Crores fly at IPL auction, but is cricket's growth story slipping?

As the Indian Premier League's (IPL) mini-auction unfolded, crores were splashed with familiar ease. Franchises bid aggressively, headlines celebrated windfall contracts, and the spectacle reinforced the long-held belief that cricket’s money machine remains unstoppable. On the surface, everything looks business as usual. But beneath the noise of auction paddles lies a deeply uncomfortable question. What if the value of the game itself is no longer rising in step with the money being spent on it?

For the first time in its history, the IPL’s overall brand valuation has reportedly declined, breaking a decade-long trajectory of uninterrupted growth. This does not weaken the league’s immediate appeal, but it does puncture the popular assumption that cricket’s commercial curve only points upward.

League valuation slumps

A D&P Advisory report shows that the league’s valuation slid from about Rs 92,500 crore in 2023 to Rs 82,700 crore in 2024, and slipped further to roughly Rs 76,100 crore in 2025, a drop of nearly Rs 16,400 crore over two seasons. In dollar terms, this contraction is reflected in estimates falling from around USD 11.2 billion in 2023 to about USD 8.8 billion in 2025!

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It is in this context that recent JioStar’s discomfort with its ICC (International Cricket Council) media rights deal has acquired deeper significance. The timing is what makes it unsettling. This is not an off-cycle renegotiation or a distant contract review; it is happening barely six weeks ahead of the T20 World Cup hosted in India, the one market that has historically guaranteed returns. When the biggest broadcaster in the richest cricket economy begins to rethink its commitments, it is no longer a routine business adjustment. It becomes a signal!

The question is no longer whether cricket is popular; it clearly is, but whether its current financial model is sustainable in a slowing global economy.

Rights fees vs revenue realities

At the heart of the issue lies a widening mismatch between rights fees and revenue realities. India’s ICC media rights are valued at over Rs 3,000 crore per year, reflecting the assumption that cricket’s audience and the money it generates will keep growing indefinitely.

But advertising revenues from cricket broadcasts have reportedly stagnated, failing to rise in proportion to the exponential escalation in rights costs. The traditional logic that cricket delivers guaranteed eyeballs and therefore guaranteed ad spend no longer holds with the same certainty.

Crackdown on betting, gaming apps

A key reason for this stress is structural rather than cyclical. The crackdown on betting and gaming apps has removed a major advertising pillar from sports broadcasting. For years, these platforms were among the biggest spenders during cricket events, helping broadcasters justify enormous rights outlays. With that revenue stream sharply curtailed, channels are being forced to confront a hard truth: premium cricket content is becoming increasingly expensive to acquire, but not proportionately easier to monetise.

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What makes the moment more significant is that the strain is now visible even in the IPL. For the first time since its inception, the league’s overall brand valuation has declined, breaking a decade-long growth trajectory. This does not mean the IPL is in trouble; it remains cricket’s most powerful commercial property, but it does suggest that valuations may have reached a saturation point. When even the IPL shows signs of plateauing, it forces a re-evaluation of long-held assumptions about infinite growth.

Question is not whether cricket is popular

JioStar’s reported attempt to reassess or step back from its ICC obligations is less about corporate strategy and more about market reality asserting itself. Broadcasters are being squeezed from both ends: escalating rights fees on one side and flattening ad revenues on the other. The question is no longer whether cricket is popular; it clearly is, but whether its current financial model is sustainable in a slowing global economy.

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This has inevitably triggered a deeper conversation within cricketing circles. Has the game overscheduled itself? Has the calendar become so crowded that individual events struggle to command premium value? Over the past decade, cricket has expanded relentlessly, with bilateral series, franchise leagues, multi-format tours, and global tournaments layered one upon another. In addition, women’s cricket is expanding rapidly, creating a perception of an overdose of cricket. While quantity has risen, scarcity, which drives value, has quietly eroded.

Broadcasters reassessing risks

The IPL mini-auction amid this backdrop feels almost symbolic. Franchises continue to spend, confident in the league’s drawing power, yet the broader ecosystem around them appears increasingly fragile. Administrators project confidence, and the spectacle rolls on. But beneath the surface, broadcasters are recalculating risk in ways they rarely had to earlier.

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There is also an uncomfortable dependence that this episode brings into focus. Everyone is aware of cricket’s overwhelming reliance on the Indian market. For the ICC and many national boards, India is not just a contributor but a commercial backbone. That dependence has allowed the global game to thrive, but it has also created a vulnerability. Problems amplify when stress appears in India’s broadcast ecosystem, and then it reverberates everywhere. Smaller boards, already financially stretched, have little room to absorb shocks if the top of the pyramid falters.

For the ICC and BCCI, this moment offers an opportunity to reassess priorities. They need to balance expansion with value, to strengthen markets beyond India, and to ensure that cricket’s growth is broad-based rather than narrowly concentrated.

This is why the Jio situation has attracted global attention. It is not about one broadcaster pulling back; it is about what happens if the music slows or stops, in the only market that has consistently kept cricket’s finances afloat. In a world where consumer spending is tightening, and advertisers are becoming more cautious, cricket can no longer assume immunity from broader economic currents.

Cricket nearing inflection point

None of this suggests an imminent collapse. Cricket remains immensely popular, and marquee events will continue to draw audiences. But it does suggest that the era of unchecked escalation of rights fees rising simply because they always have, may be nearing its limits. The game may be approaching an inflection point where sustainability matters as much as scale.

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If there is a lesson to be taken, it is not one of panic but of prudence. For the ICC and BCCI (Board of Control for Cricket in India), this moment offers an opportunity to reassess priorities. They need to balance expansion with value, to strengthen markets beyond India, and to ensure that cricket’s growth is broad-based rather than narrowly concentrated. A sport that depends too heavily on one revenue engine, no matter how powerful, risks stalling when that engine shows signs of strain.

As the T20 World Cup approaches, the spectacle will continue. But behind the scenes, cricket’s administrators and broadcasters are asking tougher questions than they have in years. Is the business of cricket truly growing, or is it increasingly relying on momentum built in a different economic era?

For the first time in a long while, the answer is no longer obvious.

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