IPL set for two new teams from 2028, Pune and Vadodara frontrunner franchises

The Board of Control for Cricket in India is exploring the addition of at least two new franchises to the Indian Premier League from the 2028 season, according to reports.

While discussions are still at an early stage and the final choice of cities could change, Pune and Vadodara have emerged as the most likely destinations for the two new teams. The proposed expansion is expected to coincide with the next IPL media rights cycle, which would cover the period from 2028 to 2032.

Each new franchise is expected to command a valuation of more than $1 billion, reflecting the sharp rise in the league's commercial standing since its last expansion, according to a report by Mint.

Among the categories of potential investors being evaluated are prominent Indian business conglomerates, US-based family offices, ultra-high-net-worth individuals, West Asian sovereign wealth funds, Asian state-backed investment entities and private equity firm Permira, who are understood to be looking at minority stakes in the new franchises.

What is the geographical and historical context for these two cities?

Vadodara is located approximately 110 kilometres from Ahmedabad, where Gujarat Titans play their home matches. The city sits within a state that has broader ambitions to develop its sporting infrastructure, including Ahmedabad's aspiration to host the 2036 Olympic Games. Home Minister Amit Shah outlined those sporting ambitions in a government release dated September 4, 2026.

Pune carries a well-established association with professional cricket in the IPL. The city previously hosted two franchises. The Sahara Group-owned Pune Warriors India competed in the league from 2011 to 2013 before exiting following financial disagreements with the BCCI over franchise fees. A second Pune-based side, Rising Pune Supergiant, played in 2016 and 2017 as a temporary replacement for Chennai Super Kings and Rajasthan Royals, who were serving suspensions at the time. Rising Pune Supergiant reached the 2017 IPL final, where they lost to Mumbai Indians by 1 run in one of the closest title deciders in the tournament's history.

How does this expansion compare with the IPL's recent commercial and ownership milestones?

The IPL last expanded in the 2022 season, when the BCCI awarded two new franchises. The RPSG Group acquired the Lucknow Super Giants for $940 million, while CVC Capital Partners bought the Gujarat Titans for $750 million. Those figures now appear modest against the valuations being discussed for the 2028 entrants.

The current media rights cycle, covering 2023 to 2027, secured $6.2 billion, making the IPL one of the most valuable sporting competitions in the world on a per-match basis. Separately, United Spirits, a Diageo subsidiary, agreed to sell Royal Challengers Bengaluru to a consortium comprising the Aditya Birla Group, Bennett Coleman and Blackstone through Bolt Ventures at a valuation of $1.78 billion. In another ownership transaction, a consortium led by the Lakshmi Mittal family acquired Rajasthan Royals, with Adar Poonawalla also part of the group, at a valuation of $1.65 billion.

The BCCI's expansion plans will ultimately depend on commercial considerations including the availability of leading Indian players and broadcasters' appetite for additional matches in an already packed international calendar.