Friday’s sales were third and fourth auctions of stakes in the eight Hundred teams, following an opening pair on Thursday. So far, the sales come to a total of around £285m.
On Thursday, a 49% share in Oval Invincibles was sold to the owners of Indian Premier League team Mumbai Indians for around £60m.
A same-sized stake in Birmingham Phoenix then went to Knighthead Capital, the owners of Birmingham City Football Club, for about £40m.
Like the MCC, both Surrey and Warwickshire, hosts of the Invincibles and Phoenix respectively, opted to retain their 51% shares.
For each of the deals there will now be an eight-week exclusivity partnership to finalise the details.
The varied backgrounds of the three successful bidders to date fulfils the ECB’s stated desire of a blend of investors, rather an IPL takeover of The Hundred.
The consortium that has agreed the deal for the Spirit is known as Cricket Investor Holdings Limited. Indian-born Arora has been leading Palo Alto Networks, a cybersecurity giant, since 2018. He previously spent a decade at Google.
The MCC described Arora’s group as “11 high net-worth individuals”. The consortium includes Egon Durban, the chief executive of Silver Lake Management, Satyan Gajwani, the co-founder of Major League Cricket and vice-chairman of Times Internet, Satya Nadella, the chief executive of Microsoft, Shantanu Narayen the chief executive of Adobe, and Sundar Pichai, the chief executive of Google.
Montreal-born Govil is the founder and chairman of Infinite Computer Solutions, which is based in Rockville, Maryland and has an annual revenue of $2bn with 20,000 employees globally.
Govil made his first foray into professional cricket franchise ownership with Freedom during the first season of MLC in 2023 with his son Avikar also actively involved in the day-to-day running of the team.
Source link : https://www.bbc.com/sport/cricket/articles/c360z2k47jwo
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Publish date : 2025-01-31 18:24:28
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The post The Hundred: London Spirit stake sold for £145m to tech consortium first appeared on PK Sports News.
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Author : pksportsnews
Publish date : 2025-02-05 05:59:35
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