The rapid rise of this fast-format cricket, led by the Indian Premier League, is fueling multi-billion-dollar investments, as franchises expand into new leagues and untapped markets.
Once a sport defined by tradition and endurance, cricket is now at the center of a modern gold rush. The explosive growth of Twenty20 (T20) cricket—a fast-paced, three-hour format instead of the traditional five days—has turned the game into a commercial powerhouse, attracting global investors eager to stake their claim.
The Indian Premier League (IPL), launched in 2008, has been the driving force behind this transformation, generating record-breaking revenues and inspiring the creation of T20 leagues across the world.
As of 2024, the IPL’s total value is $16.4 billion, according to a study by Houlihan Lokey, a leading valuation authority. With its broadcast rights selling for $6.02 billion, investors are aggressively expanding their portfolios, buying into leagues in South Africa, the UAE, England, the US and beyond. Established IPL franchise owners are leading the charge, while new entrants, including tech billionaires and Bollywood stars, are fueling the sport’s rapid globalization.
The IPL’s Financial Power
Tata Group, the IPL’s title sponsor for 2024–2028, pays an annual sponsorship fee of $58 million. The league generates approximately $1.2 billion per year from broadcasting and sponsorships, seventh most in the sports world, but ranks as the second most valuable sports league globally in broadcasting rights on a per-match basis, earning $17 million per game—trailing only the NFL, which earns about $37 million per game.
Having found success in the IPL, franchise owners are now backing new leagues worldwide. In South Africa’s SA20, all six teams are owned by IPL investors. The UAE’s ILT20 has drawn backing from Bollywood star Shah Rukh Khan, as well as business giants like GMR, Adani, Lancer Capital, and Capri Global.
Reliance, owner of the Mumbai Indians, is at the forefront of global expansion, acquiring a 49% stake in the Oval Invincibles for $74 million—the highest franchise price in England’s “Hundred” competition. Reliance also owns MI Cape Town (SA20), MI Emirates (ILT20), and MI New York (Major League Cricket).
Other IPL stakeholders are following suit. RPSG Group, owner of the Lucknow Super Giants, acquired a 70% stake in the Manchester Originals for $100 million and also owns the Durban, South Africa, franchise in SA20. Sun Group, owner of Sunrisers Hyderabad, purchased the Northern Superchargers for $125 million, while GMR Group, co-owner of the Delhi Capitals, invested $149 million in Hampshire.
New Investors Enter the Game
The T20 boom is also attracting fresh capital from outside traditional cricket circles. A billionaire tech consortium led by Google CEO Sundar Pichai and Microsoft CEO Satya Nadella has agreed to buy a 49% stake in London Spirit for $180 million.
In the U.S., approximately $850 million is being invested to establish a professional cricket league, with Major League Cricket receiving $120 million in funding from investors including Satya Nadella and Ross Perot Jr. to develop stadiums and training facilities.
Cricket’s return to the 2028 Olympics in Los Angeles after a 128-year absence is expected to further accelerate the sport’s global reach. Meanwhile, Europe is joining the T20 movement, with the inaugural European T20 Premier League—featuring teams from Ireland, Scotland, and the Netherlands—set to launch in July 2025. Indian actor Abhishek Bachchan is among its co-owners.
As the sport continues its expansion, new markets are emerging. Saudi Arabia, which hosted an IPL player auction last November, is positioning itself as cricket’s next major destination. With billions pouring into T20, cricket is no longer just a game—it’s a rapidly growing global empire.