The Indian Premier League (IPL) has seen its business value soar to between $20 billion and $20.6 billion, according to separate reports citing a study by Houlihan Lokey. The cricket tournament's value rose 11% to 11.4% year over year, cementing its status as the world's top T20 league. The record-setting sales of franchises Royal Challengers Bengaluru and Rajasthan Royals have pushed franchise pricing higher across the league, the study found. The IPL's stand-alone brand value also climbed 10.3% to $4.3 billion. The exact figures vary slightly between reports: Al Jazeera puts the total business value at $20 billion with an 11% increase, while Variety reports $20.6 billion, a 11.4% rise, based on the same Houlihan Lokey 2026 IPL Valuation Study released Wednesday. The surge reflects the league's growing commercial appeal, driven by lucrative broadcasting deals, sponsorship agreements, and a global fanbase. The IPL continues to attract significant investment, with franchise valuations reaching new highs.