Saudi Arabia Eyes Stake in $30 Billion Indian Cricket League

In a bid to strengthen its sporting portfolio, Saudi Arabia has shown interest in acquiring a multibillion-dollar stake in the Indian Premier League (IPL), a report in Bloomberg News said on Friday.

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Saudi Arabia has proposed investing $5 billion in the IPL

The Saudi Arabian Crown Prince Mohammed Bin Salman visited India in September and held talks with Indian government officials, regarding the possibility of moving the IPL into a holding company, with a value as high as $30 billion.

The report added that the kingdom had proposed investing a whopping amount of $5 billion in the IPL. And the Prince helping the league expand to other countries.

The IPL has grown exponentially since its inception in 2008

Over the years, the IPL has grown exponentially since its inception in 2008. In 2022, the IPL media rights for the 2023-28 cycle fetched crores. Disney Star and Viacom18 won the rights for TV and digital respectively. While Disney Star won the TV rights for Rs 23,575 crores, Viacom18 clinched the streaming rights for Rs 20,500 crores.

In another recent development, it was on Friday announced that the IPL 2024 Player Auction will take place in Dubai on 19 December. This will be the first time that the auction will be held outside India.

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Meanwhile, the IPL has spread gradually to other countries as well, with teams like Chennai Super Kings, Mumbai Indians, and Delhi Capitals acquiring franchises in South Africa and the United Arab Emirates.

CSK won the IPL 2023 title earlier this year, beating Gujarat Titans by five wickets in a rain-affected final in Ahmedabad.