Saudi Arabia has signaled its interest in acquiring a substantial stake in the Indian Premier League (IPL), which stands as international cricket’s most lucrative event. This move follows a series of investments that have significantly impacted professional sports, including football and golf.

Advisers to Crown Prince Mohammed bin Salman have reportedly engaged with Indian government officials to explore the possibility of incorporating the IPL into a holding company with an estimated value of up to $30 billion. Subsequently, Saudi Arabia would secure a significant share in this venture, according to sources familiar with the matter. These discussions took place during the de facto ruler’s visit to India in September, though the sources prefer to remain anonymous as the information is not yet public.

At the time of these talks, the Kingdom proposed an investment of up to $5 billion into the league, with the intention of spearheading an expansion into other countries, akin to the English Premier League or the European Champions League, as conveyed by the sources.

While the Saudi government is eager to move forward with the deal, a decision on the proposal is likely to be made by the Indian government and the Board of Control for Cricket in India (BCCI) after next year’s general elections, as per the sources.

Should an agreement be reached, Saudi Arabia’s influential sovereign wealth fund, which has played a pivotal role in previous sports investments, could potentially facilitate the deal with the BCCI. However, no final decisions have been reached at this stage.

Representatives for the BCCI and the Saudi government’s Center for International Communication did not respond to requests for comment. The Public Investment Fund declined to provide a statement.

Since its inception in 2008, the IPL has combined American-style marketing with the glamour of Bollywood and the enthusiasm of India’s vast population. The league has garnered a multitude of sponsors, including Aramco and the Saudi tourism authority. Despite a season lasting only eight weeks each spring, bidders paid $6.2 billion last year for the broadcasting rights of IPL games through 2027. This translates to $15.1 million per match, surpassing the EPL and closely trailing the $17 million that networks pay for each game in the National Football League in the United States.

Any Saudi investment in the IPL or alterations to the league’s structure are likely to necessitate the renegotiation of existing media rights agreements, according to insiders.

In recent years, Saudi Arabia has made substantial investments in sports, with the chairman of the kingdom’s sports governing body expressing a desire to transform the nation into a global cricketing hub.

“You can’t compete with money, especially the resources that Saudi Arabia is allocating to certain individuals,” remarked England cricket captain and one of the world’s premier players, Ben Stokes, in an interview this year.