Google CEO Sundar Pichai bids for London cricket team
What's the story
Sundar Pichai, the CEO of Alphabet Inc (parent company of Google), is among a consortium that has bid more than £80 million for a London-based cricket team. The group is in the race for either the Oval Invincibles or London Spirit, teams that play in The Hundred tournament. The short-form competition in England and Wales has become a hit among younger fans and families.
List
Members of the high-profile consortium
The bidding group is led by Palo Alto Networks CEO Nikesh Arora and Times Internet's Vice Chairman Satyan Gajwani. Other notable members include Microsoft CEO Satya Nadella, Adobe's Shantanu Narayen, and Silver Lake Management LLC's Egon Durban. Pichai is known for his love for cricket, a sport that originated in England but has grown financially in India with lucrative contracts luring top players.
Investment initiative
ECB's strategy to boost finances
The England and Wales Cricket Board (ECB) started a process in September 2024, to draw private investment into the eight teams of The Hundred. The move is aimed at strengthening the sport's domestic finances. The auction is being handled by Raine Group, an investment bank with experience advising on high-profile sales like Manchester United and Chelsea FC.
Tournament overview
The Hundred tournament's format and success
The Hundred is a one-of-a-kind cricket format where each side is given 100 balls to face, making the game shorter and rules simpler. Since its launch in 2021, the city-based competition has drawn over two million spectators across eight venues in England and Wales. The ECB is mulling selling its 49% stake in each team (with an option for full takeover).
Appeal
London teams draw significant interest from bidders
The two London teams, especially the one playing at Lord's, have attracted a lot of interest from potential investors. Lord's is commonly dubbed the "home of cricket," making it even more attractive for the buyers. The men's and women's Hundred competitions bring in around £60 million every year for the ECB through broadcast rights, ticket sales, and sponsorships.