The England and Wales Cricket Board (ECB) has set a target to raise at least £350 million through the sale of stakes in The Hundred, a target it expects to exceed “comfortably,” according to ECB chair Richard Thompson. The sale process, which began in September, aims to sell 49% stakes in each of the competition’s eight teams, which will transition into fully-fledged franchises. These franchises will be run as joint ventures with host counties or, in the case of London Spirit, the MCC.
Thompson highlighted that the figure was informed by a previous offer from private equity firm Bridgepoint, which had bid for a majority stake in The Hundred two years ago. The offer was rejected due to the ECB’s preference to maintain control over the competition. He also mentioned that the interest in the sale has been overwhelming, with a wider pool of potential investors than anticipated.
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While the sale’s final details are expected to be completed by January 2025, Thompson expressed confidence in surpassing the £350 million target, citing the significant interest from various investors across the sports industry. The process is being managed by the Raine Group, a U.S. investment bank.
In response to recent scrutiny from the Department of Culture, Media and Sport (DCMS), ECB CEO Richard Gould defended the sale, describing it as a “once-in-a-generation” opportunity for a major capital injection into cricket. Gould also revealed plans for a new ‘Hundred committee’ to oversee the competition’s operations, ensuring the funds raised will support long-term financial sustainability for cricket in England and Wales.