Saudi Crown Prince Mohammed bin Salman's advisers are in talks with Indian government officials to turn the Indian Premier League (IPL) into a $30 billion holding company.
| Saudi Prince Mohammed bin Salman, |
IPL is the richest cricket league in the world and its value has been rising in recent years. In 2022, IPL's media rights were sold for $6.2 billion for five years.
Saudi Arabia is reportedly keen to invest $5 billion in the IPL, which would also help expand the league to other countries.
Talks between Saudi Arabia and India are still at an early stage and it is not clear when an agreement will be reached. However, if the deal goes through, it will be a major coup for both the IPL and Saudi Arabia.
The IPL is already one of the most popular sporting events in the world and Saudi investment will help it grow further. For Saudi Arabia, investing in the IPL is a way to boost its soft power and image abroad.
It is worth noting that the Indian government has not yet officially commented on the talks and the deal may be scrapped. However, all the talks are a sign of growing interest in the IPL among global investors.
According to the negotiations held at that time, Saudi Arabia expressed interest to invest 5 billion dollars i.e. Rs. 41,500 crores in the IPL league like the English Premier League or the European Champions League. It is said that this will help in expanding these competitions to other countries as well.
The BCCI is also expected to invite the proposal next year as the Saudis are keen to apply the necessary pressure to implement the IPL investment deal.