Saudi Arabia looks to acquire $5 billion stake in Indian Premier League: Report

In a bid to strengthen its sporting portfolio, Saudi Arabia have shown interest in acquiring a multibillion dollar stake in the Indian Premier League (IPL), a report in Bloomberg News said on Friday. The Saudi Arabian Crown Prince Mohammed Bin Salman had visited India in September, and had held talks with Indian government officials, regarding the possibility of moving the IPL into a holding company, with a value as high as $30 billion. The report added that the kingdom had proposed investing a whopping amount of $5 billion in the IPL and help the league expand to other countries. Over the years, the IPL has grown exponentially since its inception in 2008. In 2022, the IPL media rights for the 2023-28 cycle fetched crores, with Disney Star and Viacom18 winning the rights for TV and digital respectively. While Disney Star won the TV rights for Rs 23,575 crores, Viacom18 had clinched the streaming rights for Rs 20,500 crores. In another recent development, it was on Friday announced that the IPL 2024 Player Auction will take place in Dubai on 19 December. This will be for the first time that the auction will be held outside India. Meanwhile, the IPL has spread gradually to other countries as well, with teams like Chennai Super Kings, Mumbai Indians and Delhi Capitals acquiring franchises in South Africa and United Arab Emirates. CSK won the IPL 2023 title earlier this year, beating Gujarat Titans by five wickets in a rain-affected final n Ahmedabad.