Investor Bidding Process for The Hundred Franchises Announced

The England and Wales Cricket Board (ECB) is opening up bidding for stakes in its eight franchises participating in The Hundred cricket league. The invitation is for final bids for 49% stakes in these franchises, offering significant ownership opportunities to prospective investors. The sale process is structured in stages, with the ECB expecting to generate a substantial sum of £350 million overall from these sales.

Starting with Oval Invincibles and Birmingham Phoenix, the bidding process is set to commence on January 30. It will continue with London Spirit and Welsh Fire the following day, January 31. The franchises Manchester Originals, Northern Superchargers, and Trent Rockets will have their turn on February 3, while Southern Brave will conclude the initial rounds on February 10.

The ECB has adopted a dual approach for the bidding process. Where there are more than two interested investors, a live auction will determine who secures the stakes. Conversely, in scenarios with only two investors, they will submit sealed bids with the highest offer taking the stake. This method aims to encourage competitive bidding and ensure transparent transactions.

Once a successful bidder emerges, they will undertake an exclusivity period, during which binding agreements with the ECB are formulated. Among the franchises, the defending women’s champion franchise, London Spirit, is anticipated to attract the highest bids due to its market value.

Interest in London Spirit is competitive, with parties such as Lancer Capital, associated with Manchester United co-owner Avram Glazer, Sanjiv Goenka’s RPSG Group, and a collective of global tech giants showing keen interest. Capri Global Holdings has also been shortlisted to acquire a stake in Welsh Fire.

The ECB is optimistic that this infusion of capital will rejuvenate the county cricket scene for up to 25 years, according to ECB’s chief executive, Richard Gould. As such, this bidding process marks a crucial development for the future financing and sustainability of English cricket.