Deals completed for six of the eight cricket teams in The Hundred competition
The eight partnerships are valued at 975 million pounds (around $1.3 billion), with 500 million pounds invested back into the English and Welsh cricket ecosystem, including 50 million pounds for grassroots cricket.
The ECB said this will 'ensure the game continues to thrive at every level, with the remainder distributed to professional counties.'
The formally completed deals are with the following teams: London Spirit, Birmingham Phoenix, Manchester Originals, Northern Superchargers, Southern Brave, and Welsh Fire, the ECB said in a statement, adding that deals for the Oval Invincibles and Trent Rockets are on track for a 'formal completion' at a later date.
'The sheer scale of global interest we've seen throughout this process highlights just how much potential remains to be unlocked,' ECB chairman Richard Thompson said. 'With these new partners on board, we're entering an exciting new phase and a seminal moment for cricket in England and Wales.'
The quick-paced and compact format of the game is similar to Twenty20 and was launched in England in 2021, gaining popularity since.
American-based groups Tech Titans, Knighthead Capital Management and Washington Freedom completed their purchases of London Spirit, Birmingham Phoenix and Welsh Fire, respectively.
'We're incredibly proud to deepen our investment in Birmingham through joining The Hundred and putting our support behind Birmingham Phoenix,' said Andrew Shannahan, a managing member at Knighthead. 'Knighthead is committed to building something truly special and making an even greater impact across sport and community in this city.'
Knighthead already owns Birmingham City soccer club, which is based in the Midlands area of England and plays in the second-tier Championship.
The ECB said investors will mostly operate their franchise in partnership with the host club and will take operational control from Oct. 1 — meaning they have no direct involvement in this year's competition, which starts next week and ends on Aug. 31.
A new board for The Hundred will be established, featuring representatives of the ECB and the teams — both investors and host clubs — but the ECB retains full ownership of the competition and its regulations.
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AP cricket: https://apnews.com/hub/cricket
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