There have been two constants to every Mahendra Singh Dhoni inning in IPL 2025.
One, when he walks to the middle: the crowd goes wild, decibel levels go through the roof and even the opposition seems to be in awe of the man. Such has been the Chennai Super Kings legend’s pull that broadcasters have been willing to trade advertising time just to show his entry to the crease.
Then there is the second: the anguish on faces of the fans when the 43-year-old is dismissed or when he fails to carry his team over the line as he has done so often in the past.
Now, with the team management admitting that Dhoni may not always be able to take the strain of going full-tilt for 10 overs, explaining his decision to drop down the batting line-up, pundits are asking why he is still playing.
The answer to that question isn’t all cricket. The Indian Premier League is big business with its brand value, according to a Brand Finance report, surging by 13% to reach $12 billion in 2024.
According to the same report, Chennai Super Kings (CSK) has the highest brand value at $122 million, followed by Mumbai Indians (MI) at $119 million and Royal Challengers Bangalore (RCB) at $117 million.
CSK’s brand is built on two things — their consistent performances which have seen them reach 10 of the 17 finals played so far and Dhoni.
“Dhoni has been the face of the franchise and the biggest contributor to the franchise’s success. This team has a mass fan following across India. Due to these factors, CSK is able to get the cream of sponsors and has recorded high sponsorship revenues. The team’s branding elements, fan engagement strategies, and CSR initiatives have all contributed to its enduring success and popularity,” said the Houlihan Lokey report on IPL valuation in 2024.
And all of that is dependant on Dhoni.
So even if Dhoni isn’t at his best; even if he is half the player that he once was, CSK are perhaps hesitant to drop him for that would mean a potential loss of interest among spectators and sponsors alike. Rather, as CSK head coach Stephen Fleming said on Sunday, the decision is left to the man himself.
The business part of the equation is clear. Top franchises such as Mumbai Indians and Chennai Super Kings rake in ₹100-150 crore in revenue each year.
“Franchise sponsorship revenues in IPL 2025 are projected to rise by around 15-20 %, compared to the last season,” said Santosh N, managing partner of D&P Advisory, a valuation services provider that specialises in sports valuations.
Take Dhoni out of the picture and it is a given that CSK will see their revenue dip. To most people, CSK is Dhoni and Dhoni is CSK . It will hit CSK harder than most because they haven’t built up another star to take Dhoni’s place at the top of the pyramid.
And so, CSK appear willing to take a hit in the second part of the equation — the cricket itself.
The big question looming ahead of CSK is who after Dhoni. For now, they are dragging their feet. Mumbai Indians bit the bullet and named Hardik Pandya as skipper last season ahead of an ageing Rohit Sharma. It led to a public outcry but things settled after the 2024 T20 World Cup win.
When CSK last tried to move on by naming Ravindra Jadeja as skipper ahead of the 2022 IPL season, they had to revert to Dhoni mid-season. Jadeja doesn’t quite have the same impact in T20s as he does in Test cricket. Current skipper Ruturaj Gaikwad has stuck around for longer but he is no Dhoni. R Ashwin has only just moved to the team, and he is old (by cricketing standards) too.
In that sense, there has been a clear divergence between making money and the results on the field.
With 42 brands under his belt in 2024 (in the first six months), Dhoni has surpassed even Bollywood icon Amitabh Bachchan, who has 41, according to a recent report by TAM Media Research. His brand value continues to grow even in retirement.
That makes it difficult for his team to move but move on they must.