In a major effort to popularize cricket in the US, USD 120 million funding has been secured from prominent Indian-American business leaders, including Microsoft CEO Satya Nadella and Adobe CEO Shantanu Narayen, to host the first professional T20 league in the US. launch. Major League Cricket (MLC), the first professional Twenty20 Cricket League in the US, announced Thursday that it has completed an initial close of a $44 million Series A and A1 fundraising round led by a group of top US business leaders.
It said MLC, with an additional pledge of USD 76 million in further fundraising over the next 12 months, plans to commit more than USD 120 million to launch the country’s first-ever professional T20 competition.
The investor groups for the Series A and A1 Fundraising Round, including MLC’s seed funding round, were led by Nadella, among others.
“The significant funding pledged by an outstanding group of investors will enable Major League Cricket to build first-class facilities and accelerate the development of the sport across the country, enabling world-class professional cricket to become the world’s largest sports market.” brought,” Major League Cricket co-founders Sameer Mehta and Vijay Srinivasan said.
“This investor group is made up of leading business people and successful tech entrepreneurs who have led some of the world’s leading companies. “They bring tremendous experience and expertise to support MLC’s plans to launch a transformative Twenty20 competition and establish America as one of the world’s leading homes for international cricket events,” they said.
Nadella has said that growing up cricket in India was one of his “passions” and “playing cricket taught me more about team work and leadership that has stayed with me throughout my career”.
He played competitive cricket as a member of his school’s team and has said he enjoys watching Test cricket, “which is the longest form of any sport in the world”.
MLC said the $120 million investment will primarily be spent building leading cricket-specific stadiums and training centers to “develop a new generation of American star cricketers”.
The other investors include Madrona Venture Group MD Soma Somasegar, Founding Partners at Milliways Ventures and Rocketship VC Anand Rajaraman and Venky Harinarayan, Chairman of Infinite Computer Solutions Zyter Sanjay Govil, Managing Partner of Perot Jain, among others. Other investors in the Series A round include Akamai co-founder Preetish Nijhawan, Accenture MD Sankar Kaliaperumal and director at Meta and former Microsoft Executive Dhigha Sekaran.
Exclusively sanctioned by USA Cricket, MLC represents the “most ambitious and transformational venture” ever undertaken in the American cricket landscape.
“Focused on hosting world-class Twenty20 cricket for American cricket fans, MLC will feature top players from around the world and provide a stage for domestic cricketers to showcase their talents to a global audience.
As a member of the ICC for the United States, USA Cricket has selected MLC as its exclusive partner for the development of the planned T20 competition.
MLC will also support both the US men’s and women’s teams with the aim of taking them to the highest level of international competition. In 2024, the United States will host the Men’s ICC T20 World Cup together with the West Indies.
(This story was not edited by DailyExpertNews staff and was generated automatically from a syndicated feed.)
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