Manoj Badale, who kept the underdog Rajasthan Royals for nearly two decades, has finally ceded control, selling a majority stake to a consortium that includes Lakshmi Mittal’s family and vaccine billionaire Adar Poonawalla. The transaction values the franchise at roughly $1.65 bn, a stark rise from the $67 mn paid for the cheapest original IPL slot.

Deal‑making fever that lifted IPL valuations in the past decade is fading. Media rights, which now generate three‑quarters of team revenue, are projected to plateau at $5.4 bn for the 2023‑27 cycle, according to Media Partners Asia. With Viacom18 and Disney’s Star India merged, competitive bidding pressure has evaporated, limiting upside for future auctions.

Even as franchise economics remain insulated—no relegation risk and guaranteed central payouts—owners like Mittal and Poonawalla view stakes as brand amplifiers rather than pure profit engines. With ageing superstars anchoring fan interest and a crowded global cricket calendar squeezing growth, the IPL’s cash machine is now running at a slower pace.

The league’s protected revenue model continues to attract capital despite the slowdown. Franchise owners receive a share of central broadcasting proceeds and enjoy cross‑promotion opportunities for their core businesses. As the IPL contemplates modest schedule expansion, its value proposition rests on brand cachet rather than explosive financial growth.