The likely destinations of English cricket’s crown jewels in the Hundred auction are taking shape, with the Ambani family’s determination to buy 49 per cent of the London Spirit in a deal expected to exceed £100m forcing other bidders to look elsewhere.

A consortium of Californian investors led by Nikesh Arora, chief executive of Palo Alto Networks, had been weighing up a late bid for the Lord’s-based franchise, but is now thought to have refocussed its sights on the Oval Invincibles. 

Given the Oval’s proximity to and strong connections with the City, teaming up with a group of financiers and executives would appear to represent a sensible fit for Surrey, particularly as the club are adamant they will not sell their 51 per cent stake in the Hundred franchise, which investors from the Indian Premier League would demand.

The billionaire owner of IPL side Lucknow Super Giants, Sanjiv Goenka, was also keen on London Spirit, but is now targeting other franchises, with Trent Rockets and Manchester Originals on his wish-list. 

Private equity firm CVC Capital Partners has also held talks with Oval Invincibles and is now facing a dilemma of whether to enter a bidding war or look elsewhere ahead of the third round of bidding in the Hundred auction next week.

With their net worth estimated at $117bn by Forbes last year, the Ambani family has the resources to blow their rivals away, but history suggests they are likely to get what they want without overpaying. 

In the bidding process to set up both the IPL and women’s IPL the Ambani family won the Mumbai Indians franchise unopposed.

Chelsea women’s team sale still awaiting approval from Premier League

Chelsea’s sale of their women’s team to a sister company of their ownership group has yet to be formally cleared by the Premier League. 

As an Associated Party Transaction, the deal with BlueCo 22 Midco has to be ratified as having taken place at fair-market value. That process is being undertaken by Nielsen Sports, the global data and media valuation firm that has contracts with the Premier League and several top-flight clubs.

Chelsea have yet to publish their 2023-24 accounts so the size of the deal is not yet known, but it has been widely reported that the club valued their women’s team at around £120m. 

As a fast-growing sport accurate valuations in women’s football are difficult, but by comparison eight-times Champions League winners Lyon were valued at around £44m two years ago when entrepreneur and serial sports investor Michele Kang bought a minority stake in the club.

The Premier League’s ruling, informed by Nielsen Sports, could have implications for Chelsea’s compliance with Profitability and Sustainability Rules (PSR) after they avoided a breach last year through the sale of two hotels at Stamford Bridge for £76.5m, deals which were approved.

Sweeney set to come out swinging as both sides of RFU pay war tool up with PR firms

Rugby union’s civil war over the Rugby Football Union’s bonus scandal continues to rage ahead of a Special General Meeting to hear calls for the resignation of chief executive Bill Sweeney. 

Following reports in The Times last week that the RFU has engaged crisis management company Teneo to advise them on how to handle the row, City AM can reveal that the Championship clubs have also appointed an external PR company, Mult Box Media.

The 12 second-tier clubs have led the way in trying to bring down Sweeney after it emerged in November that he was paid a bonus of £358,000 last year, bringing his total remuneration package to £1.1m.