New Delhi, 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 in the know.

Private equity firm Permira, Asian state-backed investment entities, sovereign wealth funds from West As...