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ECB secures private funding for The Hundred

The board has engaged financial advisors and legal counsel for the sale process, targeting completion by the end of the year, with a revamped competition set for 2025

ECB secures private funding for The Hundred PHOTO: AFP

The England and Wales Cricket Board (ECB) has announced plans to attract private investment to enhance The Hundred, aiming to elevate it to the world's second-largest franchise league, following the Indian Premier League (IPL). 

The board has engaged financial advisors and legal counsel for the sale process, targeting completion by the end of the year, with a revamped competition set for 2025.

The counties have signaled their approval of the ECB's proposed direction, standing to benefit financially from selling stakes in the eight Hundred teams, currently owned by the ECB, to private investors. Prospective investors likely include IPL owners and private equity firms.

Extensive discussions have led to a consensus on how the proceeds will be distributed. Initially, 51% of the shares in the eight teams will be handed to the host counties (or the MCC for London Spirit) for free. These counties will then decide whether to retain, partially sell, or fully sell their stakes. The ECB will sell its remaining 49% stake, allocating 10% to the recreational game in England and Wales, with the rest shared among the counties. 

The first £275 million will be divided 19 ways between the 18 first-class counties and MCC. The next £150 million will be shared among the 11 non-host counties, and any proceeds beyond £425 million will again be divided 19 ways.

Vikram Banerjee, the ECB's director of business operations, stated in an ECB press release that this move would "unlock the future potential" of The Hundred while financially supporting the rest of the sport. Banerjee emphasized the global interest in the competition and the opportunity to engage new global strategic partners to grow The Hundred into a premier competition benefiting cricket overall.

The ECB highlighted that The Hundred plays a vital role in the sport's future, with counties supportive of these plans. The board will continue collaborating with its members to finalize how proceeds will be distributed among the first-class counties, MCC, and the recreational game.

The Raine Group, known for its role in recent sales of Premier League clubs Chelsea and Manchester United, will lead the advisory process. Deloitte will provide strategic advice, while Latham & Watkins and Onside Law will serve as legal co-counsel.

The Hundred's 2024 season will run from July 23 to August 18, potentially serving as a showcase for prospective investors. However, the first six days will clash with Major League Cricket, possibly delaying the arrival of many men's overseas players.