Core Insights - The Indian Premier League (IPL) has achieved an $18.5 billion valuation, setting a high standard for sports leagues, but replicating its success in non-cricket sports remains challenging due to structural issues [14][15] - Non-cricket sports in India generated ₹2,559 crore in 2024, contributing 14% to the overall sports industry, with a growth rate of 24% annually, indicating a rising interest in these sports [15][16] Industry Challenges - Non-cricket leagues face difficulties such as broadcaster exits, ownership changes, and maintaining fan engagement, which lead to instability and personnel turnover [5][15] - The Pro Kabaddi League (PKL) has been the most successful non-cricket league, with a media rights deal worth ₹900 crore and franchise valuations exceeding ₹100 crore, yet it struggles with plateauing ratings [7][15] - The Indian Super League (ISL) has encountered significant financial losses, with Reliance and Star's initial ambitions not materializing, leading to doubts about its future [9][15] Investment and Governance - Long-term investment in grassroots development, better governance, and cost discipline is essential for the success of non-cricket leagues, as highlighted by industry experts [2][15] - Governance is a key differentiator, with some leagues offering franchise fee holidays to encourage long-term investment and reduce entry barriers [12][15] - The Prime Volleyball League (PVL) has adopted a leaner approach, valuing at ₹500 crore, and has involved team owners in league operations to ensure commitment to long-term success [10][15] Future Prospects - The demand for diverse sporting content is increasing, with sports evolving into an asset class, necessitating a focus on cost control, revenue diversification, and year-round fan engagement for sustainable growth [13][16] - New leagues, such as the Archery Premier League (APL), are being launched with sustainable business models, indicating ongoing investor interest despite the challenges faced by existing leagues [14][16]