The Indian Premier League's (IPL's) valuation has soared and so has the player salaries in the 17 years of the league's existence with highest pay more than doubling since 2008.
The highest-paid player's salary increased by 125 percent in 2024 versus 2008, showed data by independent global investment bank Houlihan Lokey in its recently-released IPL valuation report.
Chennai Super Kings' (CSK's) Mahendra Singh Dhoni was the highest-paid player in 2008, which was the inaugural season of IPL. Dhoni's salary at that time was Rs 11 crore.
This year, Mitchell Starc became the most expensive player with a salary of Rs 24.75 crore.
The second highest-paid player's salary has seen a 116 percent growth with Andrew Symonds in 2008 securing a salary contract of Rs 9.5 crore versus Pat Cummins getting paid Rs 20.5 crore in 2024.
"Since its inception in 2008, the IPL has undergone a remarkable transformation in player salaries. These salaries have skyrocketed as the league’s popularity soared. Factors such as the addition of new teams and retention policies for star players have influenced these trends," the report said.
Beyond the top two players' salaries in IPL, growth in pay has been higher for other expensive players.
The third highest-paid player in 2008 was Sanath Jayasuriya with a salary of Rs 7.2 crore. This year, Sam Curran who was the third most expensive IPL player registered a pay of Rs 18.5 crore, up 157 percent from 2008.
The fourth and fifth highest-paid players' salaries have also recorded a growth of 150 percent. In 2008, Ishant Sharma was the fourth highest-paid player with a salary of Rs 7 crore, while in 2024 it is Cameron Green at Rs 17.5 crore.
Irfan Pathan, the fifth highest paid player in 2008 had secured a salary of Rs 6.8 crore as against KL Rahul whose salary contract stood at Rs 17 crore.
"Each season, the auction process sparks intense competition among franchises vying for top players. The rise of young talents and the consistent performance of seasoned players have also contributed to the growth of IPL player salaries, cementing the league’s position as one of the most financially rewarding for cricketers worldwide," the IPL valuation report said.
IPL's business as well as brand value increased by over 6 percent this year versus 2023.
Manoj Badale, lead owner of team Rajasthan Royals (RR), said that having marquee players in the team contributes significantly to the franchise.
"In terms of brand value, these players, with their large fan base and popularity, increase the visibility and reach of our franchise. This not only attracts more fans but also makes our franchise more attractive to potential sponsors."
Among the IPL players, Virat Kohli has the biggest Instagram following of 269 million followers while his team Royal Challengers Bengaluru (RCB) enjoys second-highest Instagram following of close to 15 million.
Chennai Super Kings (CSK) has the highest Instagram followers at 16 million among the teams, while its star player Dhoni has a following of 48.2 million, the second most popular IPL player on Instagram.
While IPL franchises are growing in terms of value, sponsorships, following among others, there is a lot of catching up to do when compared to global sport teams.
Among the world’s 50 most valuable sports teams in 2023, National Football League's (NFL) Dallas Cowboys recorded a valuation of $9 billion, followed by Major League Baseball's (MLB) New York Yankees at $7.1 billion. In comparison, IPL's highest valued team, CSK registered a brand value of $231 million in 2024.
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