Cricket

Indian billionaires Sanjiv Goenka and Mukesh Ambani have made significant bids for multiple franchises in the Hundred, a 100-ball cricket tournament in England and Wales. The ECB is selling 49% stakes in each team to investors, with the first round of bidding concluding last Friday.Goenka, the founder of RPSG Group, already owns the Lucknow Super Giants in the IPL and the Durban Super Giants in the SA20. He is believed to have bid for several Hundred teams, expanding his cricket portfolio.Ambani, through his Reliance Industries, owns the Mumbai Indians in the IPL and three other T20 teams. If successful, he could potentially rename the London Spirit franchise to MI London.Other notable bidders include the Glazer siblings, owners of Manchester United, and Jonathan Goldstein, director of Chelsea Football Club.The first-round valuation of the eight Hundred teams is estimated at £500 million. The proceeds from the sale will be invested in the recreational and professional cricket ecosystem in the UK.Team owners will receive a share of central revenues, including broadcast rights and sponsorship. The ECB has declined to confirm the names of interested parties or the value of bids, but has expressed enthusiasm for the level of interest.The Ambani group has not responded to requests for comment, while the RPSG group declined to comment. Decisions on successful bidders will be announced in 2025.

The England and Wales Cricket Board (ECB) has received bids from several Indian Premier League (IPL) franchises, including Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow Super Giants, for potential ownership stakes in the Hundred competition. Other notable bidders include the GMR Group, the new owner of Hampshire cricket, and Avram Glazer, co-owner of Manchester United Football Club.The ECB set an October 18 deadline for potential investors to express interest in buying stakes in the eight Hundred teams. The bids submitted last week represent a one-time sum to acquire a 49% stake in each team, currently held by the ECB.In the next stage, which begins in November, investors will meet with the host counties of each Hundred franchise. They will then need to narrow down their choices to four teams, followed by a final selection of two teams.While the ECB aims to announce the final set of investors by early 2025, it has emphasized that it will not rush the process and risk "underselling" the Hundred. ECB chairman Richard Thompson has suggested that a hybrid model could be adopted, with the ECB owning some teams and private investors owning others.However, not all IPL teams have submitted bids. Punjab Kings have opted out, while there is no confirmation on the participation of Chennai Super Kings and Gujarat Titans. Pakistan Super League (PSL) winners Multan Sultans and global sports investors INEOS have also declined to bid.One of the concerns raised by IPL franchises is their potential role as passive investors. Additionally, former IPL architect Lalit Modi has criticized the ECB's financial projections for the Hundred's growth beyond 2026, calling them "overly optimistic."Despite these reservations, the ECB remains confident in the Hundred's potential. CEO Richard Gould has stated that over 100 potential investors from India and the USA have sought information on the privatization.

The Indian Premier League (IPL) franchise owners are poised to make a significant impact on the England and Wales Cricket Board's (ECB) Hundred competition. As the ECB prepares to sell shares in its eight Hundred teams in September, it is eager to attract Indian capital. According to The Guardian, even minority investments will grant new owners substantial influence, as all ten IPL owners are expected to bid for shares.Sources involved in the sale process indicate that IPL owners are seeking control in exchange for their investments. They are likely to push for name changes, with the extent of the changes depending on the amount invested. The Ambani family, owners of the Mumbai Indians and its sister franchises, is reportedly considering a substantial bid for the London Spirit team, with plans to rebrand it as MI London.London Spirit is considered the most valuable team in the Hundred, and its sale is expected to generate a significant portion of the revenue. The ECB has been in discussions with potential investors for several months, including Hollywood actor Ryan Reynolds and Manchester United owner Avram Glazer. American owners of Birmingham City, Knighthead Capital, have also expressed interest in acquiring a stake in Birmingham Phoenix.The Rajasthan Royals, IPL champions in 2008, are expected to bid for the Northern Superchargers as part of their acquisition of Yorkshire. The Delhi Capitals, who recently acquired Hampshire for 120 million pounds, are also likely to seek a stake in the Southern Brave.These moves align with the growing global reach of the IPL. The league's popularity and financial success have made it an attractive investment for international investors. The ECB's decision to sell shares in the Hundred is seen as a strategic move to capitalize on this interest and further develop the competition.

The privatization of the Hundred, England's premier domestic cricket tournament, has taken a significant step forward with the English Cricket Board (ECB) securing broad agreement from the 18 first-class counties and Marylebone Cricket Club (MCC) on its proposed "direction of travel."Over the past nine months, the English cricket community has engaged in extensive discussions regarding the future of the Hundred. ECB chief executive Richard Gould previously indicated a "strong consensus" that the eight teams, currently owned by the board, should be opened up to private investment.To facilitate this, eight new companies will be established, with 51% of the shares gifted to the respective host counties. For instance, Surrey would hold the majority of shares in the Oval Invincibles. The remaining 49% of shares will be sold centrally by the ECB to interested parties.The counties were given a deadline of Friday to agree on a "direction of travel." While some details remain to be finalized, particularly regarding the distribution of proceeds from the sale of ECB shares, the counties have granted their non-binding approval for the sale process to proceed.The 11 non-host counties have expressed concerns and are seeking independent financial advice. They emphasize the need for impartial guidance in a financial arrangement involving hundreds of millions of pounds.However, many non-host counties face financial challenges and rely heavily on central funding from the ECB. A recent study revealed that five counties have received emergency financial assistance from the ECB in the past two years.According to The Telegraph, the latest model proposes allocating 10% of the proceeds from the sale of ECB shares to recreational cricket, with the remainder distributed among the counties. The first £275 million would be shared equally among the 18 counties and MCC, while the next £150 million would be distributed among the 11 non-hosts. Any further proceeds would be shared equally again.A county chief executive expressed support for a deal but emphasized the importance of ensuring that the details benefit all parties and avoid widening the gap between richer and poorer counties.The host counties will determine the portion of their 51% stake they wish to retain, with the remainder being sold centrally by the ECB. Lancashire and Surrey have consulted with their members to keep them informed of the latest developments.The ECB has appointed Raine Group, a New York-based investment bank, to manage the sale process, which is expected to be completed later this year. The 2024 edition of the Hundred will serve as a showcase for potential investors. IPL franchises and investors from the US and UK have reportedly expressed interest.