"Over the last five to 10 years, cricket has grown and the variety of formats that we've got just makes it more accessible, more fun and creates more positive noise," ECB chief executive Richard Gould told Sky News.
Nikesh Arora, chief executive of cyber security firm Palo Alto, told Sky Sports: "IPL has turned out into an amazing franchise because at the end you've got to the heartstrings of people and you built a product that they're really excited about.
But this is now the era of franchise cricket where owners are building a network of clubs that could see the best players sent around the world to star in shorter competitions.
Four of the investors also own teams in the Indian Premier League T20 competition including India's richest family the Ambani's who are paying £60m for 49% of the Oval Invincibles.
We like the idea that this is in a country where there's a natural demand for cricket and aspiration for cricket.".
