Saudi Arabia to invest Tk 55,000cr in IPL

Saudi Arabia is reportedly interested to invest $5 billion (Tk 55,000cr) in buying a stake in the Indian Premier League (IPL).

Crown Prince Mohammed bin Salman’s advisers have reportedly discussed the possibility of moving IPL into a holding company, valued as much as $30 billion.

According to Bloomberg, if this passes through, Saudi Arabia could take a significant, multibillion-dollar stake. The report stated that the talks were held when the Saudi Prince visited India in September.

The kingdom proposed investing as much as $5 billion (Tk 55,000cr) and help lead an expansion into other countries, the report added. People in the know told the news site that the Indian government and the Board of Control for Cricket in India (BCCI) are likely to take a call after next year’s elections.

Saudi Arabia’s sovereign wealth fund could be the vehicle to ultimately go ahead with the deal if the BCCI agrees to it. No final decision has yet been made and the parties refused a comment to the news site.

IPL already has a large bunch of sponsors, including Aramco and the Saudi tourism authority. IPL’s popularity is evident as bidders last year pumped in $6.2 billion for the right to telecast the tournaments, which comes to $15.1 million per match, which is more than the English Premier League and just behind US’ National Football League.
However, if any Saudi investment comes to IPL, the media rights agreements for the league would require changes.