Saudi Arabia is reportedly showing keen interest in acquiring a significant financial stake in the Indian Premier League (IPL), as per sources cited by Bloomberg News. The potential investment is expected to be worth several billion dollars.
Advisers to Saudi Arabia's Crown Prince, Mohammed bin Salman, have reportedly initiated discussions with Indian government representatives regarding the prospect of transferring the IPL to a consolidated entity valued at an estimated $30 billion, according to the report.
Since its establishment in 2008, the Indian Premier League (IPL) has evolved into a sporting extravaganza that holds a special place in the heart of the nation. A well-known global investment bank specializing in valuing sports franchises worldwide, Houlihan Lokey, estimated the Indian Premier League (IPL) to have an enterprise value of approximately Rs 1.3 lakh crore, which is equal to $15.4 billion.
Earlier this year, the partnership between the Saudi Tourism Authority (STA) and the TATA Indian Premier League (IPL) had strengthened ties between Saudi Arabia and India through the popularity of cricket. Saudi Arabia had welcomed a large number of Indian visitors, and with the IPL's vast global audience, the STA tapped into this fanbase to promote Saudi Arabia as a year-round destination.
As per reports India is set to become Saudi Arabia's largest tourism source market by 2030. The announcement of the India-Middle East-Europe-Economic Corridor during the G20, between the European Union and seven countries, namely India, the US, Saudi Arabia, the United Arab Emirates (UAE), France, Germany, and Italy.