mumbai, Nov. 10 -- India's flagship cricket competition, the Indian Premier League (IPL), could soon have more teams vying for the trophy. The Board of Control for Cricket in India (BCCI), which runs the league, is looking to add at least two teams from the 2028 media rights cycle, with Vadodara and Pune among the cities in the fray, according to two people familiar with the plans, who asked not to be identified as the deliberations are private. With investor interest for one of the world's most valuable sporting properties at an all-time high, each new franchise could be valued at over $1 billion, said a third person. Private equity firm Permira, Asian state-backed investment entities, sovereign wealth funds from West Asia, major family-owned Indian conglomerates, US-based family offices, and ultra high net worth individuals in India are said to be evaluating potential bids or minority equity investments in the two teams, said the person cited above. Permira declined to respond to Mint's queries, while there was no response from BCCI. Gujarat, being Prime Minister Narendra Modi's home state, has seen a big push for development in sectors, including sports. "There is a clear push for Ahmedabad to become a sports hub. Hence, there is expected to be another team from Gujarat from Vadodara," said one of the persons quoted above. Vadodara is about 110km from Ahmedabad, which is the home ground for the Gujarat Titans, the sole IPL team of the western state. In a September 4 government release, Union home minister Amit Shah, also from Gujarat, said Ahmedabad is being developed as an international training hub amid ambitions of hosting the 2036 Olympic Games. As for Pune in Maharashtra, the city has a historical association with domestic and international cricket. As for IPL, Pune has had two stints. First was the Sahara Group-owned Pune Warriors India that played between 2011 and 2013. It had exited the league following financial disputes with the BCCI over franchise fees. The city later hosted Rising Pune Supergiant, owned by the RP-Sanjiv Goenka Group, as a temporary franchise during the 2016-17 seasons, when Chennai Super Kings and Rajasthan Royals were suspended. The team was the runner-up in 2017, losing the final to the other Maharashtra team Mumbai Indians by one run. The league was disbanded following the return of the suspended franchises. But beyond finding new cities and investors, the challenge will be whether there are enough Indian cricket stars to lead the new teams and draw fans, even with international players in the mix. "A factor that could come in the way is if Indian cricket currently has enough star players that can carry fan following for newer teams," said the person quoted above. Proposals for the new franchises are in very early stages yet, and the host cities can change, or more teams can be added, depending on investor interest, said the people. The IPL, an annual short-form domestic cricket league, took off in 2008 with eight teams, and it currently has 10 franchises competing for the title. The league had last expanded ahead of the 2022 season, when two franchises were added through a tender. The RPSG Group picked up the Lucknow Super Giants for $940 million, while private equity firm CVC Capital Partners took the Gujarat Titans for $750 million....