The England and Wales Cricket Board has set a target of raising at least £350 million through the sale of stakes in The Hundred competition. ECB chair Richard Thompson is confident the board will exceed this target when the deals are finalized early next year. The sales process, which began in September, involves selling 49% stakes in each of the eight Hundred teams. The ECB will convert these teams into franchises, initially running them as joint ventures with host counties or, in the case of London Spirit, the MCC.
Thompson revealed that the £350 million target follows a lucrative offer from private equity group Bridgepoint to buy a majority stake in the competition two years ago, which the ECB rejected to retain control. The ongoing sales process is in its second of three rounds, with a final deadline in January 2025.
The ECB’s sales process has attracted more interest than expected. Thompson noted that the pool of potential investors is “way broader and bigger” than the Raine Group, the US investment bank managing the sale, initially anticipated. The ECB has not publicly committed to a projected figure until now, but views the £350 million target as the minimum.
The Department of Culture, Media and Sport (DCMS) select committee recently questioned the ECB about the sale, with concerns over its impact on English cricket. ECB CEO Richard Gould defended the sale, describing it as a “once-in-a-generation opportunity” for a capital boost to English cricket. The ECB is also establishing a “Hundred committee” to oversee the competition’s administration and commercialization.
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