The Indian Premier League (IPL) could expand to 12 teams from the 2028 season, with the Board of Control for Cricket in India (BCCI) exploring the addition of two new franchises, according to a media report by Mint.
Pune and Vadodara have emerged as potential destinations for the proposed teams, although discussions remain at an early stage and the final choice of cities has not been confirmed. The expansion is expected to coincide with the next IPL media rights cycle, covering the 2028-2032 period.
Each new franchise could command a valuation of more than $1 billion amid interest from domestic and international investors, including private equity firms, sovereign wealth funds and major business groups. However, the BCCI’s plans will depend on commercial considerations, broadcaster interest and the availability of leading Indian players.
Why Pune and Vadodara are in the race for new IPL teams
Vadodara has emerged as a potential IPL destination as Gujarat looks to strengthen its position as a sporting hub. Located around 110 km from Ahmedabad, the city could become the state’s second IPL centre, alongside the Gujarat Titans’ home base.
Ahmedabad has also been part of India’s ambitions to develop international-standard sporting infrastructure, particularly in connection with the country’s aspiration to host the 2036 Olympic Games.
Pune, meanwhile, has previously hosted two IPL franchises. Sahara Group-owned Pune Warriors India represented the city between 2011 and 2013 before exiting the competition following financial disagreements with the BCCI over franchise fees.
The city returned to the IPL in 2016 with Rising Pune Supergiant, which participated in the 2016 and 2017 seasons when Chennai Super Kings and Rajasthan Royals were suspended. The franchise reached the 2017 final but lost to Mumbai Indians by one run.
IPL franchise valuations cross $1.5 billion
The proposed expansion comes amid rising valuations of existing IPL franchises following two major ownership transactions.
United Spirits, the Indian subsidiary of Diageo, agreed to sell Royal Challengers Bengaluru to a consortium comprising the Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures for a reported valuation of $1.78 billion.
In another major transaction, a consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired Rajasthan Royals in a deal valuing the franchise at $1.65 billion.
These transactions have strengthened expectations of valuations exceeding $1 billion for new teams entering the competition.
Investors show interest in proposed IPL franchises
Several domestic and international investors are reportedly evaluating opportunities to acquire stakes in the proposed franchises.
Potential investors include European private equity firm Permira, sovereign wealth funds from West Asia, Asian state-backed investment entities, major Indian business conglomerates and US-based family offices.
Ultra-high-net-worth individuals are also assessing potential investments, including minority stakes in the new teams.
The proposed valuations of more than $1 billion for each franchise reflect the growing commercial interest in the IPL following recent ownership transactions.
What could influence the IPL expansion plans?
The BCCI’s expansion plans will depend on several commercial and operational factors, particularly broadcaster interest and the availability of leading Indian players.
Adding two franchises would increase the number of matches in the tournament, requiring broadcasters to commit additional resources towards acquiring media rights and distributing the expanded competition.
The current IPL media rights cycle, covering 2023-2027, was sold for $6.2 billion, making the tournament one of the most valuable sporting properties globally on a per-match basis.
The proposed expansion is expected to align with the next media rights cycle, covering 2028-2032. However, the BCCI is yet to finalise the number of teams, potential host cities or the timeline for inviting bids.