US cricket grabs major investment to Aid expansion 2022

US cricket

This article was last updated on May 20, 2022

The money will be used by US cricket to build cricket stadiums and training centers.

MLC plans to start performing in 2023

Major League Cricket (MLC), a Twenty20 cricket league in the US, has raised US$44 million through its Series A and A1 fundraising rounds, and an additional US$76 million will be given over the next 12 months.

MLC says it plans to spend more than US$120 million to start the first professional T20 league in the US and start a “new era” for cricket in the country.

Microsoft CEO Satya Nadella, Madrona Venture Group managing director Soma Somasegar, and Milliways Ventures and Rocketship VC founding partners Anand Rajaraman and Venky Harinarayan all invested.

Other backers included Sanjay Govil, founder and chairman of Infinite Computer Solutions and chief executive officer of Zyter, Anurag Jain, managing partner of Perot Jain and chairman of Access Healthcare, and Ross Perot Jr., chairman of the Perot Group.

Tanweer Ahmed, the CEO of Pak Foods and Our Energy, and the Baheti Family, who own Yash Technologies, rounded out the top investors.

The US$120 million will mostly be used by US cricket to build cricket-specific stadiums and training centers to train a new generation of US cricketers and allow the country to host global cricket events.

Chris Paul, Larry Fitzgerald, and Kelvin Beachum joined the Rajasthan Royals as minority investors.

ICC is trying to get cricket into the 2028 Olympics in Los Angeles. “The significant funding committed by an outstanding group of investors will allow Major League Cricket to build first-class facilities and speed up the sport’s development across the country, bringing world-class professional cricket to the world’s largest sports market,” said Sameer Mehta and Vijay Srinivasan, co-founders of MLC.

This investor group is made up of top business executives and successful tech entrepreneurs who have run some of the world’s most famous companies. They have a lot of experience and knowledge that will help MLC’s plans to start a new Twenty20 league and make the U.S. one of the best places for international cricket events.

MLC was supposed to start in 2021, but this was pushed back because of Covid-19. The league is now expected to begin next year.

Other notable MLC investors include the Indian actor Shah Rukh Khan, who bought into the league through his Knight Riders Group (KRG). The organization made a long-term strategic partnership with American Cricket Enterprises (ACE), which pledged $1 billion in May 2019 to help USA Cricket grow the sport in the US.

This month, it was said that the KRG, which owns the Indian Premier League (IPL) team Kolkata Knight Riders, would put up a reported $30 million to build a 10,000-seat cricket stadium near Los Angeles.

The venue will be the home of MLC’s Southern California-based franchise. It could also be used as a place to hold events, like cricket games at the 2028 Olympics in Los Angeles, should cricket be a sport at those Games.

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