The Board of Control for Cricket in India (BCCI) is reportedly considering adding at least two franchises to the IPL from the 2028 season. According to a Mint report, Pune and Vadodara have emerged as potential destinations, although discussions remain at an early stage and the final choice of cities is yet to be confirmed.
The Indian Premier League initially began with eight teams in 2008 before expanding to 10 in 2011 with the addition of Pune Warriors India and Kochi Tuskers Kerala. However, the Kochi-based franchise was terminated after one season over contractual issues, while Pune exited the competition after the 2013 season.
Pune and Vadodara Emerge as Frontrunners for Two New IPL Franchises
Vadodara's emergence as a potential destination comes amid Gujarat's efforts to strengthen its position as a major sporting hub. Located around 110 km from Ahmedabad, the city could benefit from the state's push to develop international sporting infrastructure.
Ahmedabad's sporting ambitions have also gained attention in the context of India's bid to host the 2036 Olympic Games. Union Home Minister Amit Shah outlined the city's plans to develop international-standard sporting facilities in a government release on September 4.
Pune, meanwhile, has a history of hosting IPL teams. The city was home to Sahara Group-owned Pune Warriors India from 2011 to 2013 before the franchise withdrew from the competition following financial disagreements with the BCCI over franchise fees.
The IPL returned to Pune in 2016, with Rising Pune Supergiant representing the city for two seasons. The franchise entered the competition after Chennai Super Kings (CSK) and Rajasthan Royals (RR) received suspensions. Supergiant reached the 2017 final but lost to Mumbai Indians (MI) by just one run.
New IPL Teams Could Command Over $1 Billion as Investors Show Interest
The proposed franchises could each attract valuations exceeding $1 billion. According to Mint, potential investors include European private equity firm Permira, sovereign wealth funds from West Asia, Asian state-backed investment entities and prominent Indian business conglomerates.
US-based family offices and ultra-high-net-worth individuals are also evaluating potential investments. Some investors are considering minority stakes in the proposed teams as discussions around the expansion continue.
The BCCI's last expansion took place ahead of the 2022 season, when it awarded two new franchises. The RP-Sanjiv Goenka Group secured the Lucknow team for $940 million, while CVC Capital Partners acquired the Ahmedabad franchise, later named Gujarat Titans, for $750 million.
RCB and Rajasthan Royals Deals Push Franchise Valuations Higher
Recent ownership transactions have further strengthened expectations of premium valuations for new teams. United Spirits agreed to sell Royal Challengers Bengaluru (RCB) to a consortium comprising the Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures for $1.78 billion.
In another major transaction, a consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired Rajasthan Royals at a valuation of $1.65 billion. The Torrent Group had also purchased a 67% majority stake in Gujarat Titans last year for approximately $875 million.
However, the BCCI's expansion plans will depend on commercial considerations and the availability of Indian players. Broadcasters' willingness to pay for additional matches will also play a major role, as two more teams would increase the tournament's overall schedule and media rights costs.
The current 2023-2027 media rights cycle fetched $6.2 billion, making the IPL one of the world's most valuable sporting competitions on a per-match basis. The next cycle, expected to begin in 2028, could exceed that figure if the league's commercial growth continues.
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