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Beyond 22 Yards – The Math Behind the Spectacle
“D&P Advisory presents an interactive approach to valuing the Indian Premier League ecosystem, allowing readers to examine how assumptions about the future shape value rather than relying on a single static conclusion”.
We are pleased to present this year’s edition of Beyond 22 Yards, which marks a significant change in the way we present our assessment of the value of Indian Premier League (IPL) ecosystem.
This year’s Beyond 22 Yards is not merely a report to be read, but a valuation platform to be explored.
Please click here to sign up or sign in and access the IPL Valuation Model.
We recommend that all users read the FAQs and watch the introductory video before using the platform.
Watch introductory video below.
A New Perspective to IPL Valuation – Then and Now!
Over the years, Beyond 22 Yards has examined the IPL from both a sporting and commercial perspective, looking at the value of the broader ecosystem, franchise performance, media rights, sponsorship trends and the factors shaping the business of cricket. This year, we move beyond a conventional static report and introduce an interactive valuation platform that allows readers to engage directly with the valuation itself.
At its core, valuation is about translating expectations about the future into a measure of value. Future cash flows, growth, profitability, risk and the broader commercial environment all influence that value. Change any of these assumptions, and the conclusion can change meaningfully.
Rather than simply presenting a single number, the platform allows you to explore how that number is created and how it changes when the underlying assumptions change.
How the Platform Works?
The platform presents four valuation cases.
Base Case represents our assessment of the IPL ecosystem based on assumptions we consider reasonable in the prevailing circumstances. It remains the principal valuation conclusion of this analysis.
Conservative Case and Optimistic Case apply more cautious and more favourable expectations across key value drivers. They are not definitive forecasts. Instead, they illustrate how the valuation responds to different assumptions about the future.
Your Case is where the platform becomes genuinely interactive. You can adjust the assumptions through the controls provided and see the valuation change as you go. Your expectations about the future can therefore be expressed as a value rather than simply an opinion.
The model is linked end to end. An assumption does not exist in isolation. Change it, and the impact flows through the financial statements, cash flows and ultimately the valuation.
Assumption → Cash Flows → Intrinsic Value → Charts
The same chain also works in reverse. If a valuation result looks surprising, you can trace it back through the model to understand which assumption is driving it.
This is an important part of what the platform is designed to demonstrate. Valuation conclusions can differ materially even when the underlying methodology is the same. Often, the more significant differences arise from the assumptions about the future rather than from the valuation methodology itself.
Individual Franchise Valuation Module
The platform also includes a representative Individual Franchise Valuation module, which estimates the indicative intrinsic value of an individual IPL franchise. This is not intended to represent the value of any specific franchise. Each franchise has its own financial, operational, commercial and brand characteristics. The module is therefore illustrative, and its output should be considered only in the context of the assumptions selected.
Sensitivity Analysis
A dedicated Sensitivity Analysis section complements the two valuation modules. The tornado chart highlights the assumptions that have the greatest impact on value. The football field chart presents (oops, we have presented this as a cricket chart ) the valuation ranges side by side. The two way sensitivity table shows how value changes across different combinations of discount rate and terminal growth rate, with any selected combination capable of being applied back to the model.
We have also tried to make the platform intuitive to explore. Each control provides context on the line item it affects and the season from which it can be changed. Hovering over relevant figures reveals the underlying calculation, while a single button restores the model to the Base Case. Changes made by the user are not saved or shared.
This year’s Beyond 22 Yards is therefore not merely a report to be read, but a valuation platform to be explored.
Why a Platform This Year?
Our objective is not only to present what we believe the IPL ecosystem is worth, but also to show how that value is created, which assumptions matter most, and how the conclusion changes when those assumptions change.
We invite you to explore the four valuation cases, examine the indicative franchise valuation and test the sensitivity of the conclusions to the assumptions that underpin them.
We hope you enjoy exploring the platform just as you have enjoyed reading our IPL analysis for the last so many years. We look forward to your feedback.
In case you are interested in getting more details about the analysis,
we request you to reach out to
The Editorial Team
Ayush Saraf
Editor
Richa Gupta
Marketing
Research and Modelling
Naman Khurana
Nirvan Abad
Dhruv Jirapure
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D and P Advisory is a premier valuation services provider and a boutique transaction advisory firm started with an aim to provide high-quality consulting services.