The England and Wales Cricket Board (ECB) has reassured fans that English cricket won't succumb to an "IPL takeover" as they navigate through the latest phase of The Hundred's investment process. With the second-round bidding deadline now closed, significant interest has poured in from American investors and IPL franchise owners. Each host county is tasked with selecting two potential partners for a joint venture.
Reports suggest that eight of the ten IPL franchises, represented by their owners or co-owners, have engaged in detailed talks with counties over the past two months. However, the interest isn’t limited to IPL teams. U.S.-based sports investors, including those active in English football, have shown keen interest. Among them, Avram Glazer, co-owner of Manchester United, submitted multiple bids, alongside Cain International, linked to Chelsea co-owner Jonathan Goldstein, and Knighthead Capital, owners of Birmingham City.
The ECB aims to raise at least £350 million by selling stakes in the eight Hundred franchises, with a preference for diverse investor backgrounds. In an interview with Wisden Cricket Monthly, ECB chairman Richard Thompson highlighted the influx of American capital, noting their long-term vision and understanding of franchise sports.
He stated, "This isn't going to end up being an IPL takeover," Thompson said. "There's a huge amount of American money involved - very sophisticated investors who understand franchise sport. We invented the sport, they invented the franchise, and they're looking long-term."
IPL franchises, already deeply invested in global T20 leagues, are eager to expand their footprint. They currently hold stakes in Major League Cricket (MLC) in the U.S., UAE’s ILT20, and South Africa’s SA20. Meanwhile, private equity firms such as CVC Capital Partners, owners of IPL's Gujarat Titans, and Ares Management are eyeing partnerships with franchises like the Oval Invincibles. Hollywood stars Ryan Reynolds and Rob McElhenny, co-owners of Wrexham AFC, have also expressed interest in Welsh Fire.
The funds generated from selling 49% stakes in the franchises will be distributed among the 18 counties and the MCC, with 10% allocated for grassroots cricket. ECB Chief Executive Richard Gould described this process as a "once-in-a-generation" opportunity to inject substantial capital into English cricket. Tim Bridge, from Deloitte’s sports business group, called the level of interest "unprecedented" and suggested that counties might prioritise strategic value over the highest bid.
Host clubs like Lancashire, MCC, Surrey, and Warwickshire have expressed intentions to retain their majority 51% ownership. After finalising two shortlisted investors, counties will engage in further discussions early next year, aiming to finalise contracts by April.
Despite concerns over player dissatisfaction with recent ECB policies, the second-round bidding process remains unaffected. This pivotal moment offers English cricket a chance to balance its traditional values with the opportunities of global investment. Only time will reveal whether this ambitious venture can shape a brighter future for the sport.