The Indian Premier League (IPL) could be heading for another expansion, with the Board of Control for Cricket in India (BCCI) exploring the possibility of adding at least two new franchises from the 2028 season.Pune and Vadodara have emerged as potential destinations for the proposed teams, although discussions are still at an early stage and the final choice of cities could change, according to a report by Mint.The proposed expansion is expected to coincide with the IPL's next media rights cycle, covering the 2028-2032 period.ALSO READ: Hardik Pandya-Arshdeep Singh Trade: Abhinav Mukund Questions PBKS' Move, Raises Shreyas FactorEach new franchise could command a valuation of more than $1 billion, driven by growing interest from domestic business groups and international investors, the report noted.Potential investors reportedly include European private equity firm Permira, sovereign wealth funds from West Asia, Asian state-backed investment entities, prominent Indian business conglomerates and US-based family offices. Ultra-high-net-worth individuals are also evaluating potential investments, including minority stakes in the proposed teams.Why Pune And Vadodara Are In The Fray For New IPL TeamsVadodara's emergence as a potential IPL destination comes amid Gujarat's broader push to establish itself as a sporting hub.Located around 110 km from Ahmedabad, Vadodara could become the state's second IPL destination. Ahmedabad is currently home to the Gujarat Titans.The Centre has also highlighted Ahmedabad's ambitions to develop international-standard sporting infrastructure, particularly in the context of India's aspiration to host the 2036 Olympic Games.Pune, meanwhile, has previously been home to two IPL franchises.The Sahara Group-owned Pune Warriors India, which represented the city between 2011 and 2013 before exiting the competition following financial disagreements with the BCCI over franchise fees.The IPL returned to Pune in 2016 with Rising Pune Supergiant, which featured in the 2016 and 2017 seasons when Chennai Super Kings and Rajasthan Royals were suspended.The franchise reached the 2017 final but narrowly lost to Mumbai Indians by just one run.IPL Franchise Valuations Rise After RCB, Rajasthan Royals DealsThe proposed expansion comes at a time when IPL franchise valuations have seen a significant increase, following two major ownership transactions.United Spirits, the Indian subsidiary of Diageo, agreed to sell Royal Challengers Bengaluru (RCB) to a consortium comprising the Aditya Birla Group, Bennett Coleman and Co, Blackstone and Bolt Ventures at a valuation of $1.78 billion.In a separate transaction, a consortium led by the Lakshmi Mittal family and Adar Poonawalla acquired Rajasthan Royals in a deal that valued the franchise at $1.65 billion.These transactions have strengthened expectations of higher valuations for new franchises entering the competition.The IPL last expanded ahead of the 2022 season, when the BCCI introduced two new teams.In which, the RP-Sanjiv Goenka Group acquired Lucknow Super Giants for $940 million, while CVC Capital Partners bought Gujarat Titans for $750 million.What Could Influence IPL's Expansion Plans?While investor interest remains strong, the BCCI's expansion plans will also depend on commercial considerations and the availability of leading Indian players.Broadcasters' appetite for additional matches will be another important factor, as the addition of more franchises would increase the overall number of games and the cost of acquiring media rights.ALSO READ: Hardik Pandya Missing From Mumbai Indians' Diwali Post Sparks IPL 2027 Exit RumoursThe current IPL media rights cycle, covering 2023-2027, was secured for $6.2 billion, making the tournament one of the world's most valuable sporting competitions on a per-match basis.The proposed addition of new franchises would therefore mark another major development in the IPL's commercial expansion, although the plans remain at an early stage.