Saudi Arabia has expressed interest in buying a multi-billion-dollar stake in the Indian Premier League (IPL), Bloomberg News reported on Friday, citing people familiar with the matter.
Saudi Arabian Crown Prince Mohammed bin Salman’s advisers have sounded out Indian government officials about moving the IPL into a holding company valued at
as much as $30 billion, the report said.
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 into the league and help lead an expansion into other countries.
The Board of Control for Cricket in India (BCCI), the custodian of the IPL, did not immediately respond to Reuters’ request for a comment.
IPL is one of the richest leagues in the world and has been attracting top players and coaches to India since its inaugural edition in 2008.
Saudi Arabia has been making major investments in sports, especially football and golf. A Saudi-led consortium bought the English Premier League club Newcastle United and the country is also a major contender to host the 2034 football World Cup. The Saudi football league has already splashed big bucks to recruit big names such as Cristiano Ronaldo, Neymar and Karim Benzema, among others.
The country’s Public Investment Fund backed the LIV Golf tour, which this year agreed to a shock merger with the PGA Tour.
With inputs from Reuters
