ECB aims for private investment in The Hundred

The England and Wales Cricket Board (ECB) is taking a bold step to propel The Hundred Tournament onto the world stage.

They’re actively seeking private investment for the eight participating teams, aiming to transform The Hundred into the second-largest cricket franchise league, trailing only the behemoth Indian Premier League (IPL).

This ambitious move follows the recent green light from the 18 first-class counties in England and Wales. They’ve approved the ECB’s plan to partially privatize ownership of The Hundred teams.

Here’s how the ownership structure will work: Free Transfer of Shares: Each county will receive a significant financial boost upfront as the ECB gifts them a 51% ownership stake in their respective Hundred teams.

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County Choice: Counties have the flexibility to retain all, some, or none of the gifted shares. This allows them to tailor their involvement based on their financial goals and strategic vision.

ECB’s Remaining Stake: The ECB will then sell its remaining 49% stake in each team. This sale promises further financial gains for the board and the counties. Notably, 10% of the proceeds will be directly allocated to bolstering the recreational cricket scene, while the remaining 89% will be distributed among the counties.

“We see this as a pivotal moment to elevate The Hundred to the next level,” remarked Vikram Banerjee, Director of Business Operations for the ECB. “By capitalizing on the burgeoning global interest in the competition, we can solidify the foundation of the entire domestic cricket structure in England and Wales. New global strategic partners will unlock the full potential of The Hundred, propelling it towards international recognition.”

To ensure a smooth and successful sale process, the ECB has enlisted the expertise of a powerhouse team of advisors.

Raine Group: This leading financial advisory firm will spearhead the search for potential investors, meticulously identifying suitable partners and negotiating favorable deal terms.

Deloitte: A renowned strategic advisory firm, Deloitte will provide invaluable guidance to the ECB throughout the process, ensuring the deals align with the long-term strategic goals of The Hundred and the overall health of English cricket.

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Latham & Watkins and Onside Law: These esteemed law firms will handle all legal aspects of the sale process, guaranteeing smooth and transparent transactions and adhering to all regulatory requirements. The ECB emphasizes its desire to secure partners who share their vision for The Hundred. They aren’t just looking for investors; they’re seeking strategic collaborators with the expertise and resources to push The Hundred further into the global cricketing spotlight while ensuring the entire English cricket ecosystem benefits from this investment.

With the sales process officially underway, the ECB hopes to finalize deals with private investors before the 2025 season kicks off. This ambitious timeline could potentially see a revamped and revitalized Hundred competition adorned with new investors and a renewed sense of purpose, ready to challenge for the title of the world’s second-biggest cricket franchise league.