The Indian Premier League could expand to 12 franchises from 2028, according to a report in Mint. Pune and Vadodara are the reported frontrunners, with each new team potentially valued above $1 billion. Here is a data-focused look at the numbers, history and risks behind the proposal.
What the Report Says About IPL Expansion
The BCCI is reportedly exploring the addition of at least two new sides. That would be the league's biggest change since 2022, when it grew to its current 10-team format.
Discussions are said to be at a very early stage. The final choice of cities could still change before any official announcement.
The timing matters. The expansion is expected to align with the next media rights cycle, which runs from 2028 to 2032.
IPL expansion proposal at a glance| Metric | Current | Proposed (reported) |
|---|
| Number of franchises | 10 | 12 |
| Increase in league size | - | 20% |
| Reported valuation per new team | - | More than $1 billion |
| Likely host cities | - | Pune, Vadodara |
| Target season | - | 2028 |
Franchise Valuations Driving the Push
Franchise values have risen sharply, and two recent ownership deals have reset investor expectations. Both transactions suggest buyers are willing to pay a premium for IPL assets.
United Spirits, the Indian arm of Diageo, agreed to sell Royal Challengers Bengaluru at a $1.78 billion valuation. A group led by the Lakshmi Mittal family and Adar Poonawalla bought Rajasthan Royals at $1.65 billion.
Recent IPL franchise valuations| Franchise | Buyer | Valuation |
|---|
| Royal Challengers Bengaluru | Consortium of Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures | $1.78 billion |
| Rajasthan Royals | Group led by the Lakshmi Mittal family and Adar Poonawalla | $1.65 billion |
The two deals average about $1.7 billion per franchise. Against that benchmark, a reported valuation of more than $1 billion for a new team looks conservative.
Who Is Reportedly Interested
Interest is said to be growing among Indian business groups and international investment firms. Permira is one named suitor, alongside West Asian sovereign wealth funds and state-backed Asian investment bodies.
US-based family offices and established Indian conglomerates are also reportedly keen.
Pune's Track Record in the IPL
Pune is a familiar IPL location, having hosted two different franchises. Neither stay was long, but the city has previously supported top-level franchise cricket.
Pune's previous IPL franchises| Franchise | Seasons | Outcome |
|---|
| Pune Warriors India (Sahara Group) | 2011-2013 | Left after a dispute with the BCCI over franchise fees |
| Rising Pune Supergiant | 2016-2017 | Reached the 2017 final, lost to Mumbai Indians by one run |
Rising Pune Supergiant replaced the suspended Chennai Super Kings and Rajasthan Royals for those two seasons. Their one-run final defeat remains the closest result a Pune side has had in an IPL decider.
Hurdles Facing the 12-Team Model
The BCCI must weigh several factors before committing. The commercial case has to work for existing franchises as well as new ones.
Talent Pool Dilution
Adding two teams spreads the same pool of top Indian players more thinly. As an illustrative split, an equal share of talent per team would fall from 10.0% to roughly 8.3%.
Illustrative talent distribution (equal split)| League size | Teams | Share of talent pool per team |
|---|
| Current | 10 | 10.0% |
| Proposed | 12 | 8.3% |
Broadcaster Economics
More franchises would mean more matches, which would raise the cost of the media rights. The 2023 to 2027 cycle was sold for $6.2 billion.
Any broadcaster bidding for 2028 to 2032 will need a larger schedule to add up financially. A longer season also adds to the workload of India's leading players across formats.
Analytical Outlook
The case for expansion rests on market size, rising valuations and added opportunities for domestic players, coaches and support staff. The risks center on workload, quality of play and competitive balance.
The figures point to strong investor demand, but they do not yet answer the talent question. A carefully planned rollout would protect both player welfare and the product's appeal, while a rushed one could dilute it.
Key Questions to Watch
- Will Pune and Vadodara be confirmed as the host cities?
- How will the media rights price change with a larger schedule?
- What measures will protect player workload and competitive balance?