The chief executive of Glamorgan has revealed that discussions have taken place with Hollywood stars Ryan Reynolds and Rob McElhenny regarding a potential investment in Welsh Fire, the Cardiff-based team competing in The Hundred.
Since acquiring Wrexham AFC in November 2020, Reynolds and McElhenny have led the club to two successive promotions, bringing it to the third tier of English football. The duo appears to be exploring further opportunities to invest in Welsh sports.
Earlier this month, the England and Wales Cricket Board (ECB) officially began seeking private investment for The Hundred competition. The American investment bank Raine has circulated prospectuses to interested investors, with Vikram Banerjee, the ECB's director of business operations, noting a "phenomenal level of interest from a diverse mix of investors."
Welsh Fire is anticipated to be the most affordable franchise at an estimated valuation of around £30 million, with Sophia Gardens, Glamorgan's home ground, having the smallest capacity in the tournament. While revenues from initial investments will benefit all counties, Glamorgan will maintain a 51% controlling stake in Welsh Fire.
Over recent months, Glamorgan has engaged with various interested parties, including the owners of the Pakistan Super League franchise Multan Sultans. However, the prospect of Reynolds and McElhenny's involvement stands out, with Glamorgan’s CEO Dan Cherry calling it "an exciting proposition."
Cherry commented to ESPNcricinfo: "This is certainly a feasible option. We have initiated contact, though nothing substantial has come back yet. However, they will definitely be included in our ongoing discussions. We are evaluating all bids and offers, and any prospect from Reynolds and McElhenny is very intriguing, given their remarkable impact at Wrexham."
While most IPL franchises are expected to pursue shares in The Hundred teams, the ECB is cautious about adopting ownership models similar to the SA20, which features only IPL-owned franchises. Private equity firms CVC and RedBird Capital are also reportedly interested, although Ineos, known for significant investments in sports, including Manchester United, is unlikely to participate.
Glamorgan views the Welsh Fire's lower valuation as an appealing investment opportunity, particularly as costs across The Hundred are relatively uniform with a salary cap in place. Much of the financial backing will stem from an equal distribution of central broadcast revenue.
"We see a tremendous opportunity to represent Wales and provide great value," Cherry stated. "Cardiff is a thriving city with major events taking place frequently, making it an attractive area for investment. We take pride in being the only Welsh first-class county, and hosting England matches at Sophia Gardens is a significant part of our identity. When we engage with potential partners, maintaining our Welsh heritage and history is crucial."
Cherry emphasised that Glamorgan remains "very open-minded" about investment opportunities and is not keen to rush into a deal. Presently, they plan to hold onto their 51% stake in Welsh Fire. "We want to ensure we make the right decision for the club and the sport. Our goal is to find a partner who can genuinely enhance our operations and support our journey without overshadowing us," he explained.
The club is under new leadership with head coach Grant Bradburn, as they face a pivotal Sunday showdown in the Metro Bank One-Day Cup final against Somerset. Cherry, in his first complete season as CEO, expresses optimism about Glamorgan's improved financial health and their capability to contribute more effectively to the growth of cricket in Wales, alongside achieving sporting success.
"We haven’t met our aspirations on the field over the past 15-20 years and have struggled to develop players for England while spending considerable time in Division Two. The chance to be part of the change is incredibly exciting," he remarked. "Having navigated financial challenges, we're now in a much better position to focus on enhancing our cricketing efforts, which will be my primary focus in the coming years."