Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), the world’s richest cricket league, people familiar with the matter revealed.
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 sources 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.
IPL already has a large bunch of sponsors, including Aramco and the Saudi tourism authority. IPL’s popularity is evident as bidders last year pumped in $6.2 billion for the right to telecast the tournaments, which comes to $15.1 million per match, which is more than the English Premier League and just behind US’ National Football League.
Saudi Arabia is becoming a sporting superpower after the de facto ruler Crown Prince Mohammed bin Salman (commonly known as “MBS”) has spent billions of dollars on high-profile international sporting events in a bid to bolster its international reputation.
This reflects the momentous scale of Saudi Arabia’s investments in what they term “sportswashing,” the practice of investing or hosting sporting events in a bid to obscure the Kingdom’s poor human rights record, and tout itself as a new leading global venue for tourism and events.
Saudi Arabia’s sporting ventures in recent years have included the deal with the Portuguese soccer star Cristiano Ronaldo to join Saudi Arabian club Al-Nassr on a two-year contract. According to reports, Ronaldo will receive £172.9 million-a-year through 2025 as part of the deal.
However, this hugely expensive outlay has further damaged the Kingdom’s reputation and image.
