Daily Management Review

The Game Of Cricket In The US Seeing Investments From Tech Ceos Like Nadella, And Narayen


The Game Of Cricket In The US Seeing Investments From Tech Ceos Like Nadella, And Narayen
While cricket may not be as well-liked in the United States as it is in other countries, a number of well-known investors and CEOs are working to alter that. An estimated $1 billion has been invested by investors in the United States as their enthusiasm for the Men's T20 Cricket World Cup, which they are co-hosting for the first time, intensifies.
Among the leaders contributing to the new U.S. professional league, Major League Cricket, are CEOs of Microsoft and Adobe, Satya Nadella and Shantanu Narayen, respectively. Iconic Ventures, Madrona Venture Group, and Google executives are among the other investors in cricket.
The possibility of cricket becoming a popular sport in the United States excites me, according to Madrona managing director and venture financier Soma Somasegar.
Among the major proprietors of Seattle's cricket team, the Orcas, are Somasegar and Nadella. They own stock in the league as a whole as well.
"I've been discussing bringing cricket to America with Satya [Nadella] for a long time," Somasegar stated.
Because of Nadella's intense passion for cricket, Microsoft maintains a cricket ground on its Bellevue, Washington, headquarters.
Many of us immigrants were raised around this sport. We would often study while watching cricket, Somasegar remarked.
According to persons acquainted with the finance, a total of close to $850 million is presently being committed in the creation of a competitive cricket league in the United States. The individuals requested anonymity due to the confidential nature of the financing details.
Major League Cricket now consists of six professional teams, and over the next few years, each franchise is scheduled to spend anywhere between $75 million and $100 million. This covers the price of assembling a squad, selecting the best players, and constructing stadiums for live cricket matches.
The T20 World Cup, which is taking place in June at three venues in the United States and six in the West Indies, is adding to the excitement.
In a match played close to Dallas on Thursday, the U.S. team stunned Pakistan with a victory. The much awaited India vs. Pakistan game on Sunday at the recently constructed Nassau County stadium in New York is rapidly approaching.
According to The New York Times, almost 300 million Indians watched the match between India and Pakistan the previous time they played.
The average cost of tickets for Sunday's rivalry match is $1,300, according to ticket reseller StubHub. According to the firm, the average cost for the remaining 54 matches in the tournament is $120.
The San Francisco Unicorns, a Major League Cricket team owned in part by venture entrepreneur Anurag Jain, claimed that players from the league make up the majority of the U.S. national squad.
"Our objective is to establish cricket as a popular sport," stated Satyan Gajwani, vice chairman of Times Internet, the Times of India's internet division.
He is the head of Willow TV, which is the only platform in North America with streaming rights to cricket, including the T20 World Cup. Gajwani is one of the American league's investors as well. He claimed that his team is pursuing the very devoted South Asian followers who reside in the United States.
Referring to the South Asian diaspora in the United States, Gajwani told CNBC, "you essentially have five million really hard-core fans that love cricket."
He also mentioned how popular cricket is among foreigners living in the United States from Australia and the United Kingdom.
South Asians are the ethnic group in the United States with the greatest average gross income, according to statistics from Indiaspora, a nonprofit organisation that connects Indian leaders worldwide.
“That leaves a lot of discretionary income that is available to be spent on sports and entertainment,” said M.R. Rangaswami, founder and chairman of Indiaspora.
Although Americans are obsessed with football and basketball, Rangaswami, who stated he will be at the game on Sunday, conceded that the American sports environment is difficult to navigate. Given that baseball and cricket share certain similarities, he suggested that baseball fans would be a possible entrance point.