The England and Wales Cricket Board (ECB) is resisting an “IPL takeover” of English cricket as substantial interest grows, particularly from American investors, in the sale of The Hundred franchises.
The second round of proposals is now closed, with counties now selecting their preferred joint venture partners, signaling a shift in the future of the competition.
Sources reveal that eight of the ten IPL franchises involved in The Hundred are bidding, along with notable figures like Avram Glazer (co-owner of Manchester United) and companies like Cain International, Knighthead Capital participating. US-based investors, including those already involved in English football, are showing significant interest.
ECB President Richard Thompson emphasized that while American interest is substantial, the board remains focused on securing a diverse range of investors.
He highlighted that the board intends to “optimize” the value, rather than just maximize it, with the aim of raising at least £350 million to grow the sport.
“This isn’t going to end up being an IPL takeover,” Thompson said. “There is a huge amount of American money involved – very sophisticated investors who understand franchise sports. We invented the sport, they invented the franchise and they are looking at the long term.
“They know we have the best time zone in the world. And if you’re looking to maximize media rights, you look at the fact that rugby and football have such successful national products and we don’t, really. They can see how undervalued this is.
“A lot of these American investors have had huge success investing in the Premier League and they feel that the way English law is structured, the way there is this tribalism and passion for sport in this country, they saw that success happen through football and we thought, ‘well, this can work so easily in cricket if we invest well.’
The shift to global investing is not new; IPL franchises already hold stakes in T20 leagues across the world.
Thompson further explained: “If we make decisions that leave some value at stake, that’s for the good of the sport and that’s an important principle. In other processes, you talk about maximizing value; here, we’re talking about optimizing value and that’s a subtle change, but it’s very important.”
Notable private equity firms and technology entrepreneurs such as Sanjay Govil are also involved.
The 49% stakes in The Hundred’s eight franchises will be sold, with profits split between the 18 counties, the MCC and 10% allocated to recreational cricket.
The English board hopes to secure a “once in a generation” capital injection, which will have a lasting impact on the sport’s infrastructure and grassroots development.
With the level of interest described as “unprecedented” by the ECB’s financial advisers, the next few months will be crucial as countries decide on their two preferred partners.
These partnerships are expected to be finalized by April, setting the stage for a transformative era in English cricket, with the full potential of The Hundred competition likely to be realized in the coming seasons.
