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Mumbai Indians at **$2.1B** marks the first time a cricket franchise outvalues an MLB team on paper; IPL expansion and media renewals could push top clubs past **$2.5B** by 2028.
$2.1 billion
according to Sportico's October 2026 franchise valuation report
1,800 percent
since the league's 2008 launch
$74.4 million
in revenue during the 2026 season
28x
multiple on estimated annual revenue
Mumbai Indians, the five-time IPL champion controlled by Reliance Industries, is now worth $2.1 billion according to Sportico's October 2026 franchise valuation report. That figure places the cricket club ahead of half the teams in Major League Baseball—a milestone no cricket property has crossed before.
The average IPL franchise is worth $1.7 billion, up 1,800 percent since the league's 2008 launch. Teams generated an average of $74.4 million in revenue during the 2026 season, driven by media rights, jersey sponsorships, and gate receipts compressed into eight home matches. Mumbai Indians' valuation reflects a 28x multiple on estimated annual revenue, compared to MLB's league-wide average of roughly 6x. The gap is growth rate: IPL franchises are adding 15–20 percent annually in enterprise value, while MLB teams track closer to 5 percent.
The comp that matters is not sentiment but deal flow. Recent private-market transactions confirm Sportico's range. Kolkata Knight Riders and Royal Challengers Bangalore both trade near $1.8–1.9 billion in secondary stakes, per three family offices active in the space. One London-based allocator who passed on a Mumbai Indians minority tranche in July said the club's ask was $2.0 billion pre-money; the eventual buyer, a Singapore sovereign wealth vehicle, paid closer to $2.2 billion post. That buyer, according to two people familiar, wanted exposure to Indian consumer spending without the compliance load of direct retail investments. The IPL franchise was the cleaner entry.
What changed is the media deal. Disney Star and Viacom18 are paying the IPL $6.2 billion over five years for broadcast and streaming rights—$1.24 billion per season, or roughly $103 million per team before revenue sharing. Add local sponsorships (Mumbai's Jio jersey patch is worth $22 million annually) and matchday hospitality (Wankhede Stadium's premium suites sold out by December for the next season), and a top franchise clears $90–100 million in annual operating income. Compare that to the Miami Marlins, valued by Sportico at $1.9 billion, which reported $35 million in EBITDA last year.
The valuation also reflects optionality. The IPL is expanding to twelve teams by 2028, with Ahmedabad and Lucknow franchises already operational and two more slots opening in the next auction. New franchises are expected to sell for $1.5–2.0 billion each, setting a floor under existing clubs. Mumbai Indians' ownership group has signaled interest in acquiring a second franchise through a subsidiary structure, per a October filing with India's Ministry of Corporate Affairs. That move would let Reliance control two revenue streams while the league's anti-cross-ownership rules are still being drafted.
MLB's average franchise is worth $2.4 billion, so the league still leads on aggregate. But seven IPL teams are now worth more than the Athletics, Rays, or Guardians. The crossover happened faster than even optimistic projections. In 2018, Mumbai Indians was worth $115 million. Eight years later, it's 18x that figure. No major sports league has compounded at that rate outside of Formula 1 post-Liberty Media.
Watch for the IPL's next franchise auction, tentatively scheduled for Q1 2027. If bids clear $2 billion, Mumbai's valuation moves to $2.5 billion by default. Also watch Disney Star's renewal negotiations, which begin late 2027 for rights starting in 2029. A $2 billion-per-season deal would reset every franchise's comp base. Meanwhile, Reliance is hiring in its sports investment division—three roles posted in Navi Mumbai last week, all requiring M&A experience.
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