Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), international cricket’s most lucrative event, following a string of investments that have upended professional sports, including football and golf, a media report said.
Saudi Arabian Crown Prince Mohammed bin Salman’s advisors have spoken to Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, Bloomberg reported.
The talks were held when the Saudi Crown Prince visited India in September for the G20 Summit held under India’s Presidency, the report said.
Saudi Arabia proposed investing as much as $5 billion into the league and help lead an expansion into other countries, the report said.
As per earlier reports, the IPL ecosystem value has risen from Rs 87,000 crore to Rs 92,500 crore, marking an increase of around 6.3 per cent, as per a report by D&P India Advisory Services.
In USD terms, this translates to a growth from $10.9 billion to $11.2 billion, representing an increase of approximately 3.3 per cent.
The league has always been a spectacle of cricket, business and entertainment. This year was no exception, as the league continued to captivate audiences, both on television and digital platforms, the report said.
According to the Broadcast Audience Research Council (BARC) India, the IPL telecast on the Star Sports Network attracted a staggering 505 million viewers with an impressive watch time of 427.1 billion minutes. On the digital front, JioCinema reported that 449 million viewers tuned into its platform, with over 126 million viewers choosing connected TV options to savour the IPL action.
Saudi Arabia’s powerful sovereign wealth fund, which has anchored many of the kingdom’s previous sports investments, could ultimately be the vehicle used to do a deal with the BCCI if an agreement is reached. No final decisions have yet been made.
