Microsoft head, Google CEO, Times Internet VC join hands to bag London Spirit

A group of tech giants from the United States, initially considered rank outsiders in the Hundred Teams sale, have stunned English cricket administration in particular and world franchise cricket overall by bagging the prestigious London Spirit team in the 100-ball league. They wrested the Lord's-based side by staving off aggressive bidding from Sanjiv Goenka, the owner of the Lucknow Super Giants team in the Indian Premier League (IPL).

Microsoft head Satya Nadella, Google CEO Sundar Pichai, co-founder of Major League Cricket (MLC) and vice-chairman of Times Internet Satyan Gajwani, and billionaire tech executive Nikesh Arora among others have agreed to buy the London side for a valuation of GBP 295 million. Whether they will go on to buy a majority stake in the franchise is not clear but as per the current valuation, the 49 percent that they bought on Friday would fetch the England and Wales Cricket Board (ECB) a staggering GBP 145 million.

It emerged later that Washington Freedom, a Major League Cricket (MLC) team, secured Welsh Fire for GBP 65 million. Going by the first two days' count, the ECB, which hoped to raise GBP 350 million through privatization of The Hundred, will earn far more. By selling four teams, including the Oval Invincibles and Birmingham Phoenix, the ECB has already been assured of over GBP 300 million. There are four more franchises to go under the hammer.

The tech entrepreneurs - there are 11 of them in all - who have formed a consortium under the leadership of Arora, have had to face challenges from two other bidders too. They are linked to Manchester United and Chelsea football clubs in the EPL but the main competition was from Goenka. The Kolkata-based industrialist was believed to be determined to add London Spirits to his cricket teams in the IPL and SA20 (Durban Super Giants). The parties were involved in an online auction that went on for almost four hours.

Hours later, the Marylebone Cricket Club welcomed their new partners. "It's 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," Mark Nicholas, the Chair of MCC, said in a statement.

"This historic news comes at the conclusion of ECB's sales process to identify an investment partner for a 49% stake in London Spirit (with MCC being gifted the other 51%). MCC has been fully involved throughout ECB's process and what an exciting time it has been. All those we spoke to were so eager to be a part of what we do and it is a huge credit to everybody at Lord's that there has been this remarkable interest.

"Today's announcement shows what we as Members have always known: our Club is special. It's why people want to be involved with us. I hope that all Members are as proud as I am and excited at the opportunities that lie ahead."

The ECB will sell the remaining teams - Manchester Originals, Trent Rockets, Northern Superchargers and Southern Braves - next week. The sale of the Manchester franchise is expected to be taken first on Monday and Goenka will be a serious contender.

The owners of four IPL teams - the Ambanis of Mumbai Indians, the Marans of SunRisers Hyderabad and the GMR Group of Delhi Capitals apart from Goenka were in the race initially. CVC Capital, which runs Gujarat Titans, is also in the fray. The Ambanis have already bought Oval Invincibles. Next week the other IPL owners will be seen in action.