Mohit Burman, co-owner of Punjab Kings, told investors the Indian Premier League's next media rights cycle should fetch 20 to 30 percent more than the ₹48,390 crore ($6.2 billion) Disney-Viacom18 paid in 2022. He cited rising franchise valuations and accelerating digital viewership outside India. The current deal runs through 2027; preliminary auction positioning starts in late 2026.
The 2022 auction set records: ₹23,575 crore for Disney's linear TV bundle, ₹20,500 crore for Viacom18's digital package, ₹3,258 crore for Viacom18's non-exclusive highlights, ₹1,058 crore for Times Internet's digital highlights in select regions. Burman's midpoint—25 percent—implies a ₹60,500 crore ($7.75 billion) pot, or roughly ₹12,100 crore per season across five years. That would exceed the NFL's per-season domestic take and approach Formula 1's global total.
Three factors underpin the forecast. First, franchise valuations: Punjab Kings last changed hands in 2018 at an enterprise value near ₹3,200 crore; bankers now whisper ₹7,000-8,000 crore for weaker clubs, ₹12,000 crore-plus for Mumbai or Chennai, based on private secondaries and the ₹5,625 crore Lucknow Super Giants paid for entry in 2022. If the underlying IP doubles, rights should follow. Second, digital: Viacom18's JioCinema drew 3.2 billion viewing minutes in IPL 2024's final, up 40 percent year-on-year, with 22 percent of streams originating outside India (Gulf, UK, North America). Third, the Disney-Reliance merger closes Q1 2025, creating a negotiating counterparty with 750 million monthly actives and balance-sheet capacity to pre-bid. That floor alone disciplines rival consortia.
Two risks complicate the math. Regulatory: India's telecom ministry floated a 28 percent GST on online gaming and fantasy in 2023; a parallel levy on streaming subscriptions bundled with sports would erode JioCinema's unit economics and cap bids. Corporate: if Disney-Reliance's combined entity splits cricket rights between linear (Star) and digital (JioCinema), internal transfer pricing could replace genuine auction tension, a structure the BCCI has resisted but may accept for guaranteed minimums. Burman's range assumes neither materializes.
Sponsor and team executives are sizing three follow-ons. First, kit deals: if rights jump 25 percent, marquee jersey sponsors (Vivo last paid ₹2,199 crore for title rights through 2022; Tata pays roughly ₹2,500 crore through 2026) will face mid-cycle renegotiations or risk looking cheap. Second, expansion: the BCCI shelved talks of an 11th or 12th franchise pending this auction outcome; a ₹60,000 crore haul greenlights Ahmedabad or Pune by 2028, each priced north of ₹6,000 crore. Third, international packaging: if non-India streams hit 25 percent of total minutes, expect the BCCI to carve out separate UAE, UK, and US packages in 2027, following the English Premier League's playbook.
Burman made his comments at a Dabur investor day—he's vice-chairman—alongside remarks on FMCG margin pressure, so the IPL aside was brief. But he sits on Punjab's board, attended the last BCCI owners' meeting in Mumbai on March 15, and his family office has evaluated bids for a second franchise in the past 18 months. He knows what the spreadsheets say. The auction request for proposal typically lands 18 months before expiry; that puts it in Q4 2025. Viacom18 is already hiring a three-person bid team, per two recruiter briefs seen last month.
The takeaway
IPL's next rights auction could clear **₹60,000 crore** if digital growth and franchise values hold, reshaping sponsor deals and expansion plans by 2028.
iplmedia rightsindiacricketstreamingviacom18
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