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The Indian Premier League (IPL) could reportedly expand its footprint once again, with the Board of Control for Cricket in India (BCCI) exploring the addition of at least two franchises from the 2028 season.
Pune and Vadodara have emerged as likely destinations, although discussions are at an early stage and the final choice of cities could change, according to a Mint report citing people familiar with the developments.
The proposed expansion is expected to coincide with the next IPL media rights cycle, covering 2028 to 2032. Each new franchise could command a valuation of more than $1 billion amid growing interest from domestic business groups and international investment firms, the Mint report said.
Potential investors are understood to include private equity firm Permira, sovereign wealth funds from West Asia, Asian state-backed investment entities, US-based family offices and prominent Indian business conglomerates, according to Mint. Ultra-high-net-worth individuals are also evaluating possible investments, including minority stakes in the proposed teams, stated the report.
Vadodara's emergence as a potential IPL destination comes amid Gujarat's broader push to strengthen its position as a sporting hub. The city is located around 110 km from Ahmedabad, where the Gujarat Titans play their home matches.
The Centre has also highlighted Ahmedabad's ambitions to develop international sporting infrastructure, particularly in the context of India's aspiration to host the 2036 Olympic Games. Home Minister Amit Shah had outlined the city's ambitions in a government release on September 4.
Pune, meanwhile, has an established association with professional cricket and has previously hosted two IPL franchises.
The city was home to Sahara Group-owned Pune Warriors India between 2011 and 2013. The franchise subsequently exited the competition following financial disagreements with the BCCI over franchise fees.
Pune later hosted Rising Pune Supergiant for two seasons in 2016 and 2017, when Chennai Super Kings and Rajasthan Royals were suspended. The team reached the 2017 final but lost to Mumbai Indians by just one run.
The expansion discussions come against the backdrop of a sharp increase in IPL franchise valuations, following two major ownership transactions.
United Spirits, the Indian subsidiary of Diageo, agreed to sell Royal Challengers Bengaluru (RCB) to a consortium comprising the Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures at a valuation of $1.78 billion.
Separately, a consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired Rajasthan Royals in a transaction valuing the franchise at $1.65 billion.
These deals have strengthened expectations of premium valuations for any new teams entering the competition.
The IPL last expanded before the 2022 season, when the BCCI awarded two new franchises. The RPSG Group acquired Lucknow Super Giants for $940 million, while CVC Capital Partners bought Gujarat Titans for $750 million.
The BCCI's expansion plans will also depend on commercial considerations and the availability of leading Indian players. The broadcasters' appetite for additional matches will also be important, as more franchises would increase the overall number of games and the cost of acquiring media rights.
The current 2023-2027 media rights cycle was secured for $6.2 billion, making the IPL one of the world's most valuable sporting competitions on a per-match basis.
