the business of cricket

Welsh Fire franchise acquired by Washington Freedom owners for £67.5 million

Must Read

The owners of Major League Cricket franchise Washington Freedom, led by Indian-American entrepreneur Sanjay Govil, have secured a 49% stake in the Welsh Fire franchise for £33 million. This deal, which took place during the second round of team sales in The Hundred, values Welsh Fire at £67.5 million.

Govil’s bid was the highest of two sealed bids for the Cardiff-based franchise. The process was delayed due to intense competition, particularly for the London Spirit team. Govil’s successful bid outpaced those from Capri International, owners of UP Warriorz and Sharjah Warriors, as well as Hollywood actors Ryan Reynolds and Rob McElhenney, who expressed interest but did not formalize a bid after initial talks last year.

The England and Wales Cricket Board (ECB) continues to control The Hundred but has been selling stakes in teams to generate funds for cricket. The eight hosts of the teams will maintain a 51% stake in their respective franchises, while the ECB has been selling the remaining 49%. To date, the ECB has raised £278 million through the sale of these stakes.

Govil, who is the chairman of U.S.-based tech companies Infinite Computer Solutions and Zyter, entered the cricket world two years ago with the acquisition of Washington Freedom in Major League Cricket, which won the title in its second season. As part of his new venture, he will now enter an eight-week exclusivity period with Glamorgan, which holds the remaining 51% stake in Welsh Fire.

The revenue from these sales will support the 18 first-class counties, the MCC, and grassroots cricket, securing the long-term stability of county cricket for the next two decades. If a host chooses to sell part or all of their stake, 10% of the proceeds will go to the first-class counties and the MCC, alongside the funds from the ECB’s stake sales.

The teams in The Hundred, each of which has a men’s and women’s team, are based in various iconic stadiums, including Lord’s, The Oval, Southampton, Cardiff, Trent Bridge, Edgbaston, Old Trafford, and Headingley.

_______________________________________________________________________________________

Stay ahead of the latest cricket industry trends by subscribing to our free cricexec “daily briefing” newsletter.

Name of Author: Cricexec Staff

become a cricexec insider!

Join for free and get:

  • Get the free cricexec “daily briefing” newsletter:
    A 5x-week convenient summary of top industry news
    Also get invitations to exclusive events
  • Exclusive industry reports
  • Invitations to industry events
  • Early access to industry job postings
  • Many other benefits!

Latest News

Todd Boehly buys into The Hundred’s Trent Rockets

Photo Credit: LinkedIn Profile Photo of Todd Boehly Chelsea owner Todd Boehly has expanded his sports investment portfolio by acquiring...

More Articles Like This

Cricexec Newsletter