IPL founder Lalit Modi who has been banned by BCCI has welcomed the multi-billion investment from Saudi Arabia in the cash-rich league. According to recent reports, the Gulf nation are looking pump in more money into IPL to take the league to the next level.
According to a Bloomberg report, Saudi Arabis’s crown prince Mohammed bin Salman’s advisors have approached officials from the Indian government and the IPL which would see the league’s valuation skyrocket to $30 billion, as they hope to make IPL a holding company.
While it remains to be seen how this situation develops, more money would mean more room for development as Modi suggested a football-like relegation promotion model going forward, with as many as 20 teams part of the second-tier league for IPL.
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That’s not all, the renowned businessman also said that the relevance of ODIs is nearing it’s end, while adding that Test matches should be reduced to four days instead of five.
“I see 50-over (ODIs) going completely. I see no relevance to it. It’s there for the sake of being there. There’s only relevance to the Test. A four-day Test, not even a five-day Test – a day/night Test because people don’t have the luxury from morning to evening,” Lalit Modi told Revsportz.
Modi revealed that he hasn’t heard from BCCI in 15 years but if he was among the current stakeholders he would gladly accept the investment from Saudi Arabia.
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“And the 2020 format. I don’t have an inside view of the BCCI. They haven’t spoken to me in 15 years. I am not privy to that but if I was there, I would definitely be thinking of a second secondary-tier league with ownership coming in again, at the second level out there,” said the 59-year-old.
“Not at the valuation of billion dollars but at the valuation of 50 million, 100 million dollars which was the valuation of IPL in year one. There can be up to 20 teams, coming in from the secondary league and two teams are related up and two teams are relegated down will make it extremely competitive, extremely valuable to the players and make a new game altogether,” Modi stated further.
The Bloomberg report claimed that Saudi Arabia are looking to invest $5 billion in IPL which would help the cash-rich league expand further across the world.
According to a report from D&P India Advisory Services, the IPL ecosystem value has risen from Rs 87,000 crore to Rs 92,500 crore which is an increase of nearly 6.3 per cent. Previously an 8-team affair, the addition of two new franchises two years ago has further helped the league’s viewership.
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