 "The Oval Invincibles men's team celebrates after winning The Hundred following their victory over Southern Brave on 18 August, 2024. Reuters")
The England and Wales Cricket Board (ECB) officially began the process to secure private investment into its flagship white-ball league ‘The Hundred’.
The development was first reported last month and has since been confirmed in an official release from the English board, who are keen on getting investment from various Indian Premier League (IPL) franchises among others.
The board also has reportedly approached National Football League (NFL) teams for investment, and have claimed their announcement of the process has “sparked global interest from a variety of investors”.
However, the focus will be on IPL teams that have already been spreading their wings in franchise-based T20 competitions around the world. According to a report on The Guardian published on 16 August, IPL franchises will be able to rename teams in The Hundred even if they do not acquire a controlling stake. The report added that even a minority investment should give a big influence to the concerned parties.
The ECB expects all 10 IPL franchise to prepare bids for The Hundred teams, with the Ambani family-owned Mumbai Indians expected to make a major bid for London Spirit.
According to Sky Sports, the County hosts of the eight teams will be given a 51 per cent stake, which they can either keep or sell. The remaining 49 per cent will be sold by the ECB.
The board added that the money raised from selling the 49 per cent stakes of the eight teams will then be distributed between the First-Class counties, the Marylebone Cricket Club and the recreational game.
In its release, the ECB also added that it will be holding discussions with host County Cricket Clubs “to assess the suitability of prospective partners, their values and their ambitions for the team of interest, as well as the wider competition.”
“This marks the most significant private investment opportunity in the history of cricket in our country and there’s never been a better moment for partners to engage with our sport. Cricket’s global appeal continues to soar and in England and Wales we’ve seen engagement with the sport hit record-levels.
“We are excited about the future of The Hundred and the opportunity we have to build an iconic competition for players and fans, while underpinning the long-term growth of the domestic game,” ECB Director of Business Operations Vikram Banerjee said in the release.
The board is expected to make a final announcement on the private investment ahead of the fifth season of the 100-ball league in 2025.