Cricket Is the World's Most Profitable Startup. And the Boards Running It Figured Out the Business Model Before Silicon Valley Figured Out Streaming.

Cricket generates $3.84B in global revenue annually. India controls 62%. The IPL launched at $1B in 2008 and is worth $18.5B in 2025 — 1,750% growth with zero venture capital. BCCI is registered as a charitable NGO and pays zero income tax on IPL earnings — a legal status the Bombay High Court upheld in February 2025. CVC Capital made 350%+ returns on a Gujarat Titans stake in 4 years. Avram Glazer bid $1.8B for Royal Challengers Bengaluru. 10 global T20 leagues now run on the IPL model, several owned by the same franchise investors. The IPL is the world's best startup — zero VC, zero tax, recurring broadcast revenue, near-zero churn, and 1.4 billion fans who never realised they were the platform.