The Hundred: Landmark sales near completion as fixtures released

A significant moment for English cricket is approaching, with the final stage of the sale of The Hundred league teams launching on Thursday. The 2025 schedule was released on Wednesday, and following that, the Oval Invincibles and Birmingham Phoenix will be the first two of eight franchises to be paired with preferred investors. The remaining six teams will complete their pairings in the coming days, with the England and Wales Cricket Board (ECB) planning to announce all eight successful investors next week.

Among the numerous bidders are owners of Premier League football clubs and Indian Premier League (IPL) teams, as well as prominent figures from the technology and entertainment sectors. The preferred bidders will be granted an eight-week period of exclusive negotiations to finalize agreements with the franchises, meaning the entire sale process will be formally completed by late spring. The 2025 season will kick off in London on August 5, with the London Spirit hosting the Oval Invincibles. The final of the fifth edition will be held at the same venue on August 31.

The ECB confirmed its intention to sell stakes in the eight teams of The Hundred league last May. Raine Group, which oversaw the sales of Manchester United and Chelsea football clubs, is managing this sale process. While the teams are being sold, the ECB will retain ownership of the event itself, having previously rejected a takeover offer from Bridgepoint Capital for the competition in 2022. This sale is expected to generate hundreds of millions of pounds in revenue, aimed at securing the financial future of English cricket which is in dire need of investment.

Vikram Banerjee, the ECB's director of business operations, stated in an interview with BBC Sport, "This is a very exciting time. It's an opportunity for us to learn from other sports that have done this very well. I think it will help the entire game of cricket grow at a considerable pace." However, The Hundred league remains highly controversial within English cricket, with some supporters arguing that it distracts from other more traditional forms of the game. To make room for The Hundred, there is almost no international cricket scheduled for August this year.

Some worry that introducing outside investment is equivalent to "privatizing" a portion of the summer schedule and will lead to The Hundred taking up more space in the calendar. The ECB has firmly stated that it will retain control of the competition, with the earliest expansion likely to occur after the existing broadcast deal with Sky concludes in 2028. The eight host venues have received 51% stakes in their franchises, which they can choose to sell or retain, while the ECB will 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 the hosts received, they can choose to retain it all or sell all or part of it. Some teams, like Surrey and Warwickshire, want to keep their entire stake, while others, like Lancashire, are open to selling part of it, and Yorkshire may choose to sell all of it.

From the total funds raised, 10% will go directly to the amateur game. The proceeds from the sale of the 49% stake will be distributed among the 18 first-class counties and the MCC. If the hosts decide to sell some or all of their stakes, they will give 10% of the proceeds to the 18 counties and the MCC for distribution. The ECB stated that there were initially over 100 potential buyers expressing interest, a number that has gradually been reduced to around 15 bidders. Each franchise has between two and four bidders on their shortlist. Some investors are on the shortlist for more than one franchise, so if they miss out on their first choice, they may find success elsewhere.

Given the investments already taking place in leagues around the world, links to the Indian Premier League (IPL) are inevitable. The co-owner of the Delhi Capitals completed the purchase of Hampshire County Club in September, and they are therefore expected to take exclusive ownership of the Southern Brave. Lancashire has openly expressed its desire to partner with the Manchester Originals and an IPL team, with the owners of the Mumbai Indians and Lucknow Super Giants, as well as US investors, believed to be among the bidders.

However, the ECB has been keen to attract investment from multiple sources, and some The Hundred franchises have been looking to avoid IPL connections, primarily to prevent interference in cricket matters. For example, the Oval Invincibles may partner with a consortium of Silicon Valley entrepreneurs or the private investment firm CVC, which is believed to have made it to the final round of the auction. Todd Boehly, a shareholder in Chelsea, and members of the Glazer family, co-owners of Manchester United, have reportedly expressed interest in acquiring stakes in the London Spirit.

Banerjee stated, "We are looking to create a combination of eight of the best partners that can help grow the event and use this process to raise funds to create a sustainable financial return for the next generation. We have a diverse shortlist. This is a very exciting time. I think it will help the entire game of cricket grow at a considerable pace." However, there has also been some controversy. In September, Lalit Modi, the founder of the IPL, leaked financial projections related to the sale on social media, including predictions for future TV rights deals, which he called "unrealistic... overly ambitious and unsustainable."

On Tuesday, the ECB responded to a report claiming that some potential investors were frustrated with the sale process and defended it in a statement, calling it "thorough and rigorous." The governing body also insisted that host venues have identified shortlists of potential partners based on "who they want to work with rather than purely financial decisions." A key goal for the ECB is to attract more top men's players to The Hundred, which competes with leagues in the USA and the Caribbean amid a crowded schedule. Investment should help achieve this by providing higher salaries.

While the salaries of top men's players will increase from £125,000 to £200,000 in 2025, the sale is being completed too late to implement any other significant changes this year. The ECB is viewing the upcoming season as a "transition year," with more noticeable changes to occur in 2026. These changes could include alterations to team names, colors, and branding. In 2025, a London derby will see the men's and women's defending champions, the Invincibles and Spirit, respectively, feature on opening day. As in previous years, a knockout game between the second and third-placed teams will be held at The Oval the day before the final, with no reserve day. The final has a reserve day arrangement.