to
advertising revenues stadium capacities remained be part of the live
for JioStar, which the same, they were mostly experience.
full throughout the season,
could further depress
reflecting growth in
the valuation of attendance compared to
future media rights previous years. The increase
in the number of venues this
and eventually season has opened the
reduce income league to a wider and more
streams for diverse audience. Crowds
have been enthusiastic
franchises. across matches, reflecting a
Truly inspiring - Jay Shah reacts as GG vs RCB WPL season opener shatters viewership records
WPL Sparks a Sports Travel Boom in India, Skyscanner Data Reveals - my Khel
 | BEYOND YARDS - IPL WPL VALUATION |

In , WPL teams are Collectively, these expanding its reach and

increasingly focusing on initiatives highlight influence, the WPL is not only
broader community-driven strengthening the ecosystem
campaigns and innovative
how the WPL of women s cricket but also
digital engagement. Teams ecosystem is evolving inspiring a new generation of
are doubling down on digital beyond traditional fans and players who see the
storytelling leveraging reels, league as a symbol of
short-form content, and
match-day progress and possibility.
interactive fan polls to foster engagement, The moderation in the
two-way engagement rather creating a more WPL ecosystem s valuation
than merely broadcasting appears less a sign of decline
updates.
holistic and enduring and more a phase of strategic
For instance, Royal relationship with consolidation. The WPL is
Challengers Bengaluru RCB fans. undergoing a natural
featured Mr. Nags, a comedic recalibration after its initial
host, in playful behind-the- By maintaining burst of growth, shaped by
scenes interviews with touchpoints and interactive regulatory headwinds and
players like Smriti Mandhana, experiences throughout the evolving media dynamics.
blending humor and fan -month off-season, the While sponsorship from
interaction to create highly league ensures that its gaming firms will fall post-
shareable content. audience stays connected, RMG ban, and the broadcast
In , Mumbai Indians engaged, and invested in the monetization faces a reset
WPL engaged fans by making sport all year long. after the JioStar realignment
reels and short videos with WPL marks a and fall of Sony-Zee merger,
popular content creators, turning point for women s the WPLs core strengths like
giving fans a fun behind-the- cricket, showcasing how the emerging talent, strong fan
scenes look at the players league has evolved into a loyalty, and growing global
and team. platform that goes beyond recognition remain firmly
These initiatives help the sport itself. It is driving intact. With recalibrated
strengthen connections with conversations around strategies and renewed
fans across cities while inclusivity, representation, sponsor trust, the league can
aligning the league with and empowerment, while be positioned to rebound in
larger narratives of health, creating new opportunities the seasons ahead.
empowerment, and for women athletes to build
inclusivity. sustainable careers. By

WPL is driving conversations around

inclusivity, representation, and
empowerment, while creating new
opportunities for women athletes to
build sustainable careers
Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

THE IPL S NEW INNINGS:

ADAPTING TO THE POST-RMG ERA
INTRODUCTION

T
he Indian Premier League is not just cricket it is India s
biggest commercial spectacle, and a convergence point for
brands seeking visibility on the country s most dynamic
sporting stage. Over the years, the sponsor ecosystem has mirrored
the pulse of India s economy: from FMCG majors and automotive
leaders to tech disruptors, edtech startups, fintech innovators, and
real-money gaming platforms.
Global names such as Pepsi and Vivo once headlined as title
sponsors, while digital-first firms like Dream and Paytm ushered
in a new era of tech-driven partnerships. Teams, too, attracted a
diverse sponsor mix from airlines to consumer goods creating a

Credits BCCI
broad-based commercial backbone for the league.

Until recently, the Real-Money Gaming

RMG sector had emerged as the single
most influential sponsor category.
Companies like Dream and My Circle
forged deep, financially symbiotic ties
with the IPL, viewing it as their biggest
growth engine while injecting
unprecedented sponsorship dollars into
the league. This dynamic redefined
Credits BCCI

commercial potential across franchises.

However, with the recent ban on RMG advertising and
sponsorship, this once-dominant category has abruptly exited the
ecosystem leaving a revenue gap and forcing the league to reorient
towards other sectors.
 | BEYOND YARDS - IPL WPL VALUATION |

THE TWO SPONSORSHIP MINDSETS

T
he Indian Premier credibility and association. The money involved was
League has long been Real-money gaming unprecedented. Fantasy sports
the ultimate platform companies, in contrast, once platforms collectively spent
for brand visibility. Legacy treated the tournament as over ₹ , crore annually on
brands have used it to build their primary growth engine. marketing , much of it on
recall rather than chase Their model relied on cricket cricket. My Circle signed a
conversions: CEAT has been engagement, turning each five-year deal worth ₹
Strategic Timeout partner match into a funnel for user crore as an official partner in
since , Paytm served as acquisition. Where legacy , while Dream briefly
Umpire Partner for several sponsors sought recall, held title rights in for
years, and Tata Group s title gaming brands pushed direct ₹ crore . By , most
sponsorship since conversions dominating franchises carried gaming
reinforces corporate stature. jerseys, league partnerships, logos.
These partnerships are about and on-screen ads.
Sponsor Sponsorship Type Recipient Value Duration
Dream Indian National Team Jersey Sponsor ₹ crore Exited
My Circle IPL Official Partner ₹ crore annual

With the ban on real-money gaming advertising and sponsorship, this dominant category has
vanished overnight, creating a revenue gap that traditional sectors will now be called upon to fill.

THE IMPENDING CRISIS

I
n a landmark and is deliberately broad, platforms across any media.
controversial move that has capturing the entire spectrum Facilitate financial
sent shockwaves through of the industry from fantasy transactions for these games
India s online gaming sports and poker to rummy via banks or payment systems.
ecosystem, the Indian irrespective of whether a The consequences for
government has game is based on skill, chance, non-compliance are severe,
fundamentally reshaped the or a hybrid of both. demonstrating the
nation s gaming landscape The bill dismantles the government s zero-tolerance
with the Promotion and industry s operational stance. Operators face up to
Regulation of Online Gaming framework with a three years of imprisonment
Bill, . At its core, the comprehensive tripartite ban, and fines of up to ₹ crore,
legislation imposes a making it illegal to: while both advertisers and
sweeping and unequivocal Offer or operate any online promoters risk up to two years
prohibition on all online money gaming services. in jail and a ₹ lakh fine.
money games. The definition Advertise or promote such

Dream in talks with BCCI to exit ₹ crore jersey sponsorship after gaming ban - The Economic Times
My Circle to move away from IPL sponsorship | Cricket
IPL - Dream wins title rights after Vivo s exit | ESPNcricinfo
Online Gaming Bill tabled in Lok Sabha: Government cracks down on digital betting, gambling; seeks total ban - Times of India
 | BEYOND YARDS - IPL WPL VALUATION |

WILL INDIA S GAMING

BOOM SURVIVE THE POST-RMG ERA
India s gaming industry was on an explosive growth trajectory, projected to
soar from USD . billion in to USD . billion by , with real-money
gaming powering almost of revenues as of .

P
ay-to-play also known base of million paying almost in Pay to Play
as RMG formats alone gamers. Foreign as well as segment. At the time, RMG
were forecasted to domestic capital followed this wasn t just a category it was
touch USD . billion by , promise, with USD . billion the backbone of India s
driven by a rapidly expanding invested over five years, gaming economy.

Gaming in India
- by Revenue streams
. .

.
.
Value in USD Billion

.
.
. . .

. .

- .
FY FY E

Pay to Play In app purchase Ad revenue

Source: IEIC Report

The industry s reaction to annual GST, and engaging . CAGR to USD .

the changing landscape has crore Indian gamers. Could million by . Yet the
been one of shock, with India s gaming industry sustain question remains: can these
executives describing the shift its projected growth if its most segments collectively
as a death knell for a once- lucrative engine is disrupted compensate for the gap left
thriving sunrise sector. The With the landscape by Pay to Play and still
economic stakes were evolving, casual gaming, achieve the previously
enormous even before the subscription models, and forecast USD . billion
regulatory changes: a ₹ lakh esports are expected to step revenue The answer is
crore enterprise supporting into the spotlight. India s uncertain and it s exactly what
over lakh jobs, contributing esports market, for example, the future of India s gaming
an estimated ₹ , crore in is projected to grow at a boom will reveal.

[Link] knowledge-center reports-initiatives

Explained: What are online real-money games that have been banned How will the industry be affected | More sports News - Times of India
Esports - India | Statista Market Forecast
 | BEYOND YARDS - IPL WPL VALUATION |

EFFECT
ON FINTECH

R
MG companies in India the real-money wallet loading fuelling rapid growth.
strategically leveraged happened through UPI. The ban hits fintech
UPI Unified Payments Promotions and cashbacks companies hard. RMG
Interface to boost user tied to UPI deposits further platforms were fuelling nearly
spending and engagement. By incentivized spending, and million UPI transactions
enabling instant, frictionless gamified features such as per month, with a value
deposits from bank accounts instant reloads to continue exceeding INR , crore,
or wallets, UPI lowered barriers games or leaderboard rewards which translated to about
to entry and encouraged more encouraged higher . of total UPI volume on
frequent play. Platforms transaction volumes. average every month. In July
allowed micro-transactions as Additionally, UPI s lower alone, gaming category
small as ₹ ₹ , making it transaction costs allowed saw around million
psychologically easier for users operators to offer better transactions worth ₹ ,
to participate, while in-app bonuses without eroding crore, where significant
prompts and notifications margins. Together, these portion of this is likely
nudged users to top up strategies significantly attributable to real-money
quickly, often impulsively. increased both the frequency gaming.
More than percent of and value of transactions,

Credits BCCI

Fintech firms like PhonePe, Razorpay, and Cashfree stand

to lose significantly, potentially worth over INR ,
crore in monthly UPI volumes. While this is a small slice
of UPI s overall tally of over billion monthly
transactions, the high-value nature of these gaming-
related flows means fintechs lose both volume and
margin-rich conversions.
UPI transaction value dips Rs , cr in August after Centre s ban on online real-money gaming
Gaming industry contributed of revenue for several payment firms, impact on UPI volume and value minimal
Blanket ban on RMG jolts payment processors; Yes Bank hit hardest
Payment Gateways Brace for Rs , Crore Revenue Hit as Real-Money Gaming Ban Takes Effect
 | BEYOND YARDS - IPL WPL VALUATION |

THE
SPONSORSHIP GAP

R
MG platforms had passage of the Online Gaming franchises. The fallout is
become deeply woven Bill banning RMGs has uneven, exposing different
into the financial and abruptly cut off this stream of levels of vulnerability
sponsorship fabric of Indian support, creating a depending on how dependent
cricket, serving as crucial sponsorship vacuum across each stakeholder was on RMG-
backers for teams and the ecosystem, from the linked deals.
tournaments alike. The national team to individual

THE NATIONAL LEVEL:

A DOMINO EFFECT BEGINS
The first and most visible impact struck the highest echelon of Indian cricket.

National Team Cascading Broadcaster

Sponsor Exits Withdrawals Revenue Hit

Dream , the jersey This move has set off a The impact extends to
sponsor for the Indian domino effect. My Circle, media giants like JioStar.
national team, immediately an official IPL partner with Having relied heavily on
exited its three-year, ₹ a five-year deal worth ₹ RMG firms for advertising
crore contract with the crore, is expected to follow revenue, which contributed
BCCI. The agreement s suit. approximately ₹ , -
waiver clause, allowing a , crore of IPLs total
penalty-free exit due to advertising revenue,
regulatory changes, was forcing a scramble for new
promptly activated. revenue sources.

Explained: How Dream s sports business affected by Online Gaming bill | Business - Business Standard
Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

FRANCHISE FALLOUT:
A TALE OF TWO TIERS
The ban on real-money gaming is poised to create a
significant two-fold effect on the Indian Premier League.

The second
will be a
The first impact will
direct hit to individual
be felt at the league
franchises, which now
level, potentially
face the immediate and
affecting the
daunting challenge of
valuation of future
securing new
media rights.
sponsors.

A
t the league level, the The second and more
RMG sector had immediate effect is at the
become a cornerstone RMG companies did not franchise level. For teams that
of the IPLs financial just bring deep pockets; had cultivated strong, local
ecosystem, with companies they also brought sponsorship portfolios, the
acting as major advertisers consumers who were ban presents a direct hit to
and title sponsors. Their more engaged with their bottom line. The removal
aggressive advertising, matches through the of RMG partners, who were
particularly on digital often the most lucrative on-
financial incentives and
platforms, fuelled a significant jersey sponsors, leaves a
portion of the league s overall
interactive experiences sudden and gaping hole in
commercial value. With this tied to their platforms. their revenue streams. For
prolific spending category Replacing this dual these teams, the coming
now off the board, the next contribution of capital season will be a critical test of
round of media rights and fan engagement will their commercial agility. The
negotiations could face be a daunting task, as task is not merely to fill a
downward pressure. few other sectors can vacant space but to replace a
The absence of such a high-value, fast-growing
simultaneously match
high-spending sector sector with big companies
creates a void that goes
the spending power of willing to commit such large
beyond just lost sponsorship RMGs and their ability to sums.
and ad revenue money, it keep viewers invested
challenges the market s throughout the game.
ability to sustain the
astronomical valuations
seen in recent years.
 | BEYOND YARDS - IPL WPL VALUATION |

Finding a replacement won t be easy. The sponsorship

money that RMG companies injected into the market was
unique due to their high-risk, high-reward business model.

Sectors like banking, companies will seize the focusing less on the
consumer goods, and opportunity, perhaps at speculative growth of their
automobiles, while stable, negotiated rates to step in and partners and more on the
typically do not operate with help franchises tide over the long-term, stable brand-
the same aggressive coming year. This forces building opportunities that a
marketing budgets. The key franchises to get creative and partnership with a global
question now is whether these to re-evaluate their pitch, brand offers.

Sponsorship Income - IPL IPL: A LAUNCHPAD

FOR ESPORTS GROWTH
TATA

T
he Promotion and Regulation of
My Circle
Online Gaming Bill, has formally
CEAT
recognised esports as a sport, giving
Angel One
it legitimacy, regulatory clarity, and access
RuPay
to mainstream sponsorship. This positions
Wonder Cement
competitive gaming as a high-potential
sector ready to partner with established
leagues and brands.
With real-money gaming gone, the
NAVIGATING Indian Premier League offers esports a rare
THE POST-RMG ERA opening to reach millions of digitally
engaged fans. Through co-branded

D
ream , My Circle and others had become activations, integrated tournaments, and
cornerstones of the Indian Premier League s live tie-ins, esports can quickly scale
financial model. Their sudden exit leaves a visibility and attract marquee sponsors.
major sponsorship void, compelling the Board of For cricket, this creates a natural
Control for Cricket in India to reorient quickly. In the replacement: esports steps into the
short term, the focus is on finding compliant sponsors engagement space vacated by gaming
for the Women s World Cup, while the league itself platforms, while the league fills its
must rebuild its commercial strategy before the sponsorship gap. The result is a mutually
season. beneficial partnership that blends
This is not just an IPL problem it is a challenge audiences, deepens brand interaction, and
for Indian cricket. From the national team to marquee reinforces the league s role as India s premier
tournaments, the sport must now reduce dependence entertainment platform.
on gaming and move towards a more diversified,
sustainable sponsorship base.
 | BEYOND YARDS - IPL WPL VALUATION |

CONCLUSION

T
he ban on RMG has finance. In stark contrast,
triggered a chain While many countries Germany s framework offers a
reaction across Indian have opted for an outright ban powerful alternative to this
cricket s commercial on sports betting, this well- cycle of prohibition and
ecosystem. The exit of fantasy intentioned move often danger. By legalizing and
gaming brands, key IPL pushes the activity into a strictly regulating the industry,
sponsors, has created a major thriving black market. This the government brings it into
funding gap, pushing BCCI to unregulated environment is the light, allowing for robust
reassess budgets and far more dangerous, as it consumer safeguards like a
franchisees to rework on operates without any universal monthly spending
revenue models. Broadcasters consumer protections, legal limit and the OASIS self-
like JioStar, reliant on RMG recourse for fraud, or exclusion system. This model
ads, now face reduced ad mechanisms for responsible shows that it is possible to
revenues, likely lowering gambling. In this shadow control the industry and
media rights valuations. Fan economy, a country like China, protect the public without
engagement may also drop, as with its strict gambling driving it underground. It
fantasy apps drove real-time prohibitions, sees its massive leaves one to consider: Is an
interaction. This ripple effect underground market. This outright ban, the true answer,
extends to fintech, where UPI leaves bettors and leagues or could a model of robust
payment processors see a dip vulnerable to hidden risks and regulation have been the safer,
in high-value transactions, a lack of oversight, as there are more responsible path all
highlighting the no rules to prevent along
interconnected impact across exploitation or maintain the
cricket, media, and digital integrity of the sport itself.

Ban on RMG s

Lost Sponsorship Lost Premium Decrease in

for Franchises Ad slots by JioHotstar UPI transaction

Decrease in Lower future Decrease Revenue

Income Media Rights for Fintech companies
 | BEYOND YARDS - IPL WPL VALUATION |

GMR SPORTS:
Satyam Trivedi
INSIDE THE
CEO - GMR Sports DELHI CAPITALS FRANCHISE
Satyam Trivedi, CEO of GMR Sports, is a seasoned sports management leader with over two decades of
experience across India s premier sporting organizations. He oversees a diverse global portfolio spanning
cricket, rugby, kabaddi, boxing, marathons, and large-scale sports infrastructure projects in India and the UK.
In this Q A, he shares his perspectives on ownership models, media shifts, the rise of womens cricket, and how
Delhi Capitals is shaping its long-term identity.

SECTION : IPL MEDIA MARKET LANDSCAPE

Could the merger of JioCinema and Hotstar to JioStar inadvertently create a market opening for
Q global tech giants such as Amazon, Apple, or Google to enter India s sports streaming market
more aggressively in the next media rights cycle If so, what unique models subscription,
bundling, exclusive streaming could they bring to disrupt the landscape
In the previous media cycle, OTT and television rights for IPL were unbundled, allowing for distinct
strategies and players in each domain. The Jio-Star merger, which occurred after that cycle, marks a
significant shift in the media landscape. Looking ahead, we anticipate a similar approach in the upcoming
cycle, with OTT and television continuing to operate independently.
This separation presents a valuable opportunity for new entrants, both in television and OTT to
participate in IPL. Since its inception, IPL has served as a powerful launchpad for startups, emerging
brands, OTT platforms, and broadcast networks. For any global media conglomerate aiming to establish a
foothold in the Indian market, IPL remains the most strategic entry point.
While the exact business model adopted by these players are yet to be seen, IPL will undoubtedly
continue to set the benchmark for media innovation and audience engagement.

SECTION : SPONSORSHIPS

With the regulatory ban on the RMG real-money gaming sector impacting IPL sponsorships,
Q which new sectors are best positioned to step into this financial void and how might
categories like fintech, FMCG, or e-commerce reshape the sponsorship landscape
The IPL continues to attract strong interest from brands across sectors, and historically, its
sponsorship portfolio has not been dominated by a single category. Over the years, startups and brands
have successfully used the league as a launchpad, while industries such as telecom, automotive, and FMCG
have leveraged it to engage with millions of consumers.
For any brand seeking mass reach in India, IPL remains the most powerful platform. Its versatility also
enables unique cross-pollination where men s teams endorse women-focused products or campaigns
extend to youth and children, highlighting the unmatched potential of the league to connect with diverse
audiences.
 | BEYOND YARDS - IPL WPL VALUATION |

Fantasy sports platforms not only boosted engagement but also gave fans a financial stake in
Q the game. With their decline, do you expect viewership or engagement metrics to soften What
strategies should the league, franchises, and broadcasters adopt to sustain stickiness across
the season
India has always been a hub of innovation, and gamification represents the next frontier yet to be fully
unlocked. Platforms like Real Cricket million downloads and Hitwicket million active users have
already demonstrated how effectively mobile gaming can engage young audiences, especially with the
rapid rise of smartphone users. This emerging segment holds immense potential to drive the next wave of
growth in sports engagement and holds immense potential to take over the mantle in terms of user
engagement.

SECTION : WPL WOMEN S CRICKET

How do you see the WPL shaping the visibility, recognition, and commercialization of women s
Q cricket in India Have you observed tangible shifts in public perception, sponsorship interest, or
media coverage since its inception
Globally, women s sports are emerging as the next big growth engine, with Basketball WNBA and
football WSL already showing the way. In India, the WPL has created a similar momentum attracting
strong brand interest, inspiring more young girls to pursue cricket, and gaining greater acceptance from
parents as a serious career path.
The league s visibility on international broadcast platforms has further amplified this progress, making
the growth outlook for women s cricket extremely promising. In years to come, we expect the WPL to
continue to grow and follow IPL-like trajectory, opening up a new horizon for Women s sports in India.

How would you evaluate the current brand equity of WPL teams relative to other women s
Q sports leagues globally What lessons can WPL franchises draw from the success of
international women s sports properties to strengthen their commercial and fan base
The WPL has emerged as one of the fastest-growing women s sports properties globally, posting rapid
viewership and sponsorship gains in its first seasons. The success of WNBA gives blueprints for media deals,
fan development and diversified commercial income. WPL franchises can accelerate growth by investing in
long-term media partnerships, local grassroots activation, player storytelling and diversified sponsorship
packages. The cultural shift spurred by increased visibility and global best practices has already begun to
turn parental support and grassroots interest into a meaningful talent and audience pipeline.

SECTION : DELHI CAPITALS OWNERSHIP STRATEGY

DC s JSW GMR joint ownership provides one of the most stable structures in the IPL. How does
Q this translate into commercial advantages especially in building long-term sponsor
relationships and professionalizing operations
The coming together of GMR and JSW has significantly enhanced our sponsorship reach, building on
Delhi Capitals already strong track record in this space. Beyond the IPL, both groups have deep-rooted
investments across multiple sports - GMR as the league owner of Rugby Premier League in India along with
other franchise investments in Kabaddi, Kho-Kho, and international cricketing properties, and JSW across
diverse sporting ventures. This collective experience and network not only strengthen our investment in
 | BEYOND YARDS - IPL WPL VALUATION |

cricket but also allows us to cross-leverage synergies, expertise, and connections from both organizations
to drive greater value for the franchise.

With Axar Patel now leading the side and marquee signings like KL Rahul and Mitchell Starc,
Q how do you see DC s leadership and squad evolution shaping the franchise s brand identity
going forward
At last year s mega auction, we focused on building a strong core by blending exciting young talent
with proven performers. The presence of experienced international players in our squad provides
invaluable guidance, creating the perfect environment for youngsters to learn and grow. This balance has
laid a solid foundation for the team and given rise to a bold, fearless brand of cricket that reflects our long-
term vision.

SECTION : CAPITALS IDENTITY PHILOSOPHY

Q toDelhi has consistently backed young Indian talent from Shreyas Iyer and Prithvi Shaw earlier
Yash Dhull and other youngsters now. How central is this youth-first approach to DC s brand
journey
India has always been a hub of promising young cricketing talent, and Delhi Capitals has remained
committed to identifying and nurturing it. With a robust scouting network and continually evolving
grassroots programs, we ensure a steady pipeline of emerging players. This aligns closely with GMR Sports
vision of promoting and developing potential at the grassroots level an objective that continues to shape
the future of the franchise.

Since rebranding from Delhi Daredevils to Delhi Capitals in , the team s performance and
Q perception have steadily improved. Looking back, how do you evaluate that transformation
was it mainly about a stronger squad, or did the rebrand also reset the franchise identity in
fans minds
As the game of cricket evolves, we are evolving with it. We are shaping a new brand of cricket that
backs young talent and embraces the bold, fearless nature of the T format.

Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

METHODOLOGY
TO VALUE THE WPL AND IPL
ECOSYSTEM AND BRAND

THE WPL AND IPL ECOSYSTEM VALUATION

B
oth the WPL and IPL Ecosystems represent
the value generated by their respective
leagues as businesses. This encompasses
the business value of all the franchisees as well as
the governing bodies of WPL and IPL. These
ecosystems have been valued using a method
under the Income Approach known as the
Discounted Cash Flow DCF Method.
The DCF Method is a valuation technique that
provides an estimate of the value of an asset, or a
business, based on the cash flows that the asset or
business is expected to generate over its
remaining useful life. This income approach
commences with the estimation of the annual cash
flows a hypothetical buyer would anticipate the
subject asset or business to produce over a
discrete projection period. The estimated cash
flows for each of the years in this discrete
projection period are then converted to their
present value equivalent using a rate of return
suitable for the risk of achieving these projected
cash flows. The present value of these estimated
cash flows is added to the present value equivalent
of the residual value of the asset if any or the
business at the end of the discrete projection
period, resulting in an estimate of value. For our
valuation model, we ve incorporated taxes,
viewing both ecosystems as distinct business
entities.
Credits BCCI
 | BEYOND YARDS - IPL WPL VALUATION |

BRAND VALUATION OF IPL FRANCHISES

RELIEF FROM ROYALTY

We ve employed the relief from royalty

approach, an established methodology especially
prevalent in the sports franchise domain. This
method evaluates the hypothetical royalty that a
franchise would have to pay if it were to license its
brand instead of owning it. By estimating the
licensing fee saved, this approach quantifies the
brand s value.
For sports franchises within the IPL, the
brand s strength significantly determines its fiscal
worth. This method involves determining a
suitable royalty rate, influenced by factors such as
the team s past performance, size of the fan base,
media visibility, sponsorship deals, and league
standings, to name a few. Once established, this
rate is applied to a revenue stream attributable to
the brand, like merchandise sales or licensing
deals. The outcome is then discounted to its
present value, presenting an estimate of the
brand s value. Please note that the franchisee s
share of central pool is contractual and not
dependent on the brand strength of the franchisee
and hence the same is excluded while valuing the
Credits BCCI

brand.
 | BEYOND YARDS - IPL WPL VALUATION |

TRIVIA
WPL HIGHLIGHTS
MOST VALUABLE PLAYER OF THE SEASON
POINTS
NATALIE SCIVER BRUNT
MOST RUNS
IN A SINGLE SEASON
WPL

HIGHEST RUNS
NATALIE SCIVER BRUNT
TEAM TOTAL HIGHEST OF
THE SEASONS

UP WARRIORZ HIGHEST
SUCCESSFUL
SCORED AGAINST SUPER STRIKER
RCB CHASE OF THE SEASON

RCB CHASED AGAINST

.
CHINELLE HENRY
GUJARAT GIANTS

MOST DOT BALLS

MOST WICKETS: IN A SINGLE SEASON
IN A SINGLE SEASON
WPL BALLS
WICKETS SHABNIM ISMAIL
AMELIA KERR

MOST FOURS IN A
FIRST EVER SINGLE SEASON
WPL SUPER OVER WPL
MATCH
RCB VS
UP WARRIOZ
NATALIE
SCIVER BRUNT
Sources: TATA Women s Premier League | Official Website
 | BEYOND YARDS - IPL WPL VALUATION |

VAIBHAV SURYAVANSHI
YOUNGEST EVER PLAYER
TRIVIA
IPL HIGHLIGHTS
IN IPL HISTORY
OF THE SEASON

YEARS
DAYS MAHENDRA
- RR SCORED A CENTURY SINGH
OFF BALLS ST
WICKETKEEPER
DHONI
- AGAINST GT TO ACHIEVE

DISMISSALS
IN IPL

FIRST TEAM TO WIN

ALL AWAY MATCHES MOST NUMBER OF FOURS
IN A SEASON IN IPL HISTORY
RCB WINS VIRAT KOHLI
SURPASSES SHIKHAR DHAWAN
FOURS VS FOURS

HIGHEST SCORE BY AN INDIAN IN IPL HISTORY:

BY ABHISHEK SHARMA AGAINST PUNJAB
KINGS

HIGHEST CHASE IN IPL HISTORY WITHOUT

LOSING A WICKET: GT WON AGAINST DC MOST NUMBER OF
SIXES IN A SEASON
FIRST TIME A NON-OPENER SCORED +
RUNS: SURYAKUMAR YADAV RUNS
Sources: ESPN Cricinfo, iplt .com , Economic Times, Mint
 | BEYOND YARDS - IPL WPL VALUATION |

PARTING THOUGHTS
T
he story of Indian cricket While its ecosystem value has
in is one of contrasts. moderated this year, the league
The IPL, once synonymous is consolidating after an initial
with relentless expansion, has surge, building stronger fan
encountered its first period of communities, attracting diverse
sustained correction. Two sponsors, and symbolising
consecutive years of valuation inclusivity and progress in Indian
decline highlight how structural sport.
shifts the consolidation of Together, the two leagues
media rights under JioStar and reveal the new economics of
the abrupt exit of Real Money cricket. Scale and reach are no
Gaming sponsors can reshape longer in doubt the IPL and
Piyush Patnaik
Partner even the most powerful sporting WPL together draw well over a
[Link] [Link] ecosystem. What was once billion viewers, fill stadiums, and
fuelled by auction fever and dominate cultural conversations.
speculative spending must now What is in flux is the architecture
evolve into a model built on of value: who pays, how much,
stability, diversification, and and under what conditions. The
sustainable growth. forces of platform consolidation
The WPL, meanwhile, and regulatory intervention have
stands at a different point in its rewritten the rules of the game.
journey. Three seasons in, it has The challenge now is to re-
already established itself as a engineer revenue streams,
premier platform for women s nurture diversified sponsor
cricket, combining elite bases, and leverage digital
performance on the field with innovation to sustain long-term
growing cultural resonance off it. compounding.

If the past decade was about breaking records, the

coming decade will be about building resilience.
Cricket in India is no longer just a sport; it is a platform
economy shaped by audiences, technology, and
policy. Those who adapt to this reality will define the
next chapter not just in valuations, but in the cultural
and the economic impact far beyond yards.
Credits BCCI
 Credits BCCI
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