IPL 2024: Saudi Arabia set to enter world richest Cricket League
Saudi Arabia is reportedly interested in buying a stake in the Indian Premier League. Advisers to Crown Prince Mohammed bin Salman have reportedly discussed the possibility of moving the IPL into a holding company valued at $30 billion.
World richest cricket league Indian Premier League IPL 2024 mini auction will held in Dubai next month. In between Saudi Arabia is reportedly interested in buying a stake in the Indian Premier League. Advisers to Crown Prince Mohammed bin Salman have reportedly discussed the possibility of moving the IPL into a holding company valued at $30 billion.
If it passes, Saudi Arabia could take a significant, billion-dollar stake, according to Bloomberg. The talks took place when the Saudi prince visited India in September, the report said. Saudi Arabia has proposed to invest $5 billion and help spearhead expansion to other countries, the report said.
The Indian government and the Board of Control for Cricket in India (BCCI) are likely to take a decision after next year’s elections. If the BCCI agrees, Saudi Arabia’s sovereign wealth fund could eventually be instrumental in moving ahead with the deal.
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The government of Saudi Arabia has its own sovereign wealth fund. It has many sports investments in the Kingdom of Saudi Arabia. However, if it is finalized, this company will enter into an agreement with BCCI. However, no final decision has been taken in this regard.
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Representatives of the BCCI and the Saudi government’s Center for International Communication were not immediately available for comment. The Public Investment Fund declined to comment. Since its inception in 2008, the IPL has seen huge success with the glitz of Bollywood and the cricket-loving population.
It has an American style marketing technique. Instead of the traditional format of cricket, it aims to make cricket more energetic in a three or four hour game. The league has already attracted several sponsors, including Aramco and the Saudi Tourism Authority. Bidders paid $6.2 billion last year for the right to broadcast IPL games through 2027, despite the season lasting just eight weeks each summer. This is higher than the English Football League.
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