Saudi Arabia has highlighted its interest in buying a multi-billion-dollar stake in the Indian Premier League (IPL), Bloomberg reported. Crown Prince Mohammed bin Salman’s advisers made an important disclosure to Indian officials about the domestic franchise T20 competition.
The revelation is that the T20 franchise has been transferred to a US$30 billion holding company. In this company, Saudi Arabia would hold a major stake.
The Public Investment Fund of Saudi Arabia may be a source to be used to resolve issues with the Board of Control for cricket in India. However, the condition is that if any issues arise, no final decision has been taken yet.
Moreover, these talks took place when the de facto ruler of the kingdom visited India in September. Until then, this news was not common due to the anonymity of the people.
The Saudi Arabian king has reportedly invested up to five billion dollars in the league. He helped pave the way for other leagues like the European Champions League to expand to other countries. BBCI is headed by Jah Shah, son of India’s home minister, Amit Shah.
The Indian Premium League has acquired an increased number of sponsors, including Aramco and the Saudi Tourism Authority.
Last year, India paid six billion dollars for the right to broadcast IPL games until 2027, despite the league lasting eight weeks in the spring. Moreover, it contributes up to $15 million per match, which is more than the English Premier League.