‘Janky’ promoters: Diamonds Promotions wants to change how we promote cricket and get more money in the bank
JAKARTA, Aug 15 (Reuters) – Cricket promoters are hoping a deal with the world’s largest diamond company can help the sport survive the worst of the economic crisis and get the money it needs to stay on top.
The agreement with Diamonds, the world-famous diamond company with more than $600 billion in assets, is the first big investment from the global diamond lobby since the financial crisis.
Its founder, the billionaire businessman Jay Bhatti, said in an interview on Tuesday that Diamonds would invest up to $3 billion in the sport.
Diamonds, which is based in Dubai, has already agreed to fund a new stadium in the United Arab Emirates.
That deal was signed on June 30 and it will be completed by next month.
Bhatti said he was not looking for a quick payout but said it would provide an additional injection of capital into the game.
“If you want to continue playing in the future, you need the right people,” he said.
“We need a strong base of supporters in order to build a winning team and win championships.
That is what we are trying to do.”
The deal with Diamond, the global leader in diamond jewellery, could be the first in a string of deals by the Diamond Group, a joint venture between Bhattis private company Diamonds and the Indian conglomerate, Vedanta.
Bidders in the deal include U.S. conglomerate Anbang Insurance and Singapore’s Pertamina Group.