The Knight Riders Franchise will be one of the main investors in the Major League Cricket (MLC), a multi-million dollar T20 league that is being organized, announced by the American Cricket Enterprises (ACE).
The Knight Riders franchise has become part of the Indian Premier League and the Caribbean Premier League. However, unlike the T20 Leagues mentioned above, where they have their own players, Knight Riders would have their own stakes in the league itself.
The new investment would encourage them to open up to the world’s largest media market. The partnership with Knight Riders is seen as a significant advancement of the ACE, which aims to make cricket big in the US.
“We are hugely excited by the Knight Riders buying into the vision of Major League Cricket and look forward to working with them to bring the potential of American cricket to fruition. It is great to have them in early in the process and have their expertise involved all the way through the league’s launch.
Moreover, their investment is a statement of validation of our plans. This is a strategic long-term investment into the future of cricket in the United States,” said Vijay Srinivasan, a co-founder at ACE.
There is a big growing cricket sector in the US: Knight Riders CEO Venky Mysore
Venky Mysore, CEO of the KKR franchise, admitted that the franchise had received several offers to invest in various sports leagues on a monthly basis.
Explaining the decision of the franchise to join the ACE, Mysore was quoted as “The US is the largest media market in the world and the proliferation of the commonwealth diaspora provides a unique opportunity. We believe there is a large enough market for cricket. There are brands in the US who would look at cricket as a platform to advertise and build activation plans and marketing plans around our product.”
The study adds that, aside from pouring $15-20 million in equity and bringing big names into the league, the Knight Riders think tank will also play a role in the governance structure and the MLC economic model.