English cricket is poised for a major transformation as The Hundred franchises are sold to new investors. The sale process is expected to generate hundreds of millions of pounds, safeguarding the financial future of the sport. While the ECB retains ownership of the competition, preferred bidders will finalize deals within the next eight weeks.
A significant milestone for English cricket is approaching as the final stage of the sale of teams in The Hundred commences on Thursday. Following the announcement of fixtures for the 2025 season on Wednesday, Oval Invincibles and Birmingham Phoenix are poised to become the first two franchises matched with preferred investors. The remaining six teams will soon follow suit, with the England and Wales Cricket Board ( ECB ) anticipating the announcement of the eight successful investors next week.
The list of potential buyers includes prominent figures from Premier League football clubs, Indian Premier League (IPL) teams, technology, and entertainment sectors. Preferred bidders will have an exclusive eight-week period to finalize agreements with franchises, marking the official completion of the sales process by late spring. The 2025 season kicks off with a London derby, pitting London Spirit against Oval Invincibles at Lord's on August 5th, culminating in the fifth edition's final at the same venue on August 31st. Raine Group, the bank responsible for managing the sales of football clubs Manchester United and Chelsea, has overseen this process. While the teams are being sold, the ECB will retain ownership of the competition itself. This decision follows the rejection of a bid for The Hundred from Bridgepoint Capital in 2022. The anticipated hundreds of millions of pounds generated from the sales aim to secure the financial future of English cricket, which urgently requires investment. Vikram Banerjee, ECB director of business operations, expressed optimism, stating, 'It's a really exciting moment. It's an opportunity for us to learn from other sports that have done it, and done it really well. I do think this will help the whole game grow at quite a rate.' However, The Hundred remains a highly debated topic in English cricket, with some supporters believing it detracts from traditional forms of the game. The absence of international cricket in August due to The Hundred's scheduling has raised concerns. Critics fear that inviting outside investment equates to 'privatization' of a part of the summer, potentially leading to The Hundred occupying an even larger portion of the schedule. The ECB insists on retaining control of the competition and emphasizes that any expansion cannot occur before the current broadcast deal with Sky expires in 2028. Gary Hoffman, MCC President, added, 'We're not always listened to' and expressed interest in 'how the calendar and competition structure changes in the future.'What is being sold and where will the money go? The hosts of the eight teams have been granted a 51% stake in their respective franchises, which they can choose to sell, retain, or partially sell. The ECB will then sell the remaining 49%. The eight hosts are: Lord's (Marylebone Cricket Club (MCC)/London Spirit), The Oval (Surrey/Oval Invincibles), Southampton (Hampshire/Southern Brave), Cardiff (Glamorgan/Welsh Fire), Trent Bridge (Nottinghamshire/Trent Rockets), Edgbaston (Warwickshire/Birmingham Phoenix), Old Trafford (Lancashire/Manchester Originals), and Headingley (Yorkshire/Northern Superchargers). Of the 51% stake provided to the hosts, they can retain it entirely, sell the entirety, or choose to sell a portion. Some, like Surrey and Warwickshire, aim to maintain full ownership, while others, such as Lancashire, are open to selling a portion, and Yorkshire may opt to sell all of their stake. Ten percent of the total funds raised will be directly allocated to the recreational game. Proceeds from the 49% sales will be divided between the 18 first-class counties and the MCC. If a host decides to sell part or all of its stake, it will contribute 10% of the received amount to be distributed among the 18 counties and the MCC. The ECB reported initial interest from over 100 potential buyers, a number that has gradually narrowed down to approximately 15 bidders. Two to four bidders have been shortlisted for each franchise. Since some investors are on multiple shortlists, if unsuccessful in their first choice, they may be chosen for another franchise. The IPL's influence is undeniable, given the substantial investments already made in leagues globally. The co-owners of Delhi Capitals finalized a takeover of county club Hampshire in September and are on track to secure sole ownership of Southern Brave. Lancashire has openly expressed its desire to partner with Manchester Originals alongside an IPL team, with the owners of Mumbai Indians and Lucknow Super Giants considered strong contenders, alongside US investors. However, the ECB has actively sought investment from diverse sources, and some Hundred franchises prefer to avoid an IPL connection, primarily to prevent interference in cricketing matters. For example, Oval Invincibles might be partnered with a consortium of Silicon Valley entrepreneurs or the private investment firm CVC, which is rumored to have advanced to the final round of the auction
ENGLISH CRICKET THE HUNDRED FRANCHISES SALES INVESTORS ECB IPL PREMIER LEAGUE FINANCE
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