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Saturday, June 22, 2024

Major League Cricket Secures $120M to Expand

  • MLC has closed a $44 million Series A and A1 funding round.
  • The round includes an additional commitment of $76 million over the next 12 months.
MLC

Major League Cricket has closed a $44 million Series A and A1 funding round, which includes an additional commitment of $76 million over the next 12 months. 

MLC will be America’s first-ever professional Twenty20 cricket league — a shortened, faster format of cricket that was introduced to the professional ranks in England in the early 2000s. 

The league will officially begin matches in 2023. 

Co-led by Microsoft CEO Satya Nadella, MLC’s latest funding round will allow the league to expand the reach of the world’s second-most popular sport in a burgeoning U.S. sports market.  

  • The $120 million investment will primarily go toward building stadiums and training centers.
  • It will also facilitate hosting global cricket events in the U.S. over the next decade. 

Cricket is on the rise in the States beyond the MLC investment. The Knight Riders Group, owners of the Indian Premier League’s Kolkata Knight Riders, is reportedly investing about $30 million to build a 10,000-seat cricket stadium in Southern California.

Lucrative Venture

Media rights for cricket have become a hot commodity as the IPL prepares to accept bids for a new five-year deal.

The rights are currently owned by Disney through its acquisition of Star India in 2019. Star India paid $2.6 billion for the rights in 2017. A new deal could surpass $6 billion.

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