Saudi Arabia is hosting the 2024 Indian Premier League (IPL) players’ auction in Jeddah, marking the kingdom’s first major foray into cricket. The two-day event is expected to see franchise teams spend upwards of Rs 600 crore ($71 million), adding to the Indian Premier League’s reputation as one of the most lucrative shows in sports.
Cricket, a sport that has been of marginal interest in Saudi Arabia, finds a passionate and underserved fan base among the kingdom’s 13 million expatriates, most of them from cricket-loving countries such as India, Pakistan and Bangladesh. By organizing the Indian Premier League auction, Saudi Arabia has signaled its intention to raise the profile of cricket alongside football, golf and boxing in its portfolio of sports investments under the Vision 2030 initiative.
The President of the Saudi Cricket Federation, Prince Saud bin Mishal, believes that the auction is a pivotal moment, reflecting “the Kingdom’s commitment to developing the game of cricket and presenting itself as a global destination for sporting events.”
Saudi Aramco Oil Company. It has already signed a long-term agreement with the International Cricket Council (ICC) as a ‘Premier Partner’.
The auction also doubles as a soft power strategy game. By attracting millions of cricket fans globally, Saudi Arabia is seeking an alliance with India, the Indian Premier League’s largest fan base, in the hope of boosting tourism and bilateral trade.
For the Indian Premier League, this is more than just a new venue – it’s an opportunity to leverage Saudi Arabia’s financial clout. Having sold its broadcast rights for a record $6.2 billion in 2021, the IPL has continually sought to expand its global presence. Last year’s auction in Dubai was a step towards achieving this goal, but hosting the event in Jeddah brought an unprecedented opportunity for cricket in an untapped market.
In a calculated shift from its oil-dependent economy, the Saudi sovereign wealth fund has already caused a stir by acquiring Premier League club Newcastle United and disrupting global golf with its controversial LIV golf league.
Although the Kingdom currently lacks cricket infrastructure and a strong domestic league, it is said to be exploring partnerships with Indian Premier League franchises and plans to host matches once world-class stadiums are built. The Kingdom’s vast financial resources and strategic planning could reshape the dynamics of global sports.
For now, the IPL auction in Jeddah is a small step for cricket, but a giant leap for Saudi Arabia’s sporting aspirations.