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LSG Owner Sanjiv Goenka Outbids Mukesh Ambani In The Hundred’s Franchise Auction

Sanjiv Goenka & Mukesh Ambani [Source: @ragav_x, @Mercado_Ingles/x.com]Sanjiv Goenka & Mukesh Ambani [Source: @ragav_x, @Mercado_Ingles/x.com]

It seems that Lucknow Super Giants (LSG) owner, Sanjiv Goenka has trumped Mumbai Indians Owner, Mukesh Ambani in the bidding war for the London Spirit franchise in The Hundred tournament. According to a report from Eastern Eye, Goenka made a whopping bid of £140 million which made it the highest offer so far for any team in The Hundred.

Sanjiv Goenka Surpassed Mukesh Ambani in The Hundred Bid

This bidding process has certainly created a storm. The Ambanis, owners of the Mumbai Indians franchise in the IPL, have also thrown their hat in the ring. 

However, their bid for London Spirit has reportedly fallen short of Goenka’s valuation. Sources are stating that Goenka's ambition knew no limits, and his colossal offer shows his hunger to expand his footmark in English cricket.

For the unversed, the England and Wales Cricket Board (ECB) recently closed the first round of bidding where they received over 100 bids from interested parties. 

These bidders include prominent investors like football club, Chelsea’s director Jonathan Goldstein, private equity firms, American sports team owners, and most IPL franchises. The Glazers, excluding Joel, have also shown their interest in the bidding process.

ECB’s Plan to Attract Global Investors

As the ECB plans to sell a 49% stake in each team, it’s clear that investors are aiming for huge returns. Each franchise owner stands to earn 80% of broadcast, ticket, and sponsorship revenue. Host venues will hold the remaining 51% ownership which they can choose to sell or retain.

It’s all up for grabs now, as potential investors are set to visit venues, meet counties, and draw up shortlists for each team. There are certain teams that could seal the investment deals before next season; however, others like London Spirit, may face delays due to complicated negotiations, especially because of the involvement of the Marylebone Cricket Club (MCC).

As of now, Goenka is leading the charge with his staggering £140 million bid turning heads. This development could be a game-changer for cash-strapped counties as it will bring in much-needed funds to boost the sport.