The ECB has announced that deals for six of the eight Hundred franchises have been completed, with a total windfall of £520m expected once paperwork for the final two teams is finalised later this year.
The sales process was completed in February, when eight parties entered into an exclusivity period having agreed deals which valued the teams at a combined £975m. Work has been ongoing to formalise the sales over the last five months, with the process described as being “in the final straight” as long ago as April, with signatures at that point expected “very, very soon”.
But the complexity of the legal arrangements – one county executive said 73 different contracts had to be agreed and signed off before the sale of a minority stake in their one franchise could be completed – and the new investors’ desire to have as much control as possible over the competition’s future combined to delay the announcement.
The completed deals involve the purchase of 49% stakes in Birmingham Phoenix, Southern Brave and the Lord’s-based London Spirit, a 50% stake in Welsh Fire, 70% in Manchester Originals and the complete takeover of Northern Superchargers by India’s Sun TV network.
Oval Invincibles and Trent Rockets remain in the process of finalising deals for 49% stakes, which are expected to conclude by the end of September. Proceeds are to be shared between professional counties and the grassroots game.
“This investment will not only fuel the competition’s growth but also channel transformative levels of funding into our professional counties and grassroots game,” said Richard Thompson, the ECB chair. “This will ensure cricket continues to thrive at all levels across England and Wales for generations to come, supporting our broader ambitions to become the country’s most inclusive sport and driving cricket into harder to reach and under-served communities.”
The ECB retains ownership of the competition itself, its regulations and the length and timing of the window in which it is played. But the investors will hold various vetos, including over its potential future expansion, and alongside the ECB and host counties will be represented on a new Hundred board.
after newsletter promotion
“The Hundred has created a stage where tradition meets innovation and fans of all ages are tuning in,” said Kaviya Maran, head of sports at Sun TV. “It’s a gamechanger and we are here to help push it even further. For someone who is passionate about the game’s future, especially bringing more women and younger fans into it, this investment felt like a no brainer.”