Mumbai Indians are currently languishing at the bottom of the IPL 2022 table - having lost their first eight matches of the season - but they have some reason to smile after topping the Forbes list of most valuable IPL franchises.
The five-times champions are almost certainly out of the race for the play-offs, with serious question marks over their strategy during the player auction earlier in the year.
But what can't be denied is the brand created by Mumbai and its parent company Reliance Industries that has made the side the most successful and recognisable face of franchise cricket.
That is reflected in Forbes' list of valuation for IPL 2022 teams, with Mumbai Indians deemed to be worth $1.3 billion. According to the publication, the franchise is above six Major League Baseball teams, 27 National Hockey League sides and every Major League Soccer outfit.
Right behind Mumbai on the list are Chennai Super Kings at $1.15 billion. In all, seven out of the 10 franchises in the competition this year have billion-dollar valuations.
“The IPL is the most prominent cricket league in the world in terms of attracting sponsors and media rights,” Forbes quoted Ajimon Francis, managing director at Brand Finance India, as saying.
“A lot of credit goes to founders of the IPL, who took ideas from the NBA and European football leagues, and good governance by the BCCI with regards to clear visibility of team funding and ensuring the tournament continued during Covid.”
Forbes' IPL 2022 franchise valuations
1. Mumbai Indians: Value $1.3 billion
2. Chennai Super Kings: $1.15 billion
3. Kolkata Knight Riders: $1.1 billion
4. Lucknow Super Giants: $1.075 billion
5. Delhi Capitals: $1.035 billion
6. Royal Challengers Bangalore: $1.025 billion
7. Rajasthan Royals: $1 billion
8. Sunrisers Hyderabad: $970 million
9. Punjab Kings: $925 million
10. Gujarat Titans: $850 million