Saudi Arabia is exploring a multibillion-dollar investment in IPL
Saudi Arabia is reportedly considering a multibillion-dollar stake in the Indian Premier League (IPL), the world's most lucrative cricket league, as per Bloomberg. Insiders have disclosed that during Saudi Arabian Crown Prince Mohammed bin Salman's visit to India in September, advisers to the prince explored the idea of incorporating the IPL into a holding company worth up to $30 billion with Indian officials.
Saudi Arabia may invest as much as $5 billion
Saudi Arabia suggested investing as much as $5 billion in the IPL and would help spearhead its expansion into other nations. Saudi Arabia's sovereign wealth fund could be the vehicle to ultimately go ahead with the deal if the Board of Control for Cricket in India (BCCI) agrees to it. Launched in 2008, the IPL ranks among the world's richest leagues, drawing elite players and coaches to India annually.
BCCI is yet to respond on the matter
The BCCI, which supervises the IPL, has not yet commented on the matter when approached by Reuters. As the guardian of the IPL, BCCI's reaction will play a pivotal role in determining the potential partnership between Saudi Arabia and the Indian Premier League. Meanwhile, efforts to replicate the IPL model have extended beyond its origin. In the US, a Satya Nadella-backed league just finished its first season in July. Similar leagues are also established in the UAE and South Africa.
If Saudi invests, media rights agreements would require changes
IPL's popularity is evident with last year's $6.2 billion broadcasting rights deal, which averages $15.1 million per match, placing it just behind the US National Football League and ahead of the English Premier League. However, if there is any Saudi investment in the IPL, modifications to the league's media rights agreements would be necessary.
