RCB and RR deals pushed CSK unlisted shares up by 25%. This shows rising investor interest in IPL teams.
New Delhi: The Indian cricket board received its biggest financial gain since the start of the IPL. In March 2026, investors bought two IPL teams — Royal Challengers Bengaluru and Rajasthan Royals — in back-to-back deals worth $3.41 billion. The numbers are huge. The same teams were bought in 2008 for a total of $178 million. Their current value is more than 20 times their original price.
Investors are now discussing how this affects other markets. The unlisted shares of Chennai Super Kings have risen in the pre-IPO market, reaching Rs 310–320 from Rs 160–170 in the past year. The shares rose another 21–26% after the RCB-RR deals. The grey market for CSK shares has delivered strong returns to investors in the past week.
The Two Deals That Changed Everything
On March 24, Rajasthan Royals was sold at a value of $1.6 billion, backed by global investors. On the same day, United Spirits agreed to sell Royal Challengers Bengaluru for $1.78 billion.
United Spirits Limited said the RCB deal includes the sale of both IPL and WPL teams to a group that includes Aditya Birla Group, the Times of India Group, Bolt Ventures, and Blackstone’s long-term investment arm, BXPE.
Aryaman Vikram Birla will become the new chairman. The deal will start after IPL 2026 once BCCI and the Competition Commission of India give their approvals.
A group led by US-based businessman Kal Somani, along with the Walmart family and the Hamp family, bought RR for ₹15,286 crore (about $1.63 billion).
Buyers originally purchased RCB in 2008 for $111.6 million and RR for just $67 million — a total of $178 million. Eighteen years later, new buyers bought them in the same month for $3.41 billion.This kind of growth is making people look at sports teams differently.
Why CSK Shares Increased
After seeing these big deals, investors started thinking: what other teams could be worth more? CSK became the focus.
Even after the rise, CSK’s total value is around Rs 11,500–12,000 crore, which is still lower than the recently sold teams. In simple words: the market has started increasing CSK’s value, but experts think it can still grow more.
According to Nuvama Institutional Equities, the RCB and RR deals have set a new benchmark for IPL team values, showing nearly 25 times growth since 2008, driven by strong global investor interest.
Apart from this, CSK’s own financial performance is strong. For the year ending March 31, 2025, CSK reported revenue of Rs 644 crore, operating profit of Rs 252.10 crore, and net profit of Rs 180.94 crore. The company also announced a 1,000% dividend. This shows it is not just a cricket team, but a well-run business.
Shares of RPSG Ventures, which owns Lucknow Super Giants, also rises 18.5% during the day after the deals — showing that the impact is not limited to CSK.
Expert Views on CSK’s Fair Value
Some experts believe CSK is still undervalued. Based on its strong brand, history, and success in the IPL, Stockify founder and CEO Piyush Jhunjhunwala said CSK could be valued 5–10% higher than RCB. This would mean a value of around Rs 18,000 crore. At this level, the share price could reach about Rs 475, which is nearly 50% higher than current levels.
Hitesh Dharawat, co-founder of Dharawat Securities, also believes CSK has stronger brand value than RCB and RR and expects the stock to reach Rs 500.
The reason is simple. CSK has won multiple IPL titles, regularly reaches playoffs, and has one of the most loyal fan bases. Add MS Dhoni’s brand value, and the case for a higher price becomes even stronger.
IPL: From Cricket League to Global Investment
This is not just about two team sales. It shows a bigger change in how IPL teams are valued and who is buying them.
The 2025 IPL season had over one billion unique viewers across TV and digital platforms. The final match between RCB and Punjab Kings attracted 169 million TV viewers, beating the 2021 India-Pakistan T20 World Cup match.
Sourav Choudhary, Managing Director at Raghunath Capital, said investors now buy media rights, brand value, and long-term earning potential, not just a sports team.
According to Houlihan Lokey, the IPL’s total business value was around $18.5 billion in mid-2025. With ten teams, a huge fan base, strong media income, and global investors, the growth makes sense.
An Investor’s Warning
The excitement is real, but there are risks too. CSK shares are traded in the unlisted or grey market through platforms like Unlisted Arena and Planify. This means lower liquidity and bigger price swings than listed shares. Also, the RCB and RR deals are still waiting for final approvals.
Jhunjhunwala says a CSK IPO is unlikely in the next two to three years. The brand is seen as too valuable to go public right now. So, the unlisted market remains the only option for investors.
