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Illustration: Sarah Grillo/Axios

CVC Capital Partners and billionaire Sanjiv Goenka each agreed to buy new professional cricket franchises in the Indian Premier League, shelling out a total of $1.69 billion, following an auction process.

Why it matters: These prices are very high for nascent clubs, reflecting an era of global sports team values being inflated by excess institutional and individual wealth.

Details: CVC will pay $745 million for an Ahmedabad-based team, while Goenka will put up $945 million for one in Lucknow.

The bottom line: "Investors have been convinced to pay higher prices to buy into the IPL, which was founded in 2008, as it follows the model of American sports where teams are guaranteed places in the competition each season and because of the anticipated growth of its multibillion-dollar media rights deals." — Samuel Agini and Murad Ahmed, FT

Go deeper

Nov 18, 2021 - Sports

Cricket sets sights on America

Illustration: Aïda Amer/Axios

The world's second-most popular sport is preparing to make a splash stateside.

What's happening: The U.S. on Tuesday was named co-host of the 2024 T20 World Cup, a major global event that will take place a year after Major League Cricket — a domestic T20 league — debuts.

Abrams’ campaign manager rules out 2024 run if she wins governor's race

Photo: Jessica McGowan/Getty Images

In her first major interview since the official announcement, Stacey Abrams' campaign manager Lauren Groh-Wargo quashed speculation that the Georgia Democrat would interrupt a theoretical gubernatorial term to run for president in 2024.

Why it matters: Abrams' name has come up repeatedly as a top 2024 Democratic contender given President Joe Biden's age and Vice President Kamala Harris's low favorability rating.

Dan Primack, author of Pro Rata
Updated 16 mins ago - Politics & Policy

Trump social media group raises $1 billion from undisclosed investors

Illustration: Sarah Grillo/Axios

Donald Trump's social media startup on Saturday announced that it secured $1 billion in new investment as part of its ongoing efforts to become publicly traded via a blank check company.

Between the lines: None of the investors were identified, which is highly unusual for this sort of transaction.