Fireworks, great music, and a sold-out Oval crowd will welcome the Hundred back on Tuesday. But there will be just as much interest in what happens in the hospitality suites as on the pitch. The ECB intends to utilize the competition’s fourth season as a showcase for potential investors in the eight teams. That’s why they invited the “best in the world sport” to come and have a look.
In late 2022, the governing board declined a HUGE proposal from private company Bridgepoint Capital. They wanted to purchase a majority position in the Hundred. The board has spent the previous 18 months considering the tournament’s future. Last year, they launched ‘Project Gemini’ to develop their favorite option: a redesigned Hundred.
In that project, international investors can buy stakes in the eight teams in time for the 2025 season. “We’ve noticed a significant amount of demand from various types of investors,” says Vikram Banerjee, As the ECB’s head of commercial operations, he leads the program
Solid Foundation of the Hundred
The sales procedure will not begin until later this year. Although informal discussions have been ongoing for months. Banerjee visited India earlier this year and “many times” spoke with the owners of each IPL and WPL franchise. There is interest further afield:
“Those who have an interest, contacted us from Australia, South Africa, Pakistan, the United States, and India,” says Andrew Umbers, the co-founder of Oakwell Sports Advisory. Potential investors looking at the 2024 edition will notice that the Hundred has a solid foundation.
It draws large crowds (about 580,000 tickets were sold last year across 34 matchdays). It is supported by both terrestrial (BBC) and subscription (Sky Sports) broadcasters, with the men’s and women’s double-headers proving to be a big success. However, there are some big issues: the opening week of the men’s competition will be overshadowed by England’s third Test against the West Indies. It can cause a great mess.
“We can see who our competitors are in the English summer, and we need to be in a position not just to compete but to win,” says ECB CEO Richard Gould. According to the ECB, the formal procedure will begin in the first half of September, “building off that momentum that, hopefully, is created from the tournament.
Awarding Stakes to Hundred Hosts
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According to Banerjee, they have hired financial consultants from Deloitte, one of the ‘big four’ accounting companies. Also, the Raine Group, an American bank involved in the recent sales of Chelsea to Todd Boehly and a 25% share in Manchester United to Jim Ratcliffe.
The Hundred’s process will be far more complicated than previous examples. Now, it includes the BCCI’s 2021 auction of two new IPL franchises. First, the ECB will award 51% stakes to the eight Hundred ‘hosts’, which include seven counties. Yet, in the case of London Spirit, Marylebone Cricket Club (MCC). The hosts will then decide whether to sell any, all, or none of their stake. Finally, offers will be solicited from private investors.
The ECB hopes to have the specifics finalized before next year’s draft, but prospective investors have already expressed displeasure with the process. The Telegraph claimed last week that interest has cooled due to a lack of clarity. Gould said it was “fascinating” to see possible buyers attempting “to negotiate through the media.” Some hosts have already had substantial discussions with potential owners, but the essential question is control, whether it is over branding, economic prospects, naming rights, or cricket operations. “Governance and the way to getting things done are one of the most crucial parts of any investment, in any sport,” Chaudhuri explains.
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