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KKR is the IPL’s Most Valuable Brand, Despite Missing Out on Title

25 May 2017
This article is more than 7 years old.

· Kolkata Knight Riders is the IPL’s most valuable brand, worth US$58.6 million

· Mumbai Indians has the most powerful brand

· Royal Challengers Bangalore’s is the only brand to fall in rank

· The business value of the IPL system grows 9% to US$3.8 billion

Since 2009, leading valuation and strategy consultancy Brand Finance has calculated both the business value of the Indian Premier League system and the brand values of each individual franchise team, providing a deep understanding of the opportunities and challenges facing the teams and the IPL system as a whole.

View the ranking of the IPL's most valuable team brands here

With a brand value of US$58.6 million and the fastest growth year to year of 24%, Kolkata Knight Riders (KKR) top the Brand Finance IPL league table for the second year in a row. Despite missing out on the title, KKR has continues to consistent qualify for the playoff stages. The team has displayed strong leadership skills, team bonding, and a clear approach to composition and winning tactics. This year, however, surprising player choices in the playoffs did not pay off as KKR lost to Mumbai Indians in the second qualifier. KKR has its owner Shakh Rukh Khan to thank for a larger part of its popular appeal. The Bollywood superstar attracts incredible media attention and fan following, acting as an icon for the entire franchise. Depending heavily on Khan’s personal brand equity and connections, KKR lands a host of local and national sponsorships and has been one of the first to introduce an effective merchandising strategy.

This year’s champions, Mumbai Indians (MI) are the most powerful brand among all franchises, with a Brand Strength Index (BSI) score of 71. As part of Brand Finance’s analysis, each brand’s strength is assessed (based on factors such as marketing investment, familiarity, preference, sustainability and margins) to determine what proportion of a business’s revenue is contributed by the brand. This proportion is projected into perpetuity and discounted to determine the brand’s value. Despite creating the strongest brand, Mumbai Indians have been less adept at capitalising on this strength than KKR. At US$54.1 million MI’s brand value is over US$4.5 million behind KKR. MI must do more to convert its unrivalled brand strength into maximum financial returns and brand value.

Impressive growth of 23% to a brand value of US$46.5 million landed Sunrisers Hyderabad (SRH) in third place, up from the fourth position last year. In 2017, SRH continued to be the most balanced team in terms of the ratio between overseas stars and high-performing Indian players, investing especially in young, emerging talent.

With a brand value of US$44.4 million, up only 4% year on year, Royal Challengers Bangalore (RCB) fall to 4th place. As a team, RCB had a forgettable year in 2017, which is reflected in the decrease of the BSI to 64 from 66 in 2016. RCB is the only franchise brand whose strength waned this season.

Delhi Daredevils (DD) hold to 5th place in the study with a brand value of US$40.5 million, following growth of 13%. Zaheer Khan’s charismatic leadership infused a newfound spirit into the team and new talents such as Rishab Pant drove the team very close to playoffs, attracting praise from pundits and critics as well as a massive fan following far beyond Delhi.

Kings XI Punjab has a brand value of US$36.2 million, putting it in last place. However, solid 18% growth hints at the brand’s relative success this year. Under the leadership of Glen Maxwell, the team was a force to be reckoned with.

The IPL System – 10 years on, a US$3.8 billion asset for India

After a troubled 2016 season, the business value of the IPL System grew 9% in 2017 to US$3.8 billion. Celebrating 10 years of the IPL journey, opening ceremonies took place at all host stadiums this year, with a whole array of Bollywood entertainers and local cricketing celebrities. As the season progressed, fans without tickets could watch the competition in ‘Fan Parks’ in 36 cities across the country. Family-friendly and free to attend for all, Fan Parks offered music, entertainment, and a range of merchandise stalls, bringing stadium atmosphere to city centres on a scale larger than ever.

The quality of the game did not disappoint either, improving ticket sales and enabling the teams to build brand equity. The emergence of strong contenders such as the Delhi Daredevils and Kings XI Punjab, challenging the usually dominant Kolkata Knight Riders and Mumbai Indians, resulted in a seesaw in the points table throughout the season. The emergence of relatively unknown young Indian players created further interest. Young guns such as Nitesh Rana, Rahul Tripathi, Washington Sundar, Rishabh Pant, Basil Thampi, and Mohammed Siraj, all began to build powerful personal brands, whilst adding to the interest in and value of the competition as a whole.

Overall, stadium attendance increased 25% from 2016 even before the season was over, while last year’s television viewership numbers were beaten by the time match 43 of this season had been played. Social media engagement reached an all-time high, with nearly 6 million tweets sent over the season’s first five weeks.

Brand Finance India Managing Director Ajimon Francis comments, “The 10th anniversary year is an inflection point for the IPL. The upcoming tender procedure for television and digital broadcast rights, the disbanding of Gujarat Lions and Rising Pune Supergiant and the revival of Chennai Super Kings and Rajasthan Royals, as well as the unavoidable reshuffling of players all present challenges for the management of the IPL. However, this year’s results show that the IPL is now operating from solid financial and reputational foundations, with increasing fan interest and engagement. The future looks bright.”

View the full Brand Finance IPL 2017 report here


Notes to Editors

For more definitions of key terms, methodology and more stories, please consult the Brand Finance IPL 2017 report document.

Brand values are reported in USD. For conversions into INR, please hover over the ‘i’ button on the web version of the table and select INR.

Chennai Super Kings and Rajasthan Royals, banned for both the 2016 and 2017 seasons, have been excluded from the analysis. Gujarat Lions and Rising Pune Supergiant have also been excluded as they served as temporary substitutions for the former two teams.


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Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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