Cricket may not be as popular in the United States as elsewhere in the world, but some high-profile executives and investors are working to change that.
as Men’s T20 Cricket World CupThe first international financial summit co-hosted by the United States is in full swing, and investors have poured nearly a billion dollars into their American ambitions.
Microsoft CEO Satya Nadella and adobe Chief Executive Shantanu Narayen is among the executives investing in a new US professional league, Major League Cricket. Other cricket investors include Iconic Ventures, Madrona Venture Group and from Google.
“What excites me is seeing whether cricket can become a mainstream sport in the United States,” said Soma Somasegar, venture capitalist and managing director at Madrona.
Somasega and Nadella are one of the principal owners of the Seattle Orcas cricket team. They are also investors in the entire league.
“Satya (Nadella) and I have been talking about bringing cricket to the United States for years,” Somasega told CNBC.
Nadella is a die-hard cricket fan, and Microsoft has a cricket stadium on its campus in Bellevue, Washington.
Monak Patel of the United States National Cricket Team celebrates during the ICC Men’s T20 Cricket World Cup match between the United States and Pakistan at Grand Prairie Cricket Ground in Dallas on June 6, 2024. Half century (50 runs).
Matt Roberts | ICC | Getty Images
“A lot of us immigrants grew up with this game. We would learn and watch cricket matches. Repeat,” Somasega said.
A total of nearly $850 million has been invested in establishing a viable cricket league in the United States, according to people familiar with the matter. The people spoke on condition of anonymity because the funding information is private.
Currently, there are six professional teams in Major League Cricket, Each team is expected to spend about $75 million to $100 million over the next few years. This includes the cost of building a team, hiring the right talent and building a stadium that can host live cricket.
Even more eye-catching is the T20 World Cup, which will be held in June at three locations in the United States and multiple locations in the West Indies.
The United States stunned Pakistan in a match held near Dallas on Thursday. Fans are now counting down the days until Sunday’s much-anticipated match between India and Pakistan at the new Nassau County Stadium in New York.
The last time India and Pakistan faced off, more than 300 million people in India watch Watch the game, according to The New York Times .
Ticket reseller StubHub said the average ticket price for Sunday’s game was $1,300. The company said the average price for the event’s other 54 games was $120.
Anurag Jain, a venture capitalist who is part owner of Major League Cricket’s San Francisco Unicorns, said the U.S. national team is largely made up of players from the league.
“Our goal is to make cricket a mainstream sport,” said Satyan Gajwani, vice-chairman of Times Internet, the digital arm of The Times of India. He heads Willow TV, which has exclusive streaming rights to North American cricket events, including the T20 World Cup.
Ghajwani is also an investor in the American League. He said his team is looking for loyal South Asian fans living in the U.S.
“There are basically 5 million die-hard fans who really love cricket,” Galvani told CNBC, referring to South Asians living in the United States.
British and Australian expats living in the US are also big consumers of cricket, he added.
South Asians have the highest average total income of any ethnic group in the United States, according to research by the nonprofit Indiaspora.
“This leaves a lot of discretionary income that can be spent on sports and entertainment,” said Rangaswami, founder and chairman of Indiaspora.
Rangaswamy, who said he will play in Sunday’s game, admitted it would be difficult to break into the U.S. sports world because Americans are addicted to basketball and football. He said a potential entry point could be baseball fans, which have some similarities to cricket.
—CNBC Jessica Golden contributed to this report.
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