Microsoft head, Google CEO, Times Internet VC join hands to bag London Spirit
A group of tech giants from the United States, including Microsoft head Satya Nadella, Google CEO Sundar Pichai, and co-founder of Major League Cricket (MLC) and vice-chairman of Times Internet Satyan Gajwani, have agreed to buy the London Spirit team in the 100-ball league for a valuation of GBP 295 million.
The consortium, led by billionaire tech executive Nikesh Arora, has secured a 49% stake in the franchise, which will fetch the England and Wales Cricket Board (ECB) a staggering GBP 145 million.
The sale of the remaining teams, including Manchester Originals, Trent Rockets, Northern Superchargers, and Southern Braves, is expected to take place next week. The ECB had hoped to raise GBP 350 million through privatization of The Hundred, but the sale of four teams has already secured over GBP 300 million.
The tech entrepreneurs, who have faced challenges from two other bidders, including Sanjiv Goenka, the owner of the Lucknow Super Giants team in the Indian Premier League (IPL), have formed a consortium to buy the London side. The parties were involved in an online auction that went on for almost four hours.
The Marylebone Cricket Club welcomed their new partners, with Mark Nicholas, the Chair of MCC, stating: "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."
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