Due to delays in the negotiation process, the England and Wales Cricket Board (ECB) has decided to extend the final deadline for the sale of "The Hundred" cricket league franchises. Despite the delays, multiple sources have told BBC Sport that there are no major concerns among the parties involved.
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04-01, 2025According to sources, investors remain fully committed to the agreement reached earlier this year, which initially had an eight-week exclusive negotiation period. The delay is primarily focused on the participation agreement, a key legal document between the ECB and "The Hundred" franchise investors, which involves the future sale of television rights for the event.
Currently, all parties hope to complete the sale process by the end of April. However, it is said that all parties involved are taking a flexible approach to this timeframe if the legal process takes longer. According to The Daily Telegraph, potential buyers of two London franchises have raised concerns about the participation agreement.
A consortium of American tech billionaires has agreed to pay £145 million for a 49% stake in the London Spirit team, based at Lord's Cricket Ground. Meanwhile, India's wealthiest family, the Ambani family, has purchased the same percentage stake in the Oval Invincibles for £60 million. One investor told BBC Sport that he would be "shocked" if anyone who had agreed to purchase a franchise withdrew at this stage.
The total valuation of "The Hundred" franchises exceeds £950 million. The total amount raised will exceed £500 million, which will be distributed among the 18 counties, the Marylebone Cricket Club (MCC), and domestic cricket events. The ECB will continue to control "The Hundred" event, but the sale of team stakes is aimed at injecting funds into English cricket. Of the total amount raised, 10% will go directly to amateur cricket. Proceeds from the sale of the 49% stake will be distributed among the 18 first-class counties and the MCC. It is anticipated that there will be no major changes to "The Hundred" event in the upcoming season, with both the ECB and the new investors viewing it as a transition year.
