The Clap
Saudi Aramco (2222) signed a sponsorship deal with the International Cricket Board, representing the latest push by KSA towards international sports.
The Deets
Under the agreement, which will run until the end of 2023, the world’s largest oil exporter will sponsor several major international cricket tournaments, including the Men’s World Cup in India next year.
Aramco and the International Cricket Board said their partnership reflects a “shared focus” on sustainability and innovation.
Aramco
The Saudi government remains the company’s largest shareholder, owning 94% of its shares.
The company overtook Apple this year as the company with the highest market value in the world, due to high oil prices.
The company has also executed deals with the Indian Premier League, Formula 1, and women’s golf.
Why this Matters
According to Bloomberg, the intense bidding for rights to broadcast the most watched cricket tournament in India has made it more expensive than the English Premier League.
The total amounts to $15.1 million per match, according to the Board of Control for Cricket in India.
The broadcast rights for each Premier League game are $11 million.
