Welsh Fire secured by Washington Freedom owners in £67.5 million valuation

Sanjay Govil, the US-based tech entrepreneur and owner of Washington Freedom, is set to buy a minority stake in Welsh Fire, the Cardiff-based team in the Hundred. ESPNcricinfo understands that Govil submitted the higher of two sealed bids in a process on Friday evening which was delayed by the three-hour bidding war for London Spirit.

ESPNcricinfo understands that the winning bid valued 100% of the Fire at £67.5 million, implying Govil will pay just over £33m for his minority share in the team.

He will now enter a period of exclusivity with Glamorgan, the Fire's host county. The two parties will negotiate contractual details with the help of the ECB and their advisors over the next eight weeks. Glamorgan told their members earlier this month that they intend to retain their 51% controlling stake in Welsh Fire.

Govil is the chairman of two tech companies in the US: Infinite Computer Solutions, a leading technology services company, and Zyter, a health technology services company. Two years ago, he made his first substantial cricketing investment by buying Washington Freedom in Major League Cricket and the franchise won the title in their second season, with Ricky Ponting serving as head coach.

ESPNcricinfo understands that Govil outbid one other contender in the final round. Capri Global, the Indian loans company who own UP Warriorz and Sharjah Warriorz in the WPL and ILT20 respectively, were understood to be the losing bidder. Ryan Reynolds and Rob McElhenny, the Hollywood actors and Wrexham AFC co-owners, held talks with Glamorgan but dropped out before the final round of bidding.

The Freedom's bid is understood to have impressed Glamorgan from early in the process, with chief executive Dan Cherry telling ESPNcricinfo last year that the club valued the idea of identifying a "true partner" rather than simply an investor. "We are keen to build a partnership where people can add value to us as a club," Cherry said.

The Fire have failed to reach the play-offs in the first four editions of the men's Hundred, but their women's team have been more successful and were losing finalists last year. They are expected to be the team with the lowest valuation of the eight, having attracted relatively small crowds to date.

The valuation means that the ECB has brought around £278 million into the English game with the sale of 49% stakes in four Hundred teams over the past two days. The revenue will be split between the 18 first-class counties, MCC and the recreational game in England and Wales, and is designed to "future-proof" the county game for at least the next two decades.

The ECB declined to comment, while Glamorgan were also contacted for comment.