The Indian Premier League franchises are in a tussle with global tech giants like Google and Microsoft for the ownership of the hundreds of teams. It should be noted that the England and Wales Cricket Board (ECB) has selected several candidates as it aims to sell the ownership of eight hundred teams.
The IPL teams that are by ownership in hundreds are Mumbai Indians, Delhi Capitals, Sunrisers Hyderabad and Lucknow Super Giants. GMR Group, co-owner of the Delhi Capitals, recently bought a majority ownership of Hampshire and is aiming to buy Southern Brave 100%.
The ECB listed the candidates on December 23 after consulting with investors and the host counties of the eight franchises. Investors were allowed to bid for all eight franchises in the initial round, but the ECB chose one investor for each franchise according to the wish list.
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IPL franchises battling with Microsoft and Google
According to ESPNCRICINFO, all investors will have to make a financial offer, which will be the final offer. The highest bidder will receive ownership of the respective franchise.
The board also confirmed that the final bid cannot be lower than the floor valuation price. The bidding process is not over yet, and the new owners will take control of the teams starting this year.
As expected, both London-based teams, London Spirit and Oval Invincibles, received the highest number of investors. Surprisingly, the Manchester originals proved to be just as popular with investors.
Five-time IPL champions Mumbai Indians and tech giant Lancer Capital, which is led by Manchester United co-owner Avram Glazer, are targeting the Invincible Oval. Both of these investors have shown the greatest interest in the London teams.
Major tech giants interested in owning hundreds of franchises
The organization is also believed to be interested in Spirit of London and has been shortlisted. The Spirit's home is the iconic Lord. The organization consists of tech giants like Sundar Pichai (CEO Google), Satya Nadella (CEO Microsoft), Shantanu Narayen (CEO Adobe), Egon Durban (CEO Silver Lake Management) and Satyan Gajwani.
Gajwani is one of the co-founders of Major League Cricket (MLC) USA and also the Vice President of Times Internet. Mumbai Indians have also been selected for Originals Manchester. MI is interested in the originals as the two iconic football clubs hail from the same city – Manchester United and Manchester City.
Sanjeev Goenka, owner of the most expensive IPL team, Lucknow Super Giants, is also shortlisted to buy London Spirit. According to reports, RPSG's valuation in the initial rounds was a nine-figure figure. They were also picked up for Originals Manchester and the other two franchises.
Other teams interested in buying hundreds of teams
There were other IPL teams like Chennai Super Kings, Kolkata Knight Riders, Rajasthan Royals and Punjab Kings who expressed interest in buying the teams in hundreds. But Punjab Kings and Royals were not listed for any team.
It is not clear whether the Super Kings and Knight Riders have been selected or not. Both franchises already have teams in overseas T20 leagues outside India. A US entrepreneur Sanjay Govil, who currently owns the Washington Freedom in MLC, is interested in three percent of the team. All these teams are outside of London.