Phoenix investor Wagner has 'confidence' in deal

BBC News

14 hours ago

Birmingham Phoenix's US investor Tom Wagner says he has "every confidence" a deal for the Hundred franchise will be finalised, and he remains "committed" to the purchase.Sales of shares in the eight teams, worth around £520m, were announced by the England and Wales Cricket Board (ECB) in February.But an eight-week exclusivity period to agree terms was extended in March, and there remains no clarity on when contracts will be signed.Wagner's Knighthead Capital agreed to pay £40m for a 49% share in the Phoenix.And speaking publicly about the reasons behind the delay for the first time, the American told BBC Sport: "What everybody wants is the ability to make The Hundred even more commercially viable and to grow the product."It really should see more exposure globally, so I think a number of the conversations are around how that happens and what timeframe, how that moves forward."There's a good alignment of interests and, as is the case with any negotiations, there's always a bit of back and forth."There is no suggestion that any of the deals will fall through, however there is the possibility they will not be completed before this year's edition begins on 5 August.The ECB confirmed the extension of the exclusivity period more than two months ago.At the time, the prospective buyers of the two London franchises raised concerns over the competition's participation agreement.An American consortium of tech billionaires agreed to pay £145m for a 49% stake in Lord's-based London Spirit, while India's richest family - the Ambanis - purchased the same stake in the Oval Invincibles for £60m.
There have also been discussions over the sale of future TV rights. The current United Kingdom TV deal, principally held by Sky, expires in 2028. When it is renegotiated, rights for The Hundred will again be sold as a complete package, rather than separated from international and other domestic cricket.International TV rights, seen as a key area of growth, are piecemeal. Deals for separate competitions or series arise at different intervals.Wagner added: "I won't comment on the specific negotiations but what I will say is we're very excited at the prospect of investing in the Phoenix."We're committed to it, we're excited by it and I have every confidence we'll get to closing."The Knighthead Group also includes legendary NFL quarterback Tom Brady. They are already owners of Birmingham City, and last week the prospect of a new 62,000-seater stadium as part of a £3 billion 'Sports Quarter' took a significant step forward when the government confirmed £2.4bn investment in transport infrastructure.Wagner, who founded Knighthead, said: "We think it's a fantastic opportunity. It shows our commitment to Birmingham, beyond simply Birmingham City Football Club."We really, genuinely want to see Birmingham continue to develop and grow. The Phoenix is a great way to expand the exposure of the city to a broader, more global audience. It's also a way for us to tie-in to the substantial south Asian community that is here in Birmingham."Proceeds from the sales will be shared among the 18 first-class counties, Marylebone Cricket Club and the domestic game in England and Wales.The ECB will retain overall control of the competition, but investors could change the name, colours and branding of their teams. The American investor in Welsh Fire has already said he would prefer The Hundred to switch to a T20 format.Even if deals are completed before the beginning of the 2025 competition, there is little change expected this year. Both the ECB and the investors see it as a transitional season.