Tech consortium agrees 49 per cent stake in London Spirit for reported £145m
A consortium of tech billionaires has agreed to buy a 49 per cent stake in Hundred franchise London Spirit, the PA new agency understands.
Cricket Investor Holdings Limited, led by US cybersecurity company Palo Alto Networks chairman and chief executive Nikesh Arora, is poised to purchase a holding in the Lord's-based side, with reports suggesting it would cost them £145million, which would value Spirit at around £300m.
The 11-strong consortium and the Marylebone Cricket Club, which has been gifted 51 per cent of the Spirit's shares by the England and Wales Cricket Board, will now enter into an eight-week period of negotiations to thrash out the finer detail of the deal.
Manchester United co-chair Avram Glazer's Lancer Capital was among those hoping to win an influential role at the home of cricket – whose Lord's base is expected to fetch the biggest purse – though other groups, including one affiliated to Chelsea's Todd Boehly, were expected to provide stiff competition.
Also on Friday, the owners of Major League Cricket franchise Washington Freedom, backed by Indian-American IT entrepreneur Sanjay Govil, reportedly agreed to buy a 49 per cent holding in Cardiff-based Welsh Fire for around £65million, meaning deals are now in place for half of the eight Hundred teams.
The remaining four teams will follow next week, when the ECB, which is yet to comment on the process, is expected to make an announcement as high-profile investors vie to join the likes of the Tom Brady-backed Knighthead Capital and the owners of Mumbai Indians.
The ECB is selling 49 per cent stakes in each of the teams from their 100-ball summer tournament, with the first two bidders winning out on Thursday.
Reliance Industries Limited, controlled by India's richest family the Ambanis, were named as preferred bidders for Oval Invincibles in the first pairing, after a reported offer of around £61million won the day.
The Invincibles will join a stable of teams that stretches across India, South Africa, the United Arab Emirates and the United States.
Edgbaston-based Birmingham Phoenix were next up, with Birmingham City owners Knighthead – for whom NFL great Brady acts as a minority investor – reportedly succeeding in a £40m deal.
All parties will now enter a period of exclusivity, during which time the relevant due diligence must take place ahead of the final agreement.
Former Gloucestershire spinner Vikram Banerjee, now director of business operations at the ECB, is leading the sale process on behalf of the governing body, with the project being run in concert with Raine Group and Deloitte.
The early valuations of the Hundred teams bodes well for the ECB to beat its basement valuation of around £350m for 100 per cent of all eight sides. A 10 per cent share of funds raised will be steered towards the recreational game, with all 18 first-class counties – including non-hosts – and the MCC sharing the remainder.
The ECB hopes for a smooth end to what has been a protracted process but is understood to be prepared for public gripes from groups that are not successful.
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