Saudi Arabia eyes stake in $30 billion IPL: Report

NT Correspondent

New Delhi/Riyadh: Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), the world's richest cricket league, as Bloomberg News reported on Friday.

Citing sources familiar with the matter, the report revealed that advisors to Saudi Arabian Crown Prince Mohammed bin Salman have engaged in discussions with Indian government officials.

These discussions revolve around the possibility of incorporating the IPL into a holding company with an estimated valuation of up to $30 billion.

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 report said.

The talks took place during the visit of Crown Prince Mohammed bin Salman to India in September, during which the Kingdom of Saudi Arabia put forth a proposal to invest as much as $5 billion into the IPL.

Additionally, they reportedly expressed interest in spearheading an expansion of the league into other nations.

The report further indicated that these discussions transpired during the aforementioned visit of the Saudi Prince to India in September. Sources with knowledge of the matter suggested that the Indian government and the Board of Control for Cricket in India (BCCI) are expected to make a decision following the elections scheduled for the next year, says report.

It is worth noting that the IPL has already secured a considerable roster of sponsors, which includes notable entities such as Aramco and the Saudi tourism authority.

The IPL's immense popularity was underscored by the substantial bids made last year, totaling $6.2 billion, for the broadcasting rights of the tournaments.

This equates to an astonishing $15.1 million per match, placing it just behind the English Premier League and closely trailing the United States' National Football League in terms of broadcast rights value.