World’s Richest T20 Tournament Set For Two More Franchises

The world’s most lucrative T20 tournament, Indian Premier League (IPL), is poised to introduce two more franchises from the 2022 season, according to The Hindustan Times.

The Board of Control for Cricket in India (BCCI), the report says, recently held an internal meeting to discuss the changes and are to move ahead with a tender for the new team that will be completed by the end of October. The Hindustan Times add that new franchises could bring in around US$268m each.

Obviously, the two additional teams will mean that the IPL is set to alter its format, with the tournament divided into two groups of five and the number of matches increasing to 74. The latter stages of the T20 tournament would stay the same, according to the report.

The Hindustan Times also said franchises will see the salary cap increase to US$15m, however, they will only be allowed to retain four players, three Indian and one overseas player or two Indian and two overseas players, which could see some franchises losing star players.

According to the report, at current media and sponsorship rights rates, the new teams and additional matches would bring in over US$107m or the IPL and that would go further with the new broadcast rights deal expected to bring in more revenue from the start of the 2024 season. 

Star India’s current media rights deal will come to an end after the 2023 season.