Over the last two weeks, the ECB’s sales process for stakes in Hundred franchises has reached its final round. The total valuation of the eight teams is an eye-watering £975 million but who is buying what, and for how much? This explainer will guide you through it all.
What are investors actually buying?
Each successful bidder has bought shares in one of the eight teams in the Hundred, the ECB’s 100-ball competition which launched in 2021. The deals are subject to exclusivity agreements over the next eight weeks – in the event an agreement with the chosen investor is not reached in that time period, the team will go back on the market.
- Reliance Industries Limited, the Ambani-owned conglomerate who run Mumbai Indians, are buying a 49% stake in Oval Invincibles. Surrey will retain 51%.
- Knighthead Capital, a New York-based investment firm, are buying a 49% stake in Birmingham Phoenix. Warwickshire will retain 51%.
- Cricket Investor Holdings Limited, a consortium of Silicon Valley tech entrepreneurs, are buying a 49% stake in London Spirit. MCC will retain 51%.
- Sanjay Govil, an Indian-American tech entrepreneur and the owner of Washington Freedom, is buying a 50% stake in Welsh Fire. Glamorgan will retain 50%.
- RPSG Group, Sanjiv Goenka’s conglomerate who run Lucknow Super Giants, are buying a 70% stake in Manchester Originals. Lancashire will retain 30%.
- Sun Group, the media conglomerate who own Sunrisers Hyderabad, are buying 100% of Northern Superchargers. Yorkshire will not retain a financial interest.
- Cain International, backed by Chelsea co-owner Todd Boehly, and Ares Management Credit, both private equity firms, are jointly buying a 49% stake in Trent Rockets. Nottinghamshire will retain 51%.
- GMR Group, the Indian conglomerate which co-owns Delhi Capitals, are buying a 49% stake in Southern Brave. GMR are also taking over host county Hampshire.
How will the deals work?
The ECB say the investors have committed to a minimum five-year period, which will run through to the end of 2030. The deals do not include a franchise fee like those paid annually by IPL franchises to the BCCI.
Do they know own the teams outright?
It’s complicated. The ECB has sold its 49% interest in each team, while the eight host clubs had the choice whether to sell some, all, or none of their 51% stakes. The majority have opted to retain their shares, but three have sold at least some, and Yorkshire are selling their entire share to the Sun Group.
But they’re not buying the counties?
No. The majority of counties remain members’ clubs, and the sales process relates only to the ownership of the eight Hundred teams – not their host clubs or their venues. That said, it could open the door for further investment down the line, with the GMR Group becoming the first foreign owners of a county last year when they bought Hampshire.
What happens to the money raised by selling the ECB’s stakes?
Ten percent of the revenue will be invested in recreational cricket. The rest will be split as follows: the first £275 million is divided 19 ways between the 18 first-class counties and MCC; the next £150m is divided 11 ways between the non-host counties; and anything over £425m is divided 19 ways again. The Raine Group, Deloitte and the ECB’s lawyers will also take a percentage for their role in the sale.
And what happens when a host club sells some of their stake?
The host club keeps 80% of the revenue raised from selling its own stake, with 10% going to the recreational game and the rest shared among the other counties (and MCC).
What does 49% of a Hundred franchise actually get you?
It depends. Investors have been speaking to counties for some time, and arrangements will be different at each venue. Each investor has an eight-week exclusivity period with their host county in which they will sign legal agreements and contracts outlining the details of their joint-venture. But the franchise itself represents two teams (men’s and women’s) with a right to play in the Hundred, rather than any tangible assets like a stadium.
How will they make money?
The Hundred teams have been run by the ECB to date, but will now take control of their own sponsorship, ticket sales (including hospitality) and merchandise. The biggest source of revenue will be a central distribution from the ECB, with the eight Hundred teams set to split 80% of domestic and international TV rights between them. Investors will also hope that the enterprise value of their franchise increases as the Hundred grows.
How valuable is the broadcast deal as things stand?
The Hundred forms part of the ECB’s deal with Sky Sports for all cricket during the English summer, including internationals and county cricket. Around a quarter of the overall value of that deal (£51 million approx. annually) is ascribed to the Hundred. There has also been a much smaller deal with the BBC (as free-to-air broadcasters) which is up for renewal. The ECB may consider selling the Hundred’s broadcast rights separately from 2029. It also hopes that international TV rights will rise significantly in the next rights cycle.
Will the teams be renamed?
Probably, although not this year. The ECB is treating the 2025 edition of the Hundred – which runs from August 5-31 – as a transitional season, with new owners assuming full responsibility ahead of the 2026 edition. Some teams may retain their names and kits but the expectation is that several will change, particularly those who are majority-owned by established franchise brands.
Will this investment mean the Hundred gets better players?
Quite possibly, for a number of reasons. Salaries are increasing at the top end in 2025 and the ECB told investors that they should prepare for them to be even higher when they take over. New ownership could also see players who are associated with a particular franchise involved in the Hundred, while the overlap between investors in the Hundred and Major League Cricket should ensure those leagues do not clash again going forwards.
What about Indian players?
Several women’s cricketers from India have already played in the Hundred, including Jemimah Rodrigues, Smriti Mandhana and Deepti Sharma, but no male Indian player has. While the involvement of four IPL ownership groups could help to prompt change in time, the ECB has been working on the belief that the BCCI is not planning to change its stance on active Indian men’s players featuring in overseas leagues.
When will the Hundred become a T20 competition?
The 100-ball format has generally proved popular with broadcasters, allowing them to fit games into a three-hour window. But there has been plenty of speculation that the tournament could change to the more familiar T20 format at some stage. In practice, the format is highly unlikely to change before the existing broadcast deal runs out at the end of the 2028 season.
On an ECB call to mark the conclusion of the process, Vikram Banerjee, director of business operations, said: “The aspects of the Hundred that have worked well in terms of reaching out to a new market, the fact that it finishes at 9.30pm so families can attend and watch – all those sorts of things are part of what’s appealed to investors. So at this point in time, we haven’t had a huge amount of clamour for changing the format.”
Will more teams be added?
Similarly, this is unlikely to happen in the next four years – though several counties have expressed an interest in hosting a Hundred team if the tournament does expand in future, including Durham, Somerset, Kent (at Beckenham) and Gloucestershire. Richard Gould, the ECB’s chief executive, said last summer that there is ambition for expansion at some point.
Banerjee said on Thursday: “Expansion is a good sign if it happens, so I’ll be delighted if it does… If the tournament grows and cricket grows across the country, then it’ll be almost a no-brainer.”
Matt Roller is an assistant editor at ESPNcricinfo. @mroller98
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