Cricket lovers around the globe are waiting for the ultimate showdown as the 17th edition of the Indian Premier League starts from March 22. Dubbed as ‘Indian Paisa League’, there’s no doubt that IPL has been the excellent money spinner for the BCCI. At present, the IPL is the richest cricket league on the planet.
It is second only to the American Football League NFL when it comes to broadcast value. IPL is way ahead of the EPL and MLB. While BCCI may not need more cash at the moment, there has been some buzz around Saudi Arabia looking for an investment in the cricket league. A 2023 Bloomberg report had said that Saudi Arabia is considering to invest whopping $5 billion in the IPL.
However, BCCI secretary Jay Shah has shut down the speculations regarding an overseas investment. Talking to PTI, Shah had said that any kind of foreign investment in the IPL is simply ‘not possible’ as it is a society and not a company. According to the current Indian rules, an entity registered as a society cannot accept foreign funds. In order to accept the foreign funds, the said registered society must take an approval from the RBI as well as the central government.
Saudi Arabia and phenomenon of sportswashing
Saudi Arabia has expressed its desire to establish itself as a prominent global cricketing hub, with this investment initiative being just one facet of its broader efforts to promote cricket. While some may criticize these endeavors as a form of sportswashing, the kingdom’s substantial investment underscores its genuine commitment to leveraging sports as a means to redefine its international image. In addition to cricket, Saudi Arabia is also venturing into other sports such as boxing and football.
