Washington Freedom owners acquire Welsh Fire franchise in £67.5 million valuation

The owners of Major League Cricket franchise Washington Freedom have secured a 49% stake in Welsh Fire during the second round of team sales in The Hundred. Backed by Indian-American IT entrepreneur Sanjay Govil, Freedom placed the winning bid to acquire the minority share in the franchise.

The England and Wales Cricket Board (ECB) will maintain control of The Hundred but is selling stakes in teams to generate funds for cricket. The sales process is ongoing, with transactions continuing into next week. The ECB is expected to announce the eight preferred bidders by the end of next week.

Washington Freedom Owners Secure Welsh Fire Franchise in £67.5 Million Valuation

According to a report by ESPNcricinfo, Cardiff-based Welsh Fire attracted multiple bidders, with Sanjay Govil submitting the highest of two sealed bids. The bidding process was delayed due to intense competition for London Spirit.

Govil secured a 49% stake in Welsh Fire and will now enter an eight-week exclusivity period with Glamorgan, which holds the remaining 51% granted by the ECB.

Washington Freedom's owners outbid Capri International, which owns UP Warriorz and Sharjah Warriors. Hollywood actors Ryan Reynolds and Rob McElhenney showed interest but did not formally bid after initial discussions last year.

Sanjay Govil Secures 49% Stake in Welsh Fire for £33 Million

The report added that the franchise is valued at £67.5 million, and Sanjay Govil will pay over £33 million for his 49% stake in the team.

Govil is the chairman of two U.S.-based tech companies: Infinite Computer Solutions, a major technology services firm, and Zyter, a health tech company. He entered the cricketing world two years ago by acquiring Washington Freedom in Major League Cricket. The franchise won the title in its second season.

ECB Raises £278 Million Through The Hundred Stake Sales

The hosts of the eight teams in The Hundred have been granted a 51% stake in their respective franchises. they can either retain or sell, while the ECB is selling the remaining 49%.

The ECB has generated £278 million by selling 49% stakes in four Hundred teams over the past two days. Notably, the funds will be distributed among the 18 first-class counties, the MCC, and grassroots cricket. This financial boost aims to secure the long-term stability of county cricket for at least the next 20 years.

If a host chooses to sell part or all of its stake, 10% of the proceeds will be distributed among the 18 first-class counties and the MCC, along with the revenue generated from the ECB’s stake sales.

The eight hosts are Lord's (Marylebone Cricket Club - MCC/London Spirit), The Oval (Surrey/Oval Invincibles), Southampton (Hampshire/Southern Brave), Cardiff (Glamorgan/Welsh Fire), Trent Bridge (Nottinghamshire/Trent Rockets), Edgbaston (Warwickshire/Birmingham Phoenix), Old Trafford (Lancashire/Manchester Originals) and Headingley (Yorkshire/Northern Superchargers).

Also read: Irfan Pathan taking a dig at Virat Kohli? WC winner slams players for Ranji Trophy failures