Saudi Arabia keen to pad up for cash-rich IPL
Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, international cricket's most lucrative event, following a string of investments that have upended professional sports including football and golf.
Crown Prince Mohammed bin Salman's advisers have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, in which Saudi Arabia would then take a significant stake, people familiar with the matter said. The talks were held when the kingdom's de facto ruler visited India in September, the people said, asking not to be named as the information is not public.
Under plans discussed at the time, the kingdom proposed investing as much as $5 billion into the league and help lead an expansion into other countries, similar to the English Premier League or the European Champions League, the people said.
While the Saudi government is keen to press on with a deal, the Indian government and BCCI are likely to take a call on the proposal after next year's general elections, the people said.
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.
No final decisions have yet been made.
Representatives for BCCI and Saudi government's Center for International Communication didn't respond to requests for comment. The Public Investment Fund declined to comment.
Since its inception in 2008, the IPL has married American-style marketing with the glitz of Bollywood and the energy of India's vast population.
