Nikesh Arora, CEO of Palo Alto and leader of the Tech Titans consortium, believes the Hundred will rival the Indian Premier League in value. The consortium purchased a 49% stake in London Spirit for 145 million, marking the highest valuation for a Hundred franchise. The ECB raised 520 million from the auction for reinvestment in domestic cricket. As MCC creates professional teams for the first time, Arora states they have no buyer's remorse and sees potential for growth similar to the IPL's journey from inception to a 14 billion valuation.
The Titans stunned the sports investment world in January by agreeing to pay 145m for their London Spirit stake, giving by far the highest valuation for one of the eight Hundred franchises sold off by the England and Wales Cricket Board in a remarkable auction that has raised 520m to be reinvested in domestic cricket.
While the Hundred has moved beyond Australia's Big Bash League, which is now considering selling stakes, the IPL remains in a universe of its own with a total valuation of 14bn.
The IPL started from nowhere, and became a multibillion-dollar product, Arora said. Why couldn't this be that product?
There are eight new shareholders across eight new franchises. They all have successful businesses or cricket operations somewhere in the world. If that energy, that passion, that creativity.
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