ECB aims to raise £350 million from Hundred franchise sales

Richard Thompson, the chair of the England and Wales Cricket Board (ECB), has announced a target of raising at least £350 million through the sale of stakes in The Hundred competition. Thompson is confident that the final sales figures will "comfortably" exceed this minimum target when deals are finalized in early 2025.

Two years ago, private equity firm Bridgepoint made an offer to purchase a majority stake in the entire competition. Although this bid was rejected because the ECB wanted to maintain control of The Hundred, it helped set the benchmark for the current sales process. Thompson shared that this offer informed the ECB's goal for the ongoing sale of 49% stakes in each of the eight teams, which will be turned into franchises.

The sales process began in early September and has entered its second round, with a deadline for final deals set for January 2025. Thompson mentioned that the pool of investors has been much larger than expected, with interest coming from across the sports world. “Our target was to raise £350 million from sales,” Thompson told City AM. “I think we’re going to exceed that comfortably, but we’ve still got some way to go. There’s hardly anyone in sport that isn’t at the table.”

The ECB has faced scrutiny from the Department for Digital, Culture, Media, and Sport (DCMS) select committee regarding the sale. In response, ECB CEO Richard Gould defended the sale, calling it a rare opportunity for a significant investment into English cricket. “This process presents a once-in-a-generation opportunity for a significant capital injection into cricket in England and Wales,” Gould stated.

As part of the process, the ECB will soon establish a 'Hundred committee' to oversee the competition’s administration, operation, and commercialization. This committee will include ECB non-executive directors, franchise representatives, and independent appointments.