Mumbai Indians, Royal Challengers Bengaluru (RCB), and Lucknow SuperGiants (LSG) reported revenue declines in FY25, according to the Economic Times.Reliance Industries-owned Indiawin Sports, which operates Mumbai Indians, posted a profit of Rs 84 crore, down from Rs 109 crore in FY24. Revenue slipped to Rs 697 crore from Rs 737 crore.Diageo-owned RCB reported revenue of Rs 514 crore in FY25, compared to Rs 649 crore the previous year, citing fewer IPL matches. Profits fell to Rs 140 crore from Rs 222 crore. The franchise declared an interim dividend of Rs 120 crore and continues to field a women’s team in the WPL.“However, the company’s FY2025 revenues will also depend on how many matches of IPL 2025 are played in Q4 FY2025,” ICRA noted in its rating report.For LSG, RPSG Sports reported turnover of Rs 557 crore with losses of Rs 72 crore, against a Rs 59 crore profit on Rs 694 crore revenue in FY24. The group pays Rs 709 crore annually in franchise fees until 2031. “LSG has developed a strong fan base and enjoys healthy ticket revenues. It has also garnered attractive sponsorships. These, coupled with revenues from broadcast rights augur well for the business,” RPSG Ventures chairman Sanjiv Goenka, as quoted by ET.BCCI’s FY24 annual report showed Rs 4,578 crore disbursed to IPL teams, out of total earnings of Rs 11,703 crore. Of this, Rs 8,744 crore came from media rights, Rs 2,163 crore from franchise fees, and Rs 758 crore from sponsorships.Reliance and RPSG also operate teams across international leagues, including SA20, Major League Cricket, and The Hundred. RPSG Ventures owns 51% of RSVPL, which runs Durban SuperGiants in SA20 and, as of February 2025, controls Manchester Originals in the UK’s The Hundred.