Knight Riders to build cricket stadium in Los Angeles

T20 franchise owners Knight Riders Group and Major League Cricket (MLC) have announced plans to build a world-class cricket venue in Great Park, Los Angeles.

The Knight Riders Group (KRG) are the owners of the Kolkata Knight Riders in the Indian Premier League and Trinbago Knight Riders in the Caribbean Premier League (CPL). They are also the founding investors in MLC.

The stadium is set to include state-of-the-art training facilities, luxury suites, and an international-grade pitch to meet International Cricket Council (ICC) accreditation.

The 2024 men’s T20 World Cup is set to be co-hosted by the United States and the West Indies. Once cricket takes hold in the country, the venue could become the centre of the sport in the region.

Knight Riders owner and Bollywood superstar Shah Rukh Khan said, “Our investment in MLC in America, is based on our belief in the exciting future of cricket in the USA and is well aligned to our strategy of establishing Knight Riders as a global brand in T20 cricket. Plans to build a world-class cricket stadium in the greater Los Angeles area is exciting for us and MLC. This will no doubt have a transformational impact on one of the world’s most iconic metropolitan areas.”

“MLC is committed to building outstanding infrastructure for cricket in key markets accessible to legions of cricket-loving fans. We’re grateful to the City of Irvine for agreeing to explore this development in the heart of Orange County,” said Sameer Mehta and Vijay Srinivasan, co-founders, Major League Cricket.

“Great Park’s position as a hub for community recreation and its array of first-class sports facilities makes it an ideal location for the potential addition of a venue serving the local cricket-loving community and the broader Greater Los Angeles region with major international cricket events set to take place there.”

Major League Cricket is USA's officially sanctioned T20 franchise league and anticipated to launch in 2023.

According to the tournament website "MLC will feature top players from around the globe and provide a stage for domestic cricketers to showcase their talents to a global audience".

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

History's medical milestones

1799 - First small pox vaccine administered

1846 - First public demonstration of anaesthesia in surgery

1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases

1895 - Discovery of x-rays

1923 - Heart valve surgery performed successfully for first time

1928 - Alexander Fleming discovers penicillin

1953 - Structure of DNA discovered

1952 - First organ transplant - a kidney - takes place

1954 - Clinical trials of birth control pill

1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.

1998 - The first adult live-donor liver transplant is carried out

Knight Riders to build cricket stadium in Los Angeles

IPL franchise owners and Major League Cricket announce plans for state-of-the-art facility

Ten tax points to be aware of in 2026

History's medical milestones