Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), the world’s richest cricket league, Bloomberg News reported on Friday, citing people familiar with the matter.
Per the report, Saudi Arabian Crown Prince Mohammed bin Salman’s advisers have spoken to Indian government officials about moving the IPL into a holding company valued at as much as $30 billion.
The talks were held when the Crown Prince visited India in September, the report said, adding that the kingdom proposed investing as much as $5 billion in the league and helping lead an expansion into other markets.
The Board of Control for Cricket in India (BCCI), the custodian of the IPL, did not immediately respond to Reuters’ request for a comment.
Report Highlights
?Saudi Arabian Crown Prince Mohammed bin Salman’s advisers have spoken to Indian government officials about moving the IPL into a holding company valued at as much as $30 billion
?Saudi Arabia has proposed investing up to $5 billion in IPL, which could make it a key stakeholder (16.7% stake) and support IPL’s expansion into other countries
?Each IPL team is now worth more than $1 billion. That valuation would exponentially rise from a major Saudi investment.
?While IPL is a massive success already, such an expansion could further bolster global appeal of the league and make IPL a platform for global reach for brands
?This seems like a much more strategic move than starting a league of its own, which would struggle from the new International Cricket Council ruling of a cap on international players and the lack of participation of Indian players in rival T20 leagues
