A group of techies from the United States (Silicon Valley Group) – Microsoft head and Google’s Satya Nadella and Sundar Pichai, have agreed to buy the London spirit in the 100-ball league.
They seize the Lord’s based side by starving off aggressive bidding from Sanjiv Goenka, the owner of the Lucknow Super Giants team in the Indian Premier League (IPL).
Other than Microsoft and Google’s head, MLC’s co-founder and vice-chairman of Times Internet Satyan Gajwani and billionaire tech executive Nikesh Arora among others have agreed to buy the London Spirit for a valuation of GBP 295 million.
It remains uncertain they will go on to buy a majority Stake in the franchise is not clear but as per the current valuation, the 49 per cent that they bought on Friday would fetch the England and Wales Cricket Board a staggering GBP 145 million.
It is emerged later that Washington Freedom, a team in Major League Cricket (MLC), has secured Welsh Fire to GBP 65 million. Going by the first two days’ count, the ECB, which hoped to raise GBP 350 million though Privatisation of The Hundred, will earn far more.
After selling four teams, including Oval Invincibles and Birmingham Phoenix, the ECB has already been assured of over GBP 300 million.
The Marylebone Cricket Club welcomed their new partners saying, “It’s with great pleasure that I am able to announce that Cricket Investor Holdings Limited, a consortium led by Nikesh Arora, will be our new partner and co-owners of the London Spirit franchise in The Hundred,” said the chair of MCC, Mark Nicholas.
“This historic news comes at the conclusion of ECB’s sales process to identify an investment partner for a 49% stake in London Spirit (with MCC being gifted the other 51%).”
“MCC has been fully involved throughout ECB’s process and what an exciting time it has been. All those we spoke to were so eager to be a part of what we do and it is a huge credit to everybody at Lord’s that there has been this remarkable interest.”
“Today’s announcement shows what we as Members have always known: our Club is special. It’s why people want to be involved with us. I hope that all Members are as proud as I am and excited at the opportunities that lie ahead.”
ECB has decided to privatise The Hundred competition and revealed the process for The Hundred Private Investment on May 2024.
The ECB will sell the remaining teams, Manchester Originals, Trent Rockets, Northern Super Chargers and Southern Braves next week. Meanwhile the sale of the Manchester franchise is expected to be taken first on Monday and Goenka will be a serious contender.
The owners of four IPL teams the Ambanis of Mumbai Indians, the Marans of Sunrisers Hyderabad and the GMR Group of Delhi Capitals apart from Goenka were in the race initially. However CVC, runs Gujarat Titans are also in the fray. The Ambanis have already bought Oval Invincibles.
