In a move aimed at diversifying the oil-dependent economy, the Kingdom of Saudi Arabia (KSA) has expressed its interest in buying a huge stake in the 30 billion dollars Indian Premier League (IPL), a prominent cricket league, Bloomberg reported.
Crown Prince Mohammed bin Salman’s advisers have reportedly spoken to Indian government officials about the possibility of moving IPL to a holding company.
The talks were held during the Crown Prince’s September visit to India, the Kingdom proposed contributing up to five billion dollars to the league and promoting its international expansion, the report added.
However, there is still no confirmation on this news as no party has responded and a final decision is reportedly yet to be taken.
Saudi’s looks for sports revenue
This comes after the Kingdom has made significant investments in professional sports such as football and many big names like Neymar and Ronaldo are playing for local clubs for fees worth crores.
Saudi Arabia’s stake in the IPL could diversify its economy and enhance its international prestige in professional sports.
About IPL
The Indian Premier League (IPL) is a professional Twenty20 cricket league in India, known for its high-intensity matches, star players, and large fanbase.
The IPL, founded in 2007 by BCCI, has become a globally popular and lucrative cricket league since its inaugural season in 2008.
