IPL franchise Mumbai Indians is among the world's 150 most valuable sports team brands according to a list topped by English football giants Manchester United, which has a brand value of $852 millions.

In the assessment of brand values of all major sports teams worldwide done by a London-based brand valuation firm, the Mukesh Ambani-owned team found the 146th position with a brand value worth $48 millions, followed by Chennai Super Kings at $45 millions.

The firm, Brand Finance plc, had compiled the list of the world's 250 most valuable sports teams, including football clubs and teams from the NFL, NHL, NBA, MLB and the Indian Premier League as on June 1 last year.

The inaugural IPL champions, Rajasthan Royals ($27 millions), have the least brand value among the other teams in the competition.

Despite cricket being one of the the world's biggest sport, the total value of IPL teams is just $321 million, the research claimed.

As per the average team brand value for different sports, the cricket event has $35 million brand value.