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Silicon Valley group buy £145mln stake in Hundred's Lord's franchise - reports / Photo: GLYN KIRK - AFP/File
NYSE - LSE
Silicon Valley group buy £145mln stake in Hundred's Lord's franchise - reports
Technology billionaires are among investors who have purchased a 49 percent stake in the Lord's-based franchise in English cricket's Hundred competition for a reported fee worth £145 million ($180 million).
The 'Silicon Valley' group who have bought the minority share in the London Spirit, is led by Nikesh Arora, an Indian-American who is chairman and chief executive of US cyber-security company Palo Alto Networks.
His consortium also includes Satya Nadella, Shantanu Narayen and Sundar Pichai -- the chief executives of Microsoft, Adobe and Google respectively.
Britain's Daily Telegraph reported Friday that London Spirit had been valued at £295 million, hence the £145 million for a 49 percent stake.
Marylebone Cricket Club, the owners of the historic Lord's ground in north London and the custodian of the laws of the game, will now enter into an eight-week period of negotiations with the consortium to determine the precise details of the deal.
"It is 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," said MCC chairman Mark Nicholas in a statement to the club's membership on Friday that gave no details of the purchase price.
Nicholas, a former captain of English county Hampshire, added: "We are delighted to have found partners who share our values and understand the power and mystique of Lord's."
By contrast, reports on Thursday said India's wealthy Ambani family, the owners of Indian Premier League side Mumbai Indians, had won the race to buy a 49 percent stake in rival London-based Hundred franchise the Oval Invincibles, the two-time defending men's champions, for just £60 million ($75 million).
All eight of the city-based franchises in the 100 balls per side Hundred competition, each of which has a men's and women's team, will be matched with preferred investors over the next week.
The England and Wales Cricket Board, who have so far declined to comment, are seeking partners for a 49 percent stake each of the Hundred teams, with the host clubs gifted the other 51 percent.
The Hundred has proved controversial, with many English county fans angry at the way the tournament deprives their clubs of key players at the height of the season.
But the ECB says funds raised from the sale of stakes in the eight franchises will support the 18 traditional counties.
(B.Ramirez--TAG)
