The tech consortium outbid the RP-Sanjiv Goenka Group, which was also in contention for the franchise.

This makes London Spirit, which has the iconic Lord’s Cricket Ground as its home venue, the most valuable franchise among the three teams whose bidding has been completed.

The group includes some of the biggest names in tech—Google CEO Sundar Pichai, Microsoft CEO Satya Nadella, Adobe CEO Shantanu Narayen, and Egon Durban. A similar stake in Welsh Fire was also up for grabs.

London Spirit’s valuation stems from its home at Lord’s and its prime location in London, which will help in attracting sponsorships, partnerships, and a diverse fan base. Each of the deals will now have an eight-week exclusivity period to complete the terms.The tech consortium’s bid is more than double Reliance Industries’ £60.27 million bid for a 49% stake in Oval Invincibles on Thursday, valuing the team at £123 million. Knighthead Capital acquired the same share in Birmingham Phoenix for £39.2 million, valuing the franchise at £82 million. The sale of stakes in The Hundred franchises is nearing completion. Binding bids opened on January 30, with two teams auctioned each day. The process is expected to wrap up by the end of next week.

The England and Wales Cricket Board (ECB) is offloading a 49% stake in each team, while counties have the option to sell part or all of their 51% share.

The Hundred features eight franchises: London Spirit, Oval Invincibles, Manchester Originals, Birmingham Phoenix, Northern Superchargers, Southern Brave, Welsh Fire, and Trent Rockets.

The equity sale began in September last year.

The bidding process for The Hundred franchises has unfolded in three stages. It began with an expression of interest, drawing around 100 parties, followed by non-binding bids, and now final binding bids.

Oval Invincibles and Birmingham Phoenix were the first teams auctioned. If a team receives more than two bids, an auction sets the price. If only two bids come in, the highest bidder wins the stake.

Launched by the ECB in 2021, The Hundred is a 100-ball tournament seen as a promising investment, given the UK’s cricket market. However, some buyers have questioned the ECB’s financial projections, which predict central revenue rising from £47 million in 2024 to £156 million by 2032, largely driven by media rights and sponsorship deals.

Some argue these estimates are uncertain, as The Hundred’s media rights are tied to the ECB’s broadcast deal with Sky Sports. Despite this, the tournament has attracted interest from IPL and Major League Cricket franchise owners, private equity firms, and technology companies.

Notable bidders include RIL, RPSG Group, Sun TV Network, CVC Capital Partners, Lancer Capital, Chelsea co-owner Todd Boehly, and the Silicon Valley consortium. London Spirit, Oval Invincibles, and Manchester Originals have been in high demand, while Sun TV and GMR Group are focused on Northern Superchargers and Southern Brave.

GMR Group recently acquired Hampshire Sport & Leisure Holdings Ltd, which owns Hampshire Cricket and the Utilita Bowl stadium.