Last year, Nikesh Arora, the wealthy CEO of Palo Alto Networks, was at home with his friend, Satyan Gajwani. They talked about cricket and how to attract more fans. Gajwani helped start Major League Cricket, a new league that started in the U.S. in 2023. Soon, they reached out to more friends, including CEOs Satya Nadella from Microsoft, Sundar Pichai from Google, and Shantanu Narayen from Adobe, to discuss investing in cricket.
Within three months, these tech giants teamed up to invest £147 million (about $182 million) for a 49% share in London Spirit, a team in The Hundred, a new cricket league in England. The league aims to bring excitement back to cricket, which has been losing fans over the years. The Hundred has raised over £520 million from investors who wanted to create a league as popular as the Indian Premier League (IPL), a massive cricket brand worth $30 billion.
Cricket is often seen as an old-fashioned sport. There are still rules, like how men have to wear ties to watch matches at certain places! Traditional county games can last four days, and many people don’t watch them anymore. Instead, they stream them online for free. To help cricket survive, the England and Wales Cricket Board (ECB) created T20 cricket, where teams face 20 overs (120 balls). This exciting format usually finishes in under four hours.
The IPL, launched in 2008, made T20 thrilling with a lot of entertainment like cheerleaders and loud music. The ECB tried its own T20 league called The Blast, which didn’t do well. So, in 2021, they introduced The Hundred, with each team facing 100 balls. Men’s and women’s teams play on the same day, and there’s music to make it fun for fans.
The ECB signed deals with Sky Sports and the BBC, and got sponsorship from KP Snacks. Investors became interested, but the ECB wanted to keep control over The Hundred. So, they decided to let local venues have 51% ownership of their franchises and sell the remaining 49%. This attracted over 100 potential investors for the franchises.
The first franchise to sell was Oval Invincibles, bought by India’s Ambani family for around £120 million. Then, on the next day, the London Spirit auction became super exciting. Bids soared as Arora’s group competed against famous investors, including Todd Boehly, co-owner of Chelsea FC. Eventually, they bought a 49% share for £295 million.
Other IPL owners also wanted stakes in The Hundred. The total valuation for the franchises reached £975 million. While investors will talk to the ECB further to finalize deals, the board plans to invest the money in cricket at a local level as well. Some experts worry whether this money will really help revive the sport, as bringing in funds doesn’t guarantee success.
The ECB thinks it can make £145 million by 2030, and half will come from TV deals. The league will need to gain popularity beyond England, particularly in India, where many top players are currently tied to the IPL. In any case, Arora feels that in 5 to 10 years, we will know if their investment was smart. He believes they bring more than just money — they have skills and resources that can help cricket grow and succeed.
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