Saudi Arabia proposes investing as much as $5 billion in Indian Premier League

Business Saturday 04/November/2023 08:55 AM
By: Times News Service
Saudi Arabia proposes investing as much as $5 billion in Indian Premier League

Riyadh: Saudi Arabia is reportedly interested in buying a stake in the Indian Premier League. Valued at $30 billion, advisers of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister have discussed the possibility of moving IPL into a holding company.

In 2009, a year after the franchise-owned cricket league was launched, the average franchise was worth $67 million. By 2022, the average IPL team had soared to $1.04 billion.

According to Bloomberg, if this goes through, Saudi Arabia could take a significant stake. The report stated that the talks were held when the Saudi Prince visited India in September.

Saudi Arabia proposed investing as much as $5 billion and help lead an expansion into other countries, the report added. The Indian government and the Board of Control for Cricket in India (BCCI) are likely to take a call after next year’s elections.

Saudi Arabia—via its $700 billion Public Investment Fund (PIF)—has been making a huge push into sports recently, including a possible investment into the PGA Tour. The PIF has pumped money into everything from Formula 1 and WWE to European soccer and the new African Football League. Saudi Arabia is also due to host the Spanish, Italian and Turkish Cup finals and the 2027 AFC Asian Cup, and it appears in line to host the 2034 FIFA World Cup.