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KKR and CSK are reportedly no longer interested in acquiring a Hundred franchise, while Sundar Pichai and a group of Indian-born USA businessmen want to bid for a London-based team.
Shah Rukh Khan (L) And Sundar Pichai.
IPL franchises Chennai Super Kings and Kolkata Knight Riders have reportedly lost interest in acquiring franchises in the England and Wales Cricket Board (ECB)’s premier 100-ball franchise competition, The Hundred.
According to Cricbuzz, the two franchises are not convinced by the competition’s business model. Although they were quite interested initially, they have been pushed back by the ECB’s revenue projections of £34 million a year from the overseas media market in the next broadcast cycle of 2029-32, about 16 times the current value.
The report said KKR and CSK deem it unrealistic and unfeasible. While KKR will still passively participate in the process, CSK is likely to pull out of the race.
They now join Royal Challengers Bengaluru, Punjab Kings and Gujarat Titans, who were never interested in the bidding. Mumbai Indians, Lucknow Super Giants, Delhi Capitals, SunRisers Hyderabad and Rajasthan Royals are in the fray.
The Hundred’s eight franchises are currently owned by counties in England. The ECB is likely to offer 49% stakes in each and do it one by one to maintain the interest of buyers. After an agreement is reached, the counties are free to release a bit of their stake and thus, the control of the franchise.
The report added that Mumbai Indians’ owners Reliance Industries (RIL) are interested in one of the two London sides — London Spirit and Oval Invincibles. However, the ECB doesn’t want to sell both London-based teams to IPL owners.
Here, as per Bloomberg, Alphabet CEO Sundar Pichai has joined a consortium of India-born Silicon Valley business leaders in bidding for a London-based franchise. The group is led by Nikesh Arora, CEO of Palo Alto Networks, and Satyan Gajwani, vice chairman of India’s Times Internet Ltd and has the backing of Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen.
The group is offering over £80 million ($97 million) to acquire either franchise. The report said they have been tempted to make the bid after seeing the competition’s growing appeal among younger audiences.
The report said The Hundred has drawn over 2 million spectators across multiple venues and generates around £60 million annually through broadcast deals, ticket sales, and sponsorships.
