English cricket has landed a multi-million pound windfall after a Silicon Valley tech consortium gained a bidding battle with the Sanjiv Goenka-owned RPSG Group for a 49% stake in London Spirit, the Hundred crew based mostly at Lord’s.
The successful bid made by the consortium, headed by Nikesh Arora of Palo Alto Networks, valued the Spirit at £295 million, greater than twice the worth paid by Reliance Industries Restricted (RIL) for Oval Invincibles on Thursday. It means they are going to pay £144.55m for a 49% stake within the Spirit, with MCC meaning to retain its place as majority shareholder.
The value is greater than double the ground valuation set for London Spirit based mostly on traders’ indicative bids and represents a major injection of funds into English cricket. The income raised within the gross sales course of shall be break up between the 18 first-class counties, MCC and the leisure sport and is designed to “future-proof” county cricket for the following 20 years. RPSG Group is known to have give up the race on the £292 million mark.
The consortium – beneath the title Cricket Investor Holdings Restricted – contains Sundar Pichai, Satya Nadella, Shantanu Narayen and Egon Durban, the CEOs of Google, Microsoft, Adobe and Silver Lake Administration respectively, in addition to Arora and Satyan Gajwani, who is among the co-founders of the US-based Main League Cricket and vice-chairman of Occasions Web, the Indian digital big.
It’s understood that the consortium’s bid was spearheaded by Arora and Gajwani, after they have been among the many final traders to enter the race. ESPNcricinfo understands that there are 11 people concerned within the consortium in whole, 5 of whom are but to be named publicly.
Mark Nicholas, MCC’s chairman, instructed members on Friday night: “We’re delighted to have discovered companions who share our values and perceive the facility and mystique of Lord’s. We look ahead to constructing on the completely happy relationship we’ve already established over the previous few weeks.”
Nicholas stated that there had been “outstanding curiosity” from traders, and wrote: “As we speak’s announcement reveals what we as Members have all the time identified: our Membership is particular. It is why individuals wish to be concerned with us. I hope that each one Members are as proud as I’m and excited on the alternatives that lie forward.”
Sanjiv Goenka’s RPSG Group pulled out of the race at a £292m valuation•Sportzpics
Avram Glazer, the co-owner of Manchester United, and Cain Worldwide, who’re run by Chelsea director Jonathan Goldstein, have been additionally concerned within the public sale course of on Friday afternoon however pulled out early on. It’s thought that what one supply described as “the Lord’s issue” performed a major position within the unexpectedly excessive worth for the Spirit.
The consortium will now enter right into a interval of unique negotiations with Marylebone Cricket Membership (MCC), the host venue’s proprietor, and full an settlement within the eight-week window set by ECB from the completion of the ultimate spherical of the bidding course of. MCC has maintained all through that it intends to retain its 51% share within the franchise.
The Spirit are defending champions within the girls’s Hundred, with England captain Heather Knight main them to their inaugural title final 12 months and India’s Deepti Sharma hitting the successful runs within the last. Their males’s crew, against this, have solely gained three video games within the final two Hundred seasons, and completed backside in 2024.
RPSG Group are actually anticipated to refocus their consideration to Manchester Originals subsequent week, having held detailed conferences with Lancashire over the previous 9 months. RIL have been additionally understood to be on the shortlist for the Originals however are out of the working after shopping for a stake in Oval Invincibles.
Matt Curler is an assistant editor at ESPNcricinfo. Nagraj Gollapudi is information editor.
