Saudi Arabia has proposed investing up to $5 billion in the Indian Premier League (IPL), taking its valuation to $30 billion, according to a report by Bloomberg. The investment is part of a broader plan by Saudi Arabia to boost its sports sector and take the IPL to a global stage, similar to the English Premier League.
The report states that the Saudi Public Investment Fund (PIF) is in talks with the Board of Control for Cricket in India (BCCI) to acquire a stake in the IPL. The PIF is a sovereign wealth fund that is controlled by the Saudi government and has been investing heavily in sports and entertainment in recent years.
Saudi Arabia’s powerful sovereign wealth fund, which has anchored many of the kingdom’s previous sports investments, could ultimately be the vehicle used to do a deal with the BCCI if an agreement is reached. However, no final decisions have yet been made.
While the Saudi government is keen to press on with a deal, the Indian government and the country’s cricket regulator BCCI are likely to take a call on the proposal after next year’s federal elections.
The IPL is the world’s most popular cricket league, and it attracts a global audience of millions. It is one of the most valuable sports leagues in the world.