The auction for equity stakes in English cricket’s The Hundred concluded on Wednesday, with GMR, co-owner of the Delhi Capitals in the Indian Premier League, acquiring a 49% stake in Southern Brave.

The agreement reportedly involves a payment of nearly 50 million pounds, equating to around $62 million. This brings the total financial contributions for stakes across the eight franchises, which vary in ownership from 49% to 100%, to over 500 million pounds, or approximately $620 million.

The England and Wales Cricket Board initially aimed to generate around 350 million pounds (about $435 million) from this auction, a goal they are set to exceed. A significant contributor to this funding was the sale of London Spirit, purchased by a technology consortium that includes Google CEO Sundar Pichai and Microsoft CEO Satya Nadella for an estimated 145 million pounds ($180 million).

Additionally, Cain International, partially backed by Chelsea part-owner Todd Boehly, secured a deal to buy 49% of Trent Rockets for 40 million pounds ($50 million).

These investors will now enter a period of exclusivity to finalize their respective agreements.

The revenue generated from these sales will be distributed 19 ways—shared among 18 long-standing county teams in the English and Welsh domestic circuit, alongside the Marylebone Cricket Club, which is famous for owning the historic Lord’s stadium and is seen as the custodian of cricket’s rules. A portion of the proceeds will also support grassroots cricket initiatives across England and Wales.

The Hundred, a relatively new format, was launched only in 2021.

Notably, four ownership groups from the IPL have now invested in The Hundred. GMR’s recent acquisition follows similar investments from Reliance (with ownership of Mumbai Indians and the Oval Invincibles), Sun Group (owners of Sunrisers Hyderabad and Northern Superchargers), and RPSG (associated with Lucknow Supergiants and Manchester Originals).