Saudi Arabia likely to purchase multi-billion dollar stakes in mega-rich IPL: Reports

Saudi Arabia is eyeing another major move in the world of sports as they now eye stakes in the mega-rich Indian Premier League (IPL). According to several reports on Friday (Nov 3), Saudi Arabia is interested in increasing its major shares in the sports industry. The Arab kingdom already has stakes in the WWE, while also funding the LIV-PGA Golf collaboration deal. They were recently in the news for being the only team to bid for the 2034 FIFA World Cup.

Saudis talk stakepurchase

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 news agency Reuters said in a report.

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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 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.

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The IPL has been a major player in the Indian market in recent years for Indian sports, with stars across the globe gathering to play in the mega-rich league. In 2023, the BCCI also created a separate women's franchise league, named Womens Premier League (WPL).

Saudi’s gradual rise in sports was recently highlighted with football clubs splashing cash in the transfer market. The likes of Karim Benzema, N’Golo Kante, and Neymar were among players attracted by the league which has seen them become a major football market. Cristiano Ronaldo was also part of the high-flying purchasing groups when he joined Al-Nassr in 2022 December.

They are all but guaranteed to host the 2034 FIFA World Cup with the increasing popularity of the sports in the nation. A big stake in the IPL could see cricket reach at global stage with the 2028 Olympics also given the green lights to host the event.

(With inputs from agencies)