IPL giants submit bids to join ECB's Hundred

Several IPL franchises, including Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow Super Giants, have expressed interest in buying stakes in the teams of the ECB's Hundred competition. Along with these IPL franchises, GMR Group, which recently took over Hampshire, and Avram Glazer, co-owner of Manchester United, also submitted bids by the October 18 deadline set by the ECB for investors to register their interest.

The ECB is selling a 49% stake in each of the eight Hundred teams, with bids being made for all teams initially. This process will narrow down in November when investors meet the host counties, leading to a selection of four teams from which they will make a final choice of two. The ECB hopes to finalize investors by early 2025 but insists they will take their time to avoid "underselling" the product.

While many IPL franchises had initially shown interest, some opted out, including Punjab Kings. There has been no confirmation on bids from Chennai Super Kings and CVC, the owners of Gujarat Titans. Other notable investors like Jim Ratcliffe’s INEOS have also decided not to bid.

Some IPL franchises expressed concerns over being passive investors in the Hundred. Lalit Modi, the former IPL chairman, criticized the ECB’s financial projections for the competition’s growth, calling them "overly optimistic." However, the ECB remains confident, with over 100 investors from India and the USA seeking information on the privatization of the Hundred. ECB chairman Richard Thompson stated that the investment interest has exceeded expectations.