Dhaka, March 17 -- The Indian Premier League's reign as cricket's most lucrative gift horse faces its first serious threat as Saudi Arabia prepares to launch a rival cricket league backed by hundreds of millions of dollars.

According to a report in The Telegraph, Saudi Arabia's SRJ Sports Investments is planning an ambitious new competition featuring eight teams competing in four tournaments annually across multiple locations, including Australia.

With a jaw-dropping £400 million ($500 million) investment planned, the league threatens to redraw cricket's global map by luring the sport's biggest stars with unprecedented paychecks.

This could seriously disrupt India's tight control over cricket's purse strings. It's just the latest ...