A group of technology billionaires has reportedly purchased a 49% stake in the Lord’s-based franchise in England’s Hundred competition for £145 million ($180 million). The group, led by Nikesh Arora, the Indian-American chairman and CEO of US cybersecurity firm Palo Alto Networks, has acquired the minority share in the London Spirit.
Arora’s consortium includes prominent figures like Satya Nadella, CEO of Microsoft; Shantanu Narayen, CEO of Adobe; and Sundar Pichai, CEO of Google. According to The Daily Telegraph, the London Spirit franchise was valued at £295 million, meaning the £145 million purchase corresponds to the 49% stake.
The Marylebone Cricket Club (MCC), owners of Lord’s and the custodians of the laws of cricket, will now enter an eight-week negotiation period with the consortium to finalize the deal’s details.
MCC chairman Mark Nicholas announced the partnership in a statement, saying, “It is 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.” Nicholas added, “We are delighted to have found partners who share our values and understand the power and mystique of Lord’s.”
In comparison, reports on Thursday indicated that India’s Ambani family, owners of the Mumbai Indians IPL team, secured a 49% stake in the rival London-based Hundred franchise, the Oval Invincibles, for £60 million ($75 million). The Invincibles are the two-time defending men’s champions in the competition.
The England and Wales Cricket Board (ECB), which has not yet commented on the situation, is seeking partners for 49% stakes in each of the eight franchises in the Hundred, with host clubs retaining the remaining 51%.
While the Hundred competition has been controversial among English county fans, who feel the tournament impacts their clubs by depriving them of key players during peak season, the ECB argues that the funds raised from the sale of franchise stakes will support the 18 traditional county teams.
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Name of Author: Cricexec Staff
