The ECB rejects an 'IPL Takeover' of The Hundred

As the Hundred franchises' stakes are being sold, the England and Wales Cricket Board (ECB) has assured stakeholders and cricket fans that it will not allow the "IPL takeover" of English cricket. Both American investors and Indian Premier League (IPL) teams showed great interest in the second round of bidding, which ended on Monday.

High Profile Interest in The Hundred

According to reports, up to eight of the ten IPL teams have expressed interest in purchasing shares in the Hundred franchises. billy777 They have had lengthy talks with host countries over the last two months.

Notable US-based private equity groups and sports investors, particularly those with connections to English football, have joined the fray in addition to the IPL's interest.

American Investors Make Their Move

• Among the American investors participating in the bidding process is Manchester United co-owner Avram Glazer, who has made two bids.

• Jonathan Goldstein, a co-owner of Chelsea, co-founded Cain International.

• Knighthead Capital owns Birmingham City FC.

Welsh Fire has also apparently drawn interest from Hollywood celebrities Ryan Reynolds and Rob McElhenny, co-owners of the Welsh football team Wrexham AFC.

ECB's Vision: Diversified Investors

The ECB hopes to raise at least £350 million by selling 49% of the eight hundred franchises. The board supports a diverse group of stakeholders to prevent IPL-backed investors from dominating.

In a recent interview with Wisden Cricket Monthly, ECB chairman Richard Thompson underlined the significance of this strategy, saying,

"This isn't going to end up being an IPL takeover." A significant sum of American money is at stake, and the investors are well-versed in franchise sports. They have a long-term perspective.

He emphasized the importance of the UK time zone for international media rights and how cricket might follow football's lead in the domestic sports market.

Comparisons with IPL Investments in Global T20 Leagues

IPL teams have made a big impact in international T20 tournaments, and IPL teams own shares in four of the six Major League Cricket (MLC) teams in the United States.

• Three of the UAE's six ILT20 franchises.
• Every one of the six SA20 League teams in South Africa.

According to reports, investors like Ares Management and CVC Capital Partners, who control the Gujarat Titans in the IPL, are interested in purchasing shares in teams like Oval Invincibles.

Strategic Approach to Finalizing Partnerships

The ECB is approaching the sales process to reconcile financial gain with cricket's long-term importance. Tim Bridge, the head of Deloitte's sports business division, called the Hundred's interest "unprecedented."

"If we make decisions that leave some value on the table, that will be for the sport's good," he said, acknowledging that counties may prioritize the best relationships more than the largest financial offers.

Counties Retain Control Over Majority Stakes

Lancashire, Surrey (Oval Invincibles), MCC (London Spirit), and Warwickshire (Birmingham Phoenix) are among the host counties that have indicated a desire to keep their 51% controlling ownership in their teams. This tactic guarantees their ongoing control over the franchises' activities.

Timeline for the Sales Process

The Hundred's sales process proceeds as follows:

• Selecting Two Preferred Investors: Each host club will choose two possible partners.

• Final Talks: Talks will continue until the beginning of 2024.

• Partner Selection: Each club will designate a preferred partner for an exclusivity period by the end of January.

• Finalization of Contracts: By April 2024, detailed contracts should be signed.

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A Landmark Opportunity for English Cricket

The ECB's chief executive, Richard Gould, called the process a "once-in-a-generation" opportunity to bring substantial financial resources to English cricket. The move is anticipated to help professional teams and the grassroots game of cricket, with 10% of the earnings ring-fenced for leisure cricket.

The ECB is committed to balancing luring in foreign investment and maintaining the sport's distinctive character, making the continuing sales process a crucial step in determining the future of English cricket.