US-Based Indian Tech Executives Acquire Stake in London Spirit
A consortium of Indian tech executives based in the United States, including Microsoft CEO Satya Nadella and Google CEO Sundar Pichai, has successfully bid for a 49% ownership stake in the London Spirit, the Lord’s franchise of The Hundred cricket tournament. This acquisition occurred during an e-auction, with the consortium committing to 49% of the total bid value of GB£295 million.
Who’s Who in the Consortium?
The consortium boasts an impressive lineup of tech leaders, including:
- Nikesh Arora, CEO of Palo Alto Networks
- Satyan Gajwani, Vice Chairman of Times Internet Limited
- Shantanu Narayen, CEO of Adobe
- Egon Durban, CEO of Silverlake Technology
- Jim Goetz from Sequoia Capital
These executives are not just business leaders but also passionate cricket fans, with Nadella co-owning the Seattle Orcas franchise in the Major Cricket League and Gajwani running Willow TV, a major streaming platform for cricket in the West.
A Business Model Reimagined
The England & Wales Cricket Board (ECB) will retain the remaining 51% stake in the franchise, a strategic move within The Hundred’s business model aimed at enhancing the tournament’s financial health. The ECB initiated this process last September, looking to attract private investments for all eight teams in The Hundred.
Interestingly, the Mumbai Indians recently made headlines by acquiring a 49% stake in the Oval Invincibles, becoming the first external investor in The Hundred. This trend indicates a growing interest from Indian Premier League franchises in the innovative cricket format.
Conclusion
The successful bid by this consortium marks a significant milestone in the convergence of technology and sports, showcasing the potential for innovation in cricket’s commercial landscape. For those looking to stay updated on the latest offers in tech and sports, visit Looffers.com for exclusive deals and promotions.
