Royal Challengers Bengaluru (RCB) has become the first Indian Premier League (IPL) franchise to cross the $300 million brand value milestone, as the league's overall business valuation climbed to $20.6 billion, underscoring the growing commercial appeal of the world's richest cricket tournament.According to the 2026 IPL Brand Valuation Study released by global investment bank Houlihan Lokey, RCB retained its position as the league's most valuable franchise with a brand value of $312 million, up 16% from $269 million last year. The report also valued the IPL as a business at $20.6 billion, an 11.4% increase year-on-year, while the league's standalone brand value rose 10.3% to $4.3 billion.The report comes after two landmark franchise transactions that reset valuation benchmarks for the league. RCB was acquired by a consortium comprising Blackstone, Bolt Ventures, Aditya Birla Group and Times of India Group at a reported valuation of $1.78 billion, making it the most expensive IPL franchise deal on record. Rajasthan Royals was separately acquired by the Mittal family and Adar Poonawalla at a reported valuation of $1.65 billion.The deals, Houlihan Lokey said, reflect growing institutional confidence in the IPL's long-term commercial potential, with global investors increasingly viewing franchises as scalable sports and entertainment businesses rather than seasonal cricket teams."Cricket's evolution into a globally owned, institutionally backed asset class has accelerated further in 2026, with the IPL continuing to redefine the global sports landscape," said Harsh Talikoti, Director in Houlihan Lokey's Financial and Valuation Advisory business.