Manchester United, Chelsea owners in line to buy London Spirit
What's the story
The Glazer family and Todd Boehly, part-owners of Manchester United and Chelsea respectively, are two of the four contenders shortlisted to buy a major stake in the London Spirit.
The other two finalists are a consortium of tech company leaders and financiers including Google and Microsoft bosses, and RPSG Group, owner of IPL team Lucknow Super Giants.
They are competing for a 49% share in the Lord's-based team owned by the England and Wales Cricket Board (ECB).
Details
Bidding process and franchise valuation
The four shortlisted parties are likely to submit their sealed bids for the ECB's stake next week. The ECB will choose the highest bidder.
The London Spirit franchise is believed to be worth around £140 million, meaning the proceeds from this sale could be around £70 million.
Notably, the shortlisted parties do not include India's Ambani family, owners of the Mumbai Indians IPL team. They are reportedly bidding for the Oval Invincibles and Manchester Originals teams instead.
Revenue prospects
Potential earnings from hundred franchises
The ECB has proposed it could earn approximately £350 million by selling its 49% stakes in the eight teams.
The host counties are allowed to sell their 51% majority shareholdings, but some have stated they don't intend to do so.
The MCC, which manages the London Spirit side, has no plans to sell any of its stake at the moment.
Additional bids
Tech consortium also bidding for Oval Invincibles
The tech company chiefs' consortium, which is also in the race for the London Spirit, has bid for the Oval Invincibles.
CVC Capital Partners, an investment firm with several sports investments, has also bid for this team.
However, investors will only be allowed to own a stake in one of the eight teams.