Late last year, Nikesh Arora, billionaire CEO of cybersecurity firm Palo Alto Networks, was hanging out in his California home with his friend, vice chairman of Indian tech conglomerate Times Internet, Satyan Gajwani, when the pair got to talking about cricket.
Shimron Hetmyer of London Spirit embraces Haris Rauf of Welsh Fire after a game in The Hundred at Lord's Cricket Ground in London, on Aug. 1. Photographer: Warren Little/Getty Images
English cricket is sometimes viewed as a stuffy sport that clings to tradition. Until 1999, Queen Elizabeth II was the only woman allowed into the pavilion at Lord’s cricket ground during play. Even now, men must still wear a tie or cravat to get in. The traditional domestic competition, played between county teams with games that can last four days and still end in a tie, has been in decline for years.
Early indications were strong. The ECB signed broadcast deals with Sky Sports and the BBC, as well as a multimillion pound sponsorship agreement with food producer KP Snacks. But when the first round of bidding opened in September, more than 100 investors, including private equity companies, US sports investment groups and IPL franchise owners expressed an interest in buying a stake, the ECB said. That was whittled down to 35 potential investors, from which host venues chose a shortlist. The remaining suitors then bid for one or more franchise in live auctions, with bids rising every 15 minutes in increments of at least £3 million.
The eventual price for their stake valued London Spirit at £295 million. Over the next two weeks, several IPL owners, including Sanjiv Goenka’s RPSG conglomerate, the industrial multinational Sun Group, and the infrastructure company GMR Group, snapped up stakes. Boehly, through the Cain International vehicle that he set up with British businessman Jonathan Goldstein, paid just under £40 million for a stake in Nottingham’s Trent Rockets.
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