Kolkata Knight Riders remains the most valuable Indian Premiere League (IPL) brand, thanks co-owner and actor Shah Rukh Khan’s fan base.

The brand, which was on top of the pile in 2016, grew 23 percent and is valued at $58.6 million after this year’s edition, according to a report published by the global corporate valuation, analytics and strategy firm Brand Finance.

IPL 10 winner Mumbai Indians is second in that list, with a valuation of $54.1 million. Last year’s champion Sunrisers Hyderabad have secured the third place with $46.5 million.

Reports suggest that the fan appeal of KKR’s megastar owner SRK is the main reason behind their mammoth brand value.

“The company arrives at a brand value on the hypothetical premise that a brand is an asset which can be transferred or lent for a consideration, which can be called a royalty or a licence fee”, said Ajion Francis, managing director, Brand Finance India.

“It is the amount that such a transfer would command that determines the brand value, he said. To put it simply, the brand value is created on the basis of how much of a franchise’s absolute revenue the brand hypothetically contributes”, he added.

The Delhi and Punjab brands grew 13 and 17 percent, respectively, retaining their fifth and sixth positions. Delhi was valued at $40.5 million and Punjab at $36.2 million.

The only franchise to register a single-digit growth at 4 percent were last year’s finalists Royal Challengers Bangalore (RCB). They climbed a rung down to be the fourth most valuable brand at $44.4 million.