Royal Challengers Bengaluru have become the IPL's most valuable franchise, overtaking Mumbai Indians with a brand value of US$312 million, according to Houlihan Lokey's latest report.

According to the latest report by US-based investment bank Houlihan Lokey, Royal Challengers Bengaluru (RCB) are the most valuable IPL franchise, with a brand value of US$312 million.

Five-time IPL champions Mumbai Indians are ranked second on the list, with a brand value of US$264 million.

Shah Rukh Khan-owned Kolkata Knight Riders are ranked third among the most valuable IPL franchises, with a brand value of US$245 million.

Chennai Super Kings hold the fourth spot with a brand value of US$244 million, marking a 3.8 per cent increase compared to the previous year.

Sunrisers Hyderabad are ranked fifth among the most valuable IPL franchises, with a brand value of US$168 million, recording a 9.1 per cent growth from last year.