The Indian Premier League (IPL) franchises interested in buying the stakes in The Hundred team will be contesting against a consortium of global tech giants, comprising leaders of Google and Microsoft, for ownership rights.
It should be remembered that the England and Wales Cricket Board (ECB) has identified a few candidates as it seeks to sell ownership of eight The Hundred teams.
Mumbai Indians, Delhi Capitals, Sunrisers Hyderabad, and Lucknow Super Giants are the four IPL teams vying for possession of The Hundred. The GMR Group, Delhi Capitals’ co-owner, just purchased a majority stake in Hampshire and plans to acquire Southern Brave in the Hundred.
On December 23, the ECB picked the contenders after speaking with investors and host countries for the eight franchises. Investors were eligible to bid for all eight franchises in the original round; however, the ECB selected one investor for each franchise, according to their wishlist.
IPL franchises fighting with Microsoft and Google
According to ESPNCricinfo, all investors must make a single financial bid, which will also serve as the final bid. The highest bidder will receive ownership of the respective franchise. The board further stated that the final bid must be less than the floor valuation price. The bidding process is still ongoing, and the new owners will take over the teams later this year.
As expected, the London Spirit and Oval Invincibles teams have attracted the most investors. Surprisingly, Manchester Originals has proven to be equally popular with investors.
Five-time IPL champions Mumbai Indians and IT behemoth Lancer Capital, led by Manchester United co-owner Avram Glazer, are eyeing the Oval Invincibles. Both of these investors are particularly interested in London-based teams.
Big Tech Giants vying for a piece of The Hundred pie
The organization is thought to be interested in London Spirit and has been shortlisted. The Spirit’s home arena is the renowned Lord’s. The organization includes tech titans such as Sundar Pichai (Google CEO), Satya Nadella (Microsoft CEO), Shantanu Narayen (Adobe CEO), Egon Durban (Silver Lake Management CEO), and Satyan Gajwani.
Gajwani is a co-founder of Major League Cricket (MLC) in the United States, as well as vice chairman of Times Internet. The Mumbai Indians have also been shortlisted for Manchester Originals. MI is interested in the Originals since Manchester United and Manchester City are both legendary football clubs that originate in the same city.
Sanjeev Goenka, the owner of the IPL’s most expensive franchise, Lucknow Super Giants, is also a candidate to purchase London Spirit. According to estimates, RPSG’s initial valuation was in the nine-figure range. They have also been considered for the Manchester Originals and the remaining two franchises.
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