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South Asians, especially Indians are crazy about cricket, and Google CEO, Sundar Pichai, one of the richest executives in the world, is no exception. Pichai has often talked about his passion for cricket in interviews, but now the the Alphabet Inc CEO wants to take his love for the game to another level, and what better way to do that than buying a cricket team.
According to Bloomberg, Sundar Pichai, along with other Silicon Valley executives, have placed a bid of over 80 million GBP (around Rs 8432008000) for two London-based franchises– Oval Invincibles and London Spirit– both part of The Hundred, a unique short-form cricket tournament held across several venues in England and Wales.
As per the report, the group of Indian-origin executives is led by Palo Alto Networks Inc. CEO Nikesh Arora and Indian media veteran Satyan Gajwani, the vice president of Times Internet Limited, the digital arm of the Times of India media group, and also includes Microsoft CEO Satya Nadella, Adobe Inc. chief Shantanu Narayan and Silver Lake Management LLC co-CEO Egon Durban.
Indian-origin tech executives have played a vital role in promoting cricket in non-cricketing countries like the United States, where Satya Nadella and Shantanu Narayan have made substantial investments in Major League Cricket.
Recently, in a bid to boost the dwindling finances of cricket in the UK, the England and Wales Cricket Board (ECB) in September 2024 announced an auction akin to the one held in Indian Premier League (IPL) to secure private investment in the eight teams that play in The Hundred tournament.
As per Bloomberg, the auction is being managed by the Rain Group, an investment bank, which previously worked as a consultant on the sale of Manchester United and Chelsea FC.
The ECB is considering selling its 49% stake in each team, however, the two London-based teams have drawn the most interest from investors as these teams play their matches at the Lords, aka the ‘Mecca of Cricket’, thus having an increased potential of generating more revenue.
However, it is the two London teams that have shown the most interest from investors, with the option of a full takeover. London Spirit is also attracting investors because the team plays at Lord’s, also known as the “Home of Cricket”. According to the ECB website, the ECB receives revenue of around £60 million every year from broadcasting, ticket sales and sponsors of the Hundred tournament.
The Hundred
Unlike the IPL, the Hundred does not follow the traditional T20 format, instead each innings is comprised of 100 balls per side, making it one of the shortest forms of cricket. The format of the Hundred has been designed to attract cricket lovers who like fast-paced action, and has been an instant hit since its inception in 2021, with over 2 million fans attending the matches at eight venues across England and Wales.
According to the ECB website, the ECB receives revenue of around £60 million every year from broadcasting, ticket sales and sponsors of the Hundred tournament.
Notably, the IPL is the largest and most successful cricket league in the world with prominent names like Bollywood actor Shah Rukh Khan, and billionaire Mukesh Ambani owning franchises in the league. Mukesh Ambani owns the Mumbai Indians team, while Shah Rukh Khan is the owner of the Kolkata Knight Riders (KKR).
