The Indian Premier League (IPL) could be preparing for another major expansion, with the Board of Control for Cricket in India (BCCI) reportedly considering the addition of at least two new franchises from the 2028 season. Pune in Maharashtra and Vadodara in Gujarat have emerged as potential destinations, according to a report by Moneycontrol and other media coverage of the proposal. The possible expansion is expected to coincide with the next IPL media-rights cycle, covering 2028 to 2032.
The development comes as the IPL attracts growing interest from international investors, private equity firms and major Indian business groups. Recent franchise transactions have pushed team valuations to unprecedented levels, with Royal Challengers Bengaluru reportedly changing hands at a valuation of $1.78 billion. However, the proposed expansion remains at an early stage. The BCCI has not officially announced new franchises, selected host cities or opened a bidding process.
Key Takeaways
- The BCCI is reportedly considering adding at least two IPL franchises from 2028.
- Pune and Vadodara are among the cities being considered.
- The proposed expansion is linked to the 2028–2032 IPL media-rights cycle.
- Each new franchise could potentially be valued at more than $1 billion.
- Private equity firms, sovereign wealth funds and Indian business groups are reportedly evaluating investment opportunities.
- Pune has previously hosted Pune Warriors India and Rising Pune Supergiant.
- Vadodara could strengthen Gujarat’s position as a major sports destination.
- The IPL currently has 10 franchises, following its previous expansion in 2022.
- A crowded international cricket calendar and the availability of Indian star players remain important challenges.
- The BCCI has not formally confirmed the expansion or announced a franchise tender.
BCCI Considers Expanding IPL to 12 or More Teams
The IPL began in 2008 with eight franchises and has gradually developed into one of the world’s most commercially valuable sporting competitions.
The league currently features 10 teams, following the addition of Gujarat Titans and Lucknow Super Giants ahead of the 2022 season.
The latest reported proposal could increase the number of franchises to at least 12 from 2028.
According to the reports, the BCCI is examining the possibility of adding two or more teams around the start of the next media-rights cycle.
The timing is commercially significant because the next broadcasting and digital rights agreement will cover the 2028–2032 period.
Adding franchises could create more matches, increase the league’s geographical reach and provide additional opportunities for broadcasters, sponsors and investors.
However, the proposal is not yet a confirmed BCCI decision.
The cities under consideration could change, and the board may consider adding more teams depending on investor interest and the league’s commercial requirements.
IPL Expansion: Current and Proposed Structure
| Particular | Current position | Proposed development |
|---|---|---|
| Number of teams | 10 | At least 12 |
| Potential new cities | — | Pune and Vadodara |
| Possible expansion | — | From 2028 |
| Media-rights cycle | 2023–2027 | 2028–2032 |
| Organising authority | BCCI | BCCI |
| Official confirmation | 10 existing teams | New teams not confirmed |
The expansion would be the IPL’s first addition of franchises since 2022.
Why Are Pune and Vadodara Emerging as Front-Runners?
Pune and Vadodara offer different commercial and geographical advantages.
Pune has an established cricket following and a history of hosting IPL franchises.
Vadodara, meanwhile, could expand the IPL’s presence in Gujarat, a state that already has the Gujarat Titans based in Ahmedabad.
1. Pune Has Previous IPL Experience
Pune has hosted two IPL franchises in the past.
The first was Pune Warriors India, owned by the Sahara Group, which competed in the tournament between 2011 and 2013.
The franchise eventually exited the competition following financial disputes involving its franchise fees.
The city later hosted Rising Pune Supergiant during the 2016 and 2017 seasons.
The team was owned by the RP-Sanjiv Goenka Group and entered the tournament temporarily when Chennai Super Kings and Rajasthan Royals were suspended.
Rising Pune Supergiant reached the 2017 IPL final but lost to Mumbai Indians by just one run.
Its performance created a memorable chapter in Pune’s IPL history.
A permanent franchise could give the city another opportunity to establish a long-term cricketing identity.
Pune also benefits from a large urban population, established sporting infrastructure and a strong regional business environment.
2. Vadodara Could Strengthen Gujarat’s Sports Ecosystem
Vadodara is another potential destination being discussed.
The city has a history of domestic and international cricket and could become another major cricketing centre in Gujarat.
The state’s growing investment in sports infrastructure is also relevant to the proposal.
Ahmedabad is being developed as an international sports and training destination, partly in connection with India’s ambition to host the 2036 Olympic Games.
Vadodara could complement this broader development by bringing another major sporting property to the state.
However, it would also create a geographical consideration because Gujarat Titans already play their home matches in Ahmedabad.
The BCCI would need to evaluate whether a second franchise in Gujarat could attract a sufficiently distinct audience and commercial base.
New IPL Franchises Could Be Worth More Than $1 Billion
The reported expansion is attracting attention because IPL franchise valuations have increased sharply.
According to people familiar with the reported discussions, each new team could potentially command a valuation exceeding $1 billion.
The estimate reflects the commercial strength of the IPL and the high prices investors have recently been willing to pay for existing franchises.
The sale of Royal Challengers Bengaluru established a particularly important valuation benchmark.
United Spirits, a subsidiary of Diageo, agreed to sell RCB to a consortium involving the Aditya Birla Group, the Times of India owner Bennett, Coleman & Co., Blackstone and Bolt Ventures at 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 approximately $1.65 billion.
These transactions demonstrate the growing interest in IPL ownership among global investment groups and wealthy business families.
Recent IPL Franchise Valuation Benchmarks
| Franchise | Reported valuation or transaction value |
|---|---|
| Royal Challengers Bengaluru | $1.78 billion |
| Rajasthan Royals | $1.65 billion |
| Lucknow Super Giants | $940 million at the 2021 auction |
| Gujarat Titans | $750 million at the 2021 auction |
Figures refer to reported transaction or original acquisition valuations at different points in time. They are not directly comparable without considering ownership stakes, deal structures and timing.
The proposed new franchises could therefore enter the market at significantly higher valuations than the teams added in 2022.
However, the potential $1 billion-plus valuation is an estimate reported by sources familiar with the discussions, not an official BCCI reserve price or confirmed sale value.
Which Investors Could Bid for the New IPL Teams?
The potential expansion is attracting interest from several categories of investors.
According to the reported discussions, private equity firm Permira, Asian state-backed investment entities, West Asian sovereign wealth funds, major Indian business groups, US-based family offices and wealthy individual investors are evaluating possible opportunities.
Some investors may prefer to acquire a controlling stake in a new franchise, while others could consider minority investments.
The distinction matters because IPL ownership offers more than the opportunity to operate a cricket team.
Franchises can generate revenue through sponsorships, broadcasting distributions, ticket sales, merchandise, licensing and other commercial partnerships.
The league also provides access to a large television and digital audience.
Potential Investor Categories
| Investor category | Potential interest |
|---|---|
| Private equity firms | Long-term investment and franchise value growth |
| Sovereign wealth funds | Exposure to international sports assets |
| Indian conglomerates | Brand expansion and sports ownership |
| Family offices | Long-term ownership and diversification |
| High-net-worth individuals | Strategic investment in cricket |
The reported interest does not mean that these investors have submitted bids or received approval from the BCCI.
A formal tender process would be required before any new franchise ownership rights could be awarded.
Why the 2028 Media-Rights Cycle Matters
The proposed expansion is closely connected to the IPL’s next media-rights cycle.
The current 2023–2027 media-rights agreement was valued at approximately $6.2 billion.
The BCCI divided television and digital broadcasting rights into separate packages, creating competition among major media companies.
The next rights cycle could provide an opportunity to restructure the league’s commercial model.
Adding two new franchises would potentially increase the number of matches and create additional advertising and sponsorship inventory.
For broadcasters and streaming platforms, more matches could mean more opportunities to attract viewers and advertisers.
However, additional matches also mean higher production and content-acquisition costs.
The commercial viability of expansion will therefore depend partly on how broadcasters value the additional matches.
Potential Business Benefits of IPL Expansion
Higher broadcasting revenue: More matches could create additional opportunities for television and streaming platforms to monetise cricket audiences.
More sponsorship inventory: New franchises would introduce additional team sponsors, jersey partnerships and advertising opportunities.
Larger regional audiences: Pune and Vadodara could bring new local fan communities into the IPL ecosystem.
Higher franchise investment: New teams could attract institutional investors and wealthy business groups.
More employment opportunities: Expansion could create demand for players, coaching staff, analysts, marketing professionals and stadium operations teams.
However, these benefits would depend on audience growth and the ability of new franchises to build sustainable commercial operations.
IPL Expansion Faces Two Major Challenges
Although the commercial opportunity appears attractive, expanding the IPL will not be straightforward.
The BCCI must consider the availability of players, the international cricket calendar and the willingness of broadcasters to support a larger tournament.
1. Availability of Indian Cricket Stars
A new IPL franchise needs more than an investor and a home stadium.
It also requires a competitive squad capable of attracting supporters and building a recognisable identity.
Indian players are particularly important because they form the foundation of the league’s domestic audience appeal.
The challenge is whether there are enough established Indian stars and emerging players to support additional teams without significantly weakening existing franchises.
The player auction and retention system would also need adjustments if two or more teams are introduced.
The BCCI could consider a separate player acquisition process for new franchises, although no official mechanism has been announced.
2. International Cricket Calendar
The IPL already occupies a substantial portion of the international cricket calendar.
The tournament generally takes place between March and May, a period that overlaps with international bilateral series and other cricket commitments.
IPL chairman Arun Dhumal previously discussed the possibility of increasing the tournament from 74 matches to 84 or even 94 matches.
A full home-and-away format involving 10 teams would require 94 matches.
However, the availability of a larger international cricket window remains a major constraint.
Adding more teams could increase the number of matches further, making scheduling more complicated.
The BCCI would need to coordinate with the International Cricket Council and other cricket boards before finalising an expanded format.
How Many Matches Could the IPL Have After Expansion?
The current 10-team IPL features 74 matches.
If the competition expands to 12 teams, the total number of matches would depend on the tournament format.
For example, a straightforward double round-robin format, where every team plays every other team twice, would require 132 league-stage matches.
That would be a substantial increase from the existing competition.
The BCCI could instead retain a group-based format to limit the number of matches.
Illustrative Match Count
| Tournament structure | Number of teams | League-stage matches |
|---|---|---|
| Current IPL format | 10 | 70 group-stage matches plus playoffs, 74 overall |
| Double round-robin | 10 | 90 league-stage matches |
| Double round-robin | 12 | 132 league-stage matches |
| Group-based format | 12 | Depends on group structure |
The table illustrates possible formats rather than a confirmed BCCI schedule.
A larger tournament would also require a longer calendar window, more stadium availability and greater operational spending.
The final format would be an important part of the expansion decision.
What Does IPL Expansion Mean for Indian Cricket?
Adding more franchises could create opportunities for players from regions that currently do not have a permanent IPL team.
Pune and Vadodara could attract greater investment in cricket academies, local tournaments and training facilities.
New franchises would also need domestic players, support staff and talent-development programmes.
This could create opportunities for emerging cricketers who are looking to establish themselves at the highest level of domestic T20 cricket.
However, expansion does not automatically guarantee better opportunities for every player.
The availability of quality Indian talent, franchise squad rules and the balance between domestic and overseas players will determine how widely the benefits are distributed.
The BCCI will need to ensure that the addition of teams strengthens the competition rather than diluting its quality.
The Bigger Picture
The reported plan to add new IPL franchises reflects the transformation of Indian cricket into a major global sports investment market. Franchise ownership is increasingly attracting private equity firms, international investors and wealthy business groups. The reported valuations of RCB and Rajasthan Royals demonstrate that investors are willing to pay substantial sums for access to the IPL’s audience, commercial ecosystem and long-term growth potential. Adding Pune and Vadodara could extend that opportunity to new regional markets.
However, the league’s next phase of growth will depend on more than investor demand. The BCCI must balance franchise valuations with player availability, broadcasting economics, stadium infrastructure and the international cricket calendar. The 2028 media-rights cycle provides a natural opportunity to review the league’s structure, but the proposed expansion remains at an early stage. Whether the IPL moves to 12 or more teams will ultimately depend on whether the additional franchises can strengthen the competition financially and on the field.
Frequently Asked Questions
1. Is the IPL adding two new teams in 2028?
The BCCI is reportedly considering adding at least two franchises from the 2028 media-rights cycle. However, no official announcement has confirmed the expansion.
2. Which cities are being considered for new IPL teams?
Pune in Maharashtra and Vadodara in Gujarat are among the cities reportedly being considered.
3. How many teams currently play in the IPL?
The IPL currently has 10 franchises. The league expanded from eight to 10 teams ahead of the 2022 season.
4. How much could a new IPL franchise cost?
Industry sources cited in recent reports suggest that each new franchise could potentially be valued at more than $1 billion. The BCCI has not announced an official price or bidding requirement.
5. Which investors are interested in new IPL franchises?
Reportedly interested investor categories include private equity firms, sovereign wealth funds, Indian conglomerates, family offices and high-net-worth individuals. Permira is among the names mentioned in the reporting.
6. Has Pune previously had an IPL team?
Yes. Pune hosted Pune Warriors India from 2011 to 2013 and Rising Pune Supergiant during the 2016 and 2017 seasons.
7. Why is Vadodara being considered for an IPL franchise?
Vadodara has an established cricketing base and could benefit from Gujarat’s broader push to develop sports infrastructure. It is also being considered as a possible additional cricket market in the state.
8. When was the IPL last expanded?
The IPL last expanded ahead of the 2022 season, when Lucknow Super Giants and Gujarat Titans joined the competition.
9. Will the IPL have more matches if two teams are added?
Probably, but the final number will depend on the format selected by the BCCI. A 12-team double round-robin competition would require 132 league-stage matches, while a group-based format could keep the total lower.
Looking Ahead
The next important development will be whether the BCCI formally approves the expansion and begins evaluating potential host cities and franchise ownership structures. If the proposal moves forward, investor interest, stadium infrastructure and the commercial value of the 2028–2032 media-rights cycle will influence the final decision. Pune and Vadodara are potential candidates, but neither city has been officially selected.
For the IPL, expansion could create another major investment opportunity and extend the league’s reach into additional cricket markets. It could also bring new commercial partners, regional supporters and opportunities for domestic players. But the BCCI will need to solve the scheduling and talent challenges before adding more franchises. The 2028 season could become a new milestone for the IPL, although the final decision remains subject to formal approval and further planning.
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