The England & Wales Cricket Board has opened the process to secure private investment into the eight teams in The Hundred, a short-form tournament, according to an official release on September 6.
The announcement has sparked interest from a 'variety of investors' from across the world, ECB said, for the short-format competition, which has entered its fourth season this year. Deloitte and the Raine Group are helping attract investors, and law firms Latham & Watkins and Onside Law are the legal co-counsels.
ECB's Director of Business Operations, Vikram Banerjee, leading the process on behalf of ECB said, "We’ve received a phenomenal level of interest from a diverse mix of investors globally. Our priority over the coming months will be to select partners that share our passion and vision for the future of The Hundred, with expertise to take the competition to the next level."
Bloomberg has reported quoting people familiar with the development that the ECB is looking to sell the 49% stake it owns in each of the eight teams.
The Hundred is a tournament featuring 100 balls per inning contests, creating a shorter form of cricket for new audiences, with simpler rules. Tournaments will be held across some of the most iconic venues of the cricketing world.
Earlier this year, Moneycontrol had reported that former IPL commissioner Lalit Modi, who now resides in London, could be showing interest the private cricket league. The revamped tournament would be played from 2025 onwards, and a number of Indian investors - led by IPL franchise owners - are reportedly in the race to tie up with leading counties, it was reported in February 2024.
Announcements relating to the investment into The Hundred are likely to be made in 2025, said ECB. The board is pitching this as the 'most significant private investment opportunity' in the history of cricket in UK. "We are excited about the future of The Hundred and the opportunity we have to build an iconic competition for players and fans", Vikram Banerjee said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
