A significant portion of the Indian cricket board’s revenue comes from the Indian Premier League (IPL). This money is invested in domestic cricket, playing a crucial role in the development of Indian cricket infrastructure.
Thus, IPL is not just entertainment anymore, but also a medium to sustain the country’s cricket ecosystem. Now, Saudi Arabia has shown interest in acquiring ownership of the IPL. However, the Indian cricket board is reluctant to relinquish its control over the league. As a result, the board, led by Jay Shah, made a key decision in a meeting last week.
The Board as a ‘Society’
On Sunday, during the Indian cricket board’s annual general meeting in Bengaluru, it was decided that the board would remain registered as a ‘society.’ The Indian cricket board is not a government entity but an autonomous body with its own constitution. Ownership of the board does not rest with any individual or private entity. It operates as a society, and the board members agreed that the IPL and other competitions run by the board would not be handed over to private corporations.
Saudi Arabia’s Interest
Saudi Arabia has been expressing interest in the IPL since last year. With the market value of the IPL increasing every year due to more sponsors and broadcasting deals, the league’s current market value has reached INR 84,000 crore. In 2022, the IPL’s brand value was INR 15,090 crore, which increased to INR 26,827 crore in 2023, and by 2024, it further rose to INR 28,503 crore.
The franchise teams have also seen their brand values rise, with Chennai Super Kings topping the list at INR 1,937 crore, followed by Royal Challengers Bangalore (INR 1,903 crore), and Kolkata Knight Riders (INR 1,811 crore). This growth has attracted foreign investors, who are keen to invest in the IPL.
In November 2022, Bloomberg reported that by 2025, the IPL’s market value could soar to INR 2,52,000 crore. Prior to this, Saudi Arabia had already expressed interest in investing INR 42,000 crore in the IPL, seeking partial ownership. However, the Indian cricket board, led by Roger Binny and Jay Shah, rejected the proposal, although Saudi Arabia continues its efforts to get involved.
Globally, ownership in sports leagues by private corporations is becoming more common. For example, England’s Hampshire County Cricket Club was recently fully acquired by the multinational GMR Group. However, the Indian board believes that foreign ownership could lead to various problems, such as outside influence on decision-making that could harm the development of Indian cricket. Hence, the board is determined to retain full control over the IPL.
The Board’s Stance
During the annual general meeting, one board member stated that everyone unanimously agreed that the IPL’s ownership should not be transferred to any private entity for the long-term benefit of Indian cricket. While private ownership is allowed for IPL teams (e.g., Chennai, Mumbai, Kolkata, and Bengaluru teams are owned by companies), the schedule, rules, auctions, and organization of the IPL remain under the board’s control. Allowing foreign companies to enter could lead to issues with the board’s authority, which they want to avoid. The board is even considering introducing laws to safeguard against this in the future.
Saudi Arabia has been expanding its influence in global sports, including football, golf, and boxing. They have already signed star players like Cristiano Ronaldo, Neymar, and Karim Benzema for the Saudi Pro League and will host the 2034 FIFA World Cup. However, their involvement in cricket is minimal, with only Saudi Aramco sponsoring ICC events. They were also IPL sponsors in 2023 but did not renew their contract for 2024.
In this context, the Indian cricket board prefers to remain a society rather than allowing any private company to take control, ensuring that Indian cricket remains under Indian control.
