After golf and football, Saudi Arabia is eying an entry into cricket’s elite club. But not through the national cricket team, rather by buying a stake in cricket’s hottest property Indian Premier League (IPL). The development comes in the backdrop of a failed attempt to launch a T20 league in Saudi Arabia. Saudi has been in discussions with the BCCI for a potential tie-up to launch a cricket league. But now, with a different strategy, Saudi’s Public Investment Fund wants to invest as much as $5 billion.
As per a Bloomberg report, advisers of Crown Prince Mohammed bin Salman reached out to Indian government officials about IPL. In the approach, they want IPL to be moved into a holding company worth $30 billion including a $5 billion investment.
In fact, Saudi officials held informal talks with the Indian counterpart on the matter in September when Salman visited India for the G20 summit. Saudi Arabia Tourism and Aramco – two Saudi businesses – are already sponsors in IPL.
Global IPL expansion
With every cricket board launching its own T20 league, the Saudi-backed IPL would be expanding its own footprints across the globe. The ownership of such leagues will remain with the holding company.
Currently, IPL team owners have been on an expansion spree, buying teams in ILT20 (UAE), SA20 (South Africa) and Major League Cricket (USA) apart from the Caribbean Premier League (CPL).
To woo viewers from other countries, BCCI is mulling moving IPL 2024 Auction to Dubai. With ever-growing interest in IPL, it could also have a significant impact in the middle east.
Will BCCI agree?
Currently, the BCCI holds all the cards of IPL. And by not allowing Indian players in other leagues, BCCI has maintained a monopoly in franchise league cricket. But if the Indian cricket board does allow the IPL to be moved into a holding company, it could lose the majority. And for that to happen, BCCI will have to agree to let Indian players play in other franchise leagues, even if it’s under its own umbrella. It could be a double-edged sword.
With the Indian General Elections coming up next year, BCCI will only discuss the matter after that.
IPL is the richest cricket league and is only the second richest among all sports after National Football League (NFL, USA) in per-game cost.
