The business value of the Indian Premier League (IPL) is quickly rising, and now another big financial development has come to light amid the ongoing sale process of the RCB. Sanjiv Goenka-headed RP-SG Group is exploring the possibility of selling a minority stake in its franchise, Lucknow Super Giants.
The Lucknow Super Giants (LSG) made their IPL debut in 2022 after the RP-Sanjiv Goenka Group won the bid with a record-breaking bid of ₹7,090 crore. They had a terrific start, qualifying for the playoffs in their debut season and 2023, but finished 7th in the last two seasons.
Following the team’s struggles in IPL 2025, Sanjiv Goenka has decided to make a big call. As reported by Moneycontrol, the RP-SG Group is considering selling up to 15 percent ownership in the LSG. However, the final decision will depend on the valuation offered by investors, and Goenka may step back if the offers are not attractive enough.
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This move has come at a time when many investors are showing strong interest in IPL franchises. Recently, the Royal Challengers Bengaluru and the Rajasthan Royals have created a huge buzz in the sports business market. A consortium involving the Aditya Birla Group and American sports investor David Blitzer has reportedly joined the race to buy a major stake in Rajasthan Royals.
RCB and Rajasthan Royals in big demand
The majority stake currently held by entrepreneur Manoj Badale is being discussed at a valuation of around $1 billion to $1.2 billion. At the same time, the possible sale of the RCB by Diageo has attracted several powerful bidders. Among the interested names are billionaire Adar Poonawalla from the Serum Group, Ranjan Pai of the Manipal Group, Swedish private equity giant EQT, and Avram Glazer-backed Lancer Capital for the defending champions.
The IPL has now become one of the most valuable sports leagues in the world, standing only behind the National Football League in terms of overall value. Its media rights for the 2023-2027 cycle were sold for around $6.2 billion, which highlights the massive financial power of the IPL.
According to financial reports, the RP-SG Group received around ₹399 crore from the BCCI as franchise rights revenue in the first half of FY26, while it had received ₹458 crore in FY25. This payment from the BCCI is the biggest revenue source for most IPL teams.
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In the first half of FY26, the Lucknow franchise reported total revenue of about ₹495.9 crore and posted a profit of around ₹63.7 crore. During FY25, the revenue dropped by around 20 percent to ₹557 crore mainly because fewer matches were played and the team finished lower in the points table in the 2024 season compared to 2023.
Annual franchise fee leaves LSG worried
Their profitability also declined during that period. However, in the first half of FY26, the revenue showed a slight improvement of about 3 percent compared to the same period of FY25. Despite the strong revenue numbers, the franchise also carries heavy financial obligations.
The RP-SG Group has to pay an annual franchise fee of around ₹709 crore until FY31. For FY26, the payment is expected to come from a mix of term loans, increased working capital facilities, and internal funds from the promoters.
CareEdge said, “For FY26, the payment is expected to be made from a mix of term debt, enhancement in working capital facilities, and internal generations/fund support from promoters. The company’s capital structure is leveraged with an overall gearing ratio of 16x as of March 31, 2025. Total outside liabilities to total net worth is even higher at 41x as of March 31, 2025, due to high franchise fees payable to BCCI.”
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