BCCI’s cash cow IPL suffers consecutive valuation declines despite record broadcast deal; WPL not far behind

The Indian Premier League (IPL), a powerhouse in the cricketing world, appears to be facing challenges as its valuation has dropped for the second year in a row. The 2025 IPL-WPL Valuation Report by D&P Advisory, titled "Beyond 22 Yards: The Power of Platforms, The Price of Regulation", reveals that the IPL's valuation has decreased to Rs 76,100 crore ($8.8 billion) in 2025, down from Rs 82,700 crore ($9.9 billion) in 2024.

This decline marks a total reduction of Rs 16,400 crore over the past two years. In 2023, the valuation stood at Rs 92,500 crore ($11.2 billion), and the latest findings indicate a significant shift in the economic landscape of Indian cricket.

D&P Advisory has pinpointed two major structural changes contributing to this downturn. The first is the merger of Disney Star and Viacom18 into JioStar, which effectively concluded the fierce bidding competition that had previously inflated media rights values. The second critical factor is the government's prohibition on online money gaming, along with its associated advertising and sponsorship.

D&P estimates that this ban has resulted in a loss of approximately Rs 1500-2000 crore from the IPL ecosystem alone.

When it comes to franchises, numerous teams featured RMG logos as their primary shirt sponsors or significant partners. However, substituting these agreements with conventional industries such as FMCG, BFSI, automotive, and electric vehicles is proving to be difficult due to the existing spending disparity.

The exit of Dream11 from the national jersey deal, amounting to Rs 358 crore, stands out as the most prominent indication of this wider withdrawal.

In 2022, IPL media rights were sold for a staggering Rs 48,390 crore for a five-year cycle

In a noteworthy development, the Board of Control for Cricket in India (BCCI) secured a record Rs 48,390 crore for IPL media rights in 2022, covering the 2023-27 cycle. Disney Star maintained the television rights, while Viacom18's JioCinema acquired the streaming rights. This deal represented a remarkable increase of over Rs 32,000 crore compared to the amount Star India paid for the 2018-22 cycle.

However, Santosh N, managing partner at D&P Advisory, noted that the firm had foreseen this decline in growth. "In 2023, when we estimated the IPL’s valuation at $11.2 billion, we projected a 40-50% increase in media rights by 2027. This prediction was based on the presence of two strong bidders and the potential entry of global tech firms into sports streaming."

WPL impact

The situation for the Women's Premier League (WPL) mirrors this trend, as the value of its ecosystem has dropped from Rs 1,350 crore to Rs 1,275 crore, reflecting a decline of 5.6 percent.

Compounding the uncertainty, Dream11's three-season agreement is set to expire in 2025. Following the passage of the online gaming bill in August, the Board of Control for Cricket in India (BCCI) now faces the daunting task of attracting new sponsors for the WPL. With only a few months remaining before the upcoming season and minimal interest from potential corporate partners, the league is poised to enter a phase of unpredictability.

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