Silicon Valley and Indian Investors Make Significant Moves as English Cricket Hits the Market

For years, foreign investors have held a fascination for English football.

Now, they’re turning their attention to another deeply rooted English pastime — cricket.

Recent franchise auctions for The Hundred have drawn interest from investors hailing from India, Silicon Valley, and New York.

The format, which made its debut four years ago, has shifted norms for traditionalists, aiming to entice a younger audience and a greater number of female fans. Each franchise boasts both men’s and women’s teams.

As the eight franchises go under the hammer, English cricket — grappling with financial difficulties, particularly in the wake of the pandemic — stands to gain over £500 million (approximately US$620 million) from selling franchises that adopt American-style names while they compete in some of the world’s most iconic cricket venues.

A standout deal has come from a billionaire tech consortium, which has reportedly purchased a 49% interest in the London Spirit for approximately US$180 million. This group includes Google CEO Sundar Pichai and Microsoft CEO Satya Nadella.

Indian investors have shown keen interest in several teams, which is hardly surprising given India’s strong cricket fandom.

American investors are also becoming part of the mix. Knighthead Capital Management, which counts NFL legend Tom Brady among its backers, has secured a 49% stake in Birmingham Phoenix for US$50 million. This group already owns the Birmingham City football club.

Knighthead co-founder Tom Wagner stated that The Hundred “presents a remarkable growth opportunity.”

The England and Wales Cricket Board is aiming to generate hundreds of millions of dollars from the sale of shares in eight franchises participating in The Hundred — including London Spirit, Oval Invincibles, Southern Brave, Birmingham Phoenix, Manchester Originals, Welsh Fire, Northern Superchargers, and Trent Rockets.

Investors have the option to acquire a minimum 49% share of these franchises, which remain under the ownership of their respective counties. These counties may elect to sell part or all of their remaining 51% stake if they choose.

Initially, the ECB aimed to raise US$435 million from the auction, but projections indicate they are likely to surpass that figure, bolstered by the major acquisition of London Spirit.

In addition to the Silicon Valley consortium and Knighthead, an American investor, Sanjay Govil, a tech entrepreneur of Indian descent from Washington DC, is also involved. He currently owns Washington Freedom in Major League Cricket, the new American cricket league.

Notably, three Indian investors hail from the IPL. Kalanithi Maran’s Sun Group, the owner of Sunrisers Hyderabad, has agreed to acquire the entire stake of the Yorkshire-based Northern Superchargers for a reported £100 million (US$125 million). This follows the acquisition of a 49% stake in London-based Oval Invincibles by Reliance Industries Limited — owners of the Mumbai Indians — for around US$75 million, and the purchase of 70% of the Manchester Originals by RPSG, owners of the Lucknow Super Giants, for a reported US$100 million.

A strong possibility exists for GMR Global Pte Ltd, part-owners of Delhi Capitals, to acquire a stake in Southern Brave due to an existing strategic partnership with Hampshire, the county team affiliated with the Brave.

The stake in Nottingham-based Trent Rockets remains unsold, with expectations to resolve that in the coming days.

Since its inception in 2021, The Hundred has aimed to reshape the landscape of cricket.