 "ECB says The Hundred will not be 'taken over' by IPL franchises amid interest from global investors: Report")
The England and Wales Cricket Board (ECB) has reportedly rejected the possibility of the Indian Premier League (IPL) "taking over" The Hundred . This comes after the latest deadline in the sales process of The Hundred saw American investors show interest.
According to a report in ESPNCricinfo, interested investors were given a deadline till Monday to submit their bid in the second round of the sales process. Each of the hos county or club was also allowed to select “two preferred partners for a joint venture”.
Eight out of 10 IPL teams took part in process
The report adds that eight out of the 10 IPL franchises took part in the process, and were represented by either owners or the co-owners, and have had “extensive talks with counties” in the last couple of months. However, sports investors based in the United States of America and private equity firms have also shown interest.
Avram Glazer, who co-owns Manchester United, have placed two bids in the second round. Cain International, a company founded by Chelsea co-owner Jonathan Goldstein, and Knighthead Capital, owners of Birmingham City FC, have also submitted their second round bid and held talks with host counties.
Ryan Reynolds and Rob McElhenny, Hollywood actors who co-own Wrexham AFC, have also reportedly been in contact with the ECB amid their interest in Welsh Fire, a team of The Hundred tournament. “This isn’t going to end up being an IPL takeover,” ECB chairman Richard Thompson told ESPNCricinfo.
“There’s a huge amount of American money involved - very sophisticated investors who understand franchise sport. We invented sport, they invented the franchise, and they’re looking long-term,” he added.
Sanjiv Govil, owners of Washington Freedom in America’s Major League Cricket (MLC), as well as CVC Capital Partners, who owns Gujarat Titans (GT) in the IPL, have also reportedly shown interest in the Oval Invincibles.
Quite a few IPL franchises have established their presence in overseas leagues over the last few years.
Impact Shorts
More ShortsTeams taking part in SA20 are all owned by IPL franchises, whereas four teams have invested in MLC and three teams in ILT20 in the United Arab Emirates. From the sales process, the ECB is hoping to raise a minimum of £350 million.
“The money raised from the sale of 49% stakes in each of the eight Hundred franchises will be split among the 18 counties and MCC, barring 10% ring-fenced for recreational cricket,” the report adds.
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