Ahead of the much anticipated Indian Premier League (IPL) 2023 auction, fans of Indian cricket would be delighted to know that the valuation of the cash-rich league has crossed 91,000 crores.
The IPL 2023 auction will take place in Kochi on December 23, but before that, the brand continues to soar to new heights as the IPL ecosystem is now worth $11 billion ($10. 9 BN) as per a report released by D & P Advisory firm.
IPL has now become a 'decacorn', meaning that the entity has crossed a valuation of $10 billion, and in such cases, a business is called a decacorn.
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How IPL became a 'decacorn' and its value zoomed past USD 10 billion
As per the same report, IPL was valued at around $ 6.2 billion in 2020, but since then the value of the league as well as the franchise involved has doubled, as per a report titled 'Beyond 22 Yards'.
The new media rights deal of IPL for the 2023 to 2027 cycle is one of the main factors behind the massive boost in the league's valuation. As compared to the previous cycle, the league will rake in 100% more money from the previous cycle.
While Disney Star won the rights for IPL's tv broadcast rights for an eyewatering sum of 23,575 crores, Viacome18 bagged digital rights for 23,758 crores. It was the very first time two separate entities won the broadcast rights.
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Apart from this, the entry of two new franchises in IPL, Gujarat Titans and Lucknow Super Giants for a combined sum of $1. 6 billion has also boosted the valuation.
The valuation of the two new IPL franchises is at least six to seven times more than the previous franchises sold by BCCI.
There are also other factors such as the increase of matches in a single season from 74 to 94 in the next cycle.
