Saudi Arabia has expressed a keen interest in acquiring a substantial stake in the Indian Premier League (IPL), the most lucrative event in international cricket, as part of a series of investments that have disrupted the landscape of professional sports, including football and golf, according to a recent media report.
Advisors to Saudi Arabian Crown Prince Mohammed bin Salman have engaged in discussions with Indian government officials regarding the possibility of moving the IPL into a holding company with an estimated value of up to $30 billion, as reported by Bloomberg.
These discussions transpired during the visit of the Saudi Crown Prince to India in September, coinciding with the G20 Summit held under India's Presidency.
Saudi Arabia has put forth a proposal to invest as much as $5 billion in the IPL and to play a leading role in its expansion into other countries.
Previous reports have indicated that the IPL ecosystem's value has seen a rise from Rs 87,000 crore to Rs 92,500 crore, marking an increase of around 6.3 percent, as reported by D&P India Advisory Services.
In terms of USD, this translates to growth from $10.9 billion to $11.2 billion, reflecting an increase of approximately 3.3 percent.
The IPL has consistently stood as a unique amalgamation of cricket, commerce, and entertainment. This year has been no exception, as the league continued to enthrall audiences, both on television and digital platforms, according to the report.
Data from the Broadcast Audience Research Council (BARC) India revealed that IPL telecasts on the Star Sports Network attracted a staggering 505 million viewers, with an impressive total watch time of 427.1 billion minutes. On the digital front, JioCinema reported that 449 million viewers tuned into its platform, with over 126 million viewers opting for connected TV options to enjoy the IPL action.
(With Agency Inputs)
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