Lalit Modi & N Srinivasan could be investors in The Hundred revamp

A flurry of Indian investors, led by the IPL franchise owners, are in the race to tie up with leading counties for a revamped tournament that will be played from 2025 onwards. Representational picture

Former Indian Premier League (IPL) commissioner Lalit Modi, who now lives in central London, and his long-time colleague-turned-adversary N Srinivasan could once again be in the news for showing interest in a private cricket league expected to take shape this year.

The Hundred – once spoken about in English cricket circles as a “shaky concept” that threatened to further destroy the fabric of the game – is on the verge of getting privatised (partly, at least) and could attract investments to the tune of a billion pounds.

The finality of this rests on two-thirds (12) of England & Wales Cricket Board’s (ECB) 18 county teams giving their approval. It is learnt that more than 10 counties have already agreed to the idea in principle and a couple more will give the ECB the final go-ahead to “reshape” a tournament that seems to have ‘caught on’.

A flurry of Indian investors, led by the IPL franchise owners, are in the race to tie up with leading counties for a revamped tournament that will be played from 2025 onwards. However, what is to be waited and seen is, if the ECB will allow the entire property to be ‘hijacked’ by India-led investors or work towards ensuring they come up with ‘local investments’.

Broadcaster Sky, which stayed away from pouring money into the recent India-England bilateral and will be investing in the IPL rights for the UK territory, is set to partner with the ECB on this ‘long-term development’.

There is also a looming possibility that the number of teams may be increased in the tournament, subject to the kind of demand a revamped model can generate.

The how & why of it…

Financial sustainability has become a term of absolute importance for a majority of ECB’s county teams if they hope to survive in the longer run.

Huge debts, a fast-changing audience, newer formats, infrastructure maintenance and, most importantly, ensuring your finest talent stays in England during the ‘home’ season and not venture out looking for greener pastures is a challenge growing by the day.

The recently talked about ‘deal’ involving the Yorkshire Cricket Club – one that did not go through – mentions a US$15m debt owed to a private trust. There are other franchises currently in a mess of their own and all stakeholders agree that the idea of ‘privatisation’ alone can help generate revenues.

“The question is, to what extent are the counties willing to go? Here’s an example: What’s there for an investor if a county does not agree to a ‘deal’ that also involves real estate? Can partnerships work on a revenue-sharing basis? If yes, what’s the model? Is it sustainable?” points out a potential stakeholder.

Industry executives believe that should the idea of privatization take off, the initial years will require strong funding from investors and here’s where IPL franchise owners can hold their own.

“The IPL franchise owners are already making a good deal of money from the T20 league. It makes sense for them to invest money because they can sustain it. They’re already earning from a cricket league, so makes sense to expand and invest in another. For a complete outsider to put in money and break even at some point will be a bigger challenge,” says those tracking developments.

The format

Much has been said already about the format – The Hundred – and whether it can be retained, going forward.

As much as the UK’s cricket fraternity – rather uncomfortably oscillating between maintaining tradition and catering to modern-day fans – has been critical of the format, the majority, at least among the stakeholders, still appear keen on continuing with it.

“As of now, there are no plans to change the format. Let’s see. In a couple of years, if it fails to take off the way it’s being envisaged, maybe a relook can happen.

In fact, it is learnt that broadcaster Sky is in favour of continuing with the existing (100) format and not changing it in the near future unless it fails to take off over the next years. A broadcast deal in excess of $200 million per year could be on the cards.

Investors are keen

Hectic lobbying is currently on among potential investors to grab space. Either by way of buying out debt-ridden clubs or by getting into ‘partnerships’ on a revenue-sharing basis, investors are looking at several ways to turn this into an opportunity.

Meanwhile, in the past, Modi is twice known to have shown major interest in English cricket and the potential revamp. Back in 2010, the Indian cricket board (BCC) had contended in one of its reports that Modi ‘may have been involved’ in the creation of a rebel cricket league in England and there were counties ‘open to the idea of restructuring’.

More recently, and this time more hushed up, was yet another rumour that Modi had offered to bring in a billion-dollar investment into England’s cricket circuit for The Hundred to be privately owned and run.

While rumours have a way of appearing and disappearing in their way, what’s certain is that Modi will be keen to do what it takes to participate in this opportunity when the time arrives.

On the other hand, Srinivasan’s CSK Venture has gone about acquiring franchises in almost every private cricket league that’s cropped up lately, barring the ILT20 in UAE. The Super Kings would be keen to do something similar in the UK too when the time comes.

Meanwhile, the Mumbai Indians, Lucknow Super Giants and the Kolkata Knight Riders too are very keen to be part of the new project.

“As for Rajasthan Royals, well the franchise operates out of UK and Jaipur, considering their owner is based out of London. So, England is as good as home,” say those in the know.