The ECB desires to make the The Hundred the second best cricket league in the world in the shortest format of the game after the IPL. And among those interested to buy stakes are Indian Premier League (IPL) franchises, all of whom have been spoken to by the ECB.
The third edition of The Hundred starts on July 23 and the England and Wales Cricket Board (ECB) is set to revamp the tournament from next season. To this end the ECB has invited private investments to pump in more money into the competition as a part of its programme called “Project Gemini”.
Hundred Millions For The Hundred
ECB Director of Business Operations Vikram Banerjee, who is headlining the process on behalf of ECB and the wider game, said: “We have identified this moment as the opportunity to take The Hundred to the next level while capitalizing on the global interest in the competition to underpin the structure of the whole domestic game”.
The ECB desires to make the The Hundred the second best cricket league in the world in the shortest format of the game after the IPL. And among those interested to buy stakes are Indian Premier League (IPL) franchises, all of whom have been spoken to by the ECB.
“We’re about to enter a commercial negotiation, but at a principal level, this will run very similar to other franchise leagues around the world. We have spoken about the IPL owners. I’ve met all of them and taken feedback from them on specific things about what’s important,” Banerjee added.
The stakes in the eight teams of “The Hundred” will be up for sale from September. The hosts of the eight teams will be given a 51% share, which they can sell or keep. The remaining 49% in each team was sold by the ECB to private investors.
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Of the 49% stakes sold, 10% of the revenue will go to the recreational game in England and Wales and the rest further shared between the 18 first-class counties and the Marylebone Cricket Club (MCC). The 11 non-host countries will get a greater share of this portion.
The existing debt levels among some counties have been estimated at nearly UK£200 million (US$258 million) in total. Therefore, convincing the investors of a decent return on investment is crucial for the ECB.
The objective is to transform the look of the league and make it more popular that will create a generation of fans that will show up at the cricket ground. There are also plans to add more teams, according to sources.
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Richard Gould, chief executive of the ECB, said inviting outside investment into The Hundred was a crucial step to keep up with rival leagues to attract top cricketers. “If we were to delay too much, I think others may end up stealing a march on us. That would be to our disadvantage,” he said. “We need to be able to ensure that we retain the best players, both men and women, going forward for the next 10 to 20 years.”
The ECB had turned down an offer from Bridgepoint Group in December 2022 to buy a 75% stake in the competition and there are currently no plans to sell the tournament.
