The fifth edition of Duff and Phelps annual study of the Indian Premier League (IPL) suggested an increase in the overall value of the league's ecosystem from $5.3 billion in 2017 to $6.3 billion in 2018.
The hike was supported by the broadcasting rights fee surging at a compounded annual growth rate (CAGR) of 18.9 per cent, it was announced on Wednesday.
Duff & Phelps is the global advisor that protects, restores and maximises value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues.
The Mumbai Indians, with a brand value of $113.0 million, continue to top the charts for the third season in a row.
Kolkata Knight Riders (KKR) are in second place with a brand value of $104.0 million.
The two-year ban imposed on Chennai Super Kings (CSK) and Rajasthan Royals has had some bearing on their brand values.
However, CSK's on-field performance and the Dhoni factor helped them neutralise the negative impact, as they were valued at $98.0 million alongside Royal Challengers Bangalore.
Sunrisers Hyderabad, Delhi Daredevils, Kings XI Punjab and Rajasthan Royals follow in the brand rankings.
Commenting on the study, Santosh.N, Managing Director, Duff and Phelps said:
"Our IPL brand values report reflects the evolution of the modern cricket business paradigm with clubs benefiting from not only the enduring popularity of cricket in India but also from strong marketing and globalization of the game."