• Wednesday, April 24, 2024

ASIA

Saudi eyes Indian Premier League, proposes investment of $5b: report

Advisers of Saudi crown prince Mohammed bin Salman have spoken to Indian officials about moving the league into a holding company, the report added.

Saudi crown prince and prime minister Mohammed bin Salman (Photo: RYAD KRAMDI/AFP/Getty Images).

By: Shubham Ghosh

SAUDI Arabia is keen on buying a multibillion-dollar stake in the Indian Premier League (IPL), the world’s richest cricket league, Bloomberg News reported on Friday (3), citing informed sources.

According to the report, Saudi crown prince and prime minister Mohammed bin Salman’s advisers have taken up the matter with the Indian government officials about moving the IPL into a holding company valued at a whopping $30 billion.

The talks reportedly took place when the Saudi leader went to India in September — to attend the G20 leaders’ summit as well as on a state visit. The Middle Eastern kingdom proposed investing $5b into the T20 cricket league and help lead in expanding it into other nations.

The Board of Control for Cricket in India (BCCI) is the custodian of the IPL. Jay Shah, son of Indian home minister Amit Shah, the second most powerful man in the country’s ruling Bharatiya Janata Party after prime minister Narendra Modi, is the secretary of the BCCI.

The IPL has been a major success since its inception in 2008 and attracts top players and coaches from across the world to India.

The IPL has already spread its wings in various corners of the world. Some of its major franchises have invested in the Major Cricket League in the US which kicked off this year. They have also invested in domestic T20 leagues in the West Indies, South Africa and the United Arab Emirates.

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