Photo Credit: Instagram Photo of @sundarpichai
Sundar Pichai, CEO of Google, is joining a group of Silicon Valley executives bidding for a London-based cricket team, according to sources familiar with the situation. The consortium is offering more than £80 million ($97 million) for either the Oval Invincibles or London Spirit, both of which participate in The Hundred, a short-form cricket tournament in England and Wales that has gained popularity among younger fans and families.
The group is led by Nikesh Arora, CEO of Palo Alto Networks Inc., and Satyan Gajwani, vice chairman of Times Internet Ltd., the digital arm of the Times of India Group. Other members of the consortium include Satya Nadella, CEO of Microsoft Corp., Shantanu Narayen, CEO of Adobe Inc., and Egon Durban, co-CEO of Silver Lake Management LLC. Sources spoke on condition of anonymity as the details have not been made public, and the consortium declined to comment.
Pichai, an enthusiastic cricket fan, is particularly interested in the sport, which, while originating in England, is losing ground to the Indian Premier League (IPL) in terms of financial power and viewership. The IPL has attracted top players with lucrative contracts and drawn large TV audiences and sponsorships.
Indians in the tech sector have already contributed to growing support for cricket in the U.S., where Nadella and Narayen have invested in Major League Cricket.
To increase the sport’s financial sustainability, the England and Wales Cricket Board (ECB) initiated a process in September to secure private investment in the eight teams of The Hundred. The auction is being managed by Raine Group, the investment bank that previously advised on the sales of Manchester United and Chelsea FC.
The franchises are required to rank their two preferred bidders for the final auction round, with the ECB aiming to raise over £300 million.
The Hundred features 100-ball matches, designed to appeal to new audiences with its simplified rules. Since its inception in 2021, the tournament has attracted over 2 million attendees across eight venues in England and Wales.
While the ECB is selling a 49% stake in each team, with the potential for a full takeover, the two London-based teams, in particular, have generated significant interest. London Spirit is especially appealing to investors because it plays at Lord’s, known as the “home of cricket.”
The men’s and women’s Hundred competitions generate approximately £60 million annually for the ECB from broadcasting, ticket sales, and sponsorships.
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Name of Author: Cricexec Staff
