Revealed: Hundred deals not done after pushback from Indians and Americans

Telegraph

28-03-2025

The deadline for finalising the £520 million Hundred deals has been extended by the England & Wales Cricket Board due to complex legal wranglings and pushback led by the prospective buyers of the two London franchises.
Telegraph Sport understands Reliance Industries, owned by India's Ambani family who purchased the Oval Invincibles for £123 million, and Cricket Investor Holdings, the American-led consortium of tech entrepreneurs who successfully bid £295 million for the London Spirit based at Lord's, have flagged concerns over aspects of the Participation Agreement, which is the main legal document between the buyers and the ECB.
Richard Gould, the ECB's chief executive, is flying to India this weekend for further talks with the new owners after agreeing to use an option to extend the eight-week exclusivity window between the buyers and the board that will now see the process stretch until after Easter.
Around half of the buyers are happy and ready to sign but four, led by the London bidders, have raised concerns over the participation agreement, which covers the next television deal and issues such as sponsorship and how much say the owners will have in a future Hundred governing council. 'It is about what-ifs in the future,' said one source.
There are potential issues over ECB sponsors and those brought in by new owners, as well as schedule clashes in 2028 and 2032 with the summer Olympics, that now includes cricket.
The ECB has engaged high-powered lawyers Latham & Watkins to act as its co-council in talks with bidders that include the Ambani family, the richest in Asia and owners of the Mumbai Indians, and chief executives of some of the world's most famous brands such as Nikesh Arora of Palo Alto Networks, who is leading the Lord's consortium. Latham & Watkins were previously involved in the Manchester United sale, and acquisitions of Chelsea and a minority sale in Liverpool.
Multiple sources have said the deals are not done. One described the participation agreement wrangling as a 'major issue' and that owners are 'flexing muscles with ECB' but sources at the board insist the deals are on track, that nobody is 'on the verge of walking away' and that investors just want 'security' because they are 'putting so much money in'.
One stumbling block is believed to be the future television rights deal, from which the owners will raise value on their investment. Currently the Hundred is bundled up in the Sky deal which runs until 2028. The ECB is trying to retain control of the next deal from 2028-2032 which they want to sell as a bundled deal as well as part of the Participation Agreement.
It is understood owners have queried why the Hundred cannot be unbundled and sold separately to the highest bidder, which is how cricket-rights deals work in India.
But in India, networks make their money from advertising. In the UK, broadcasters like Sky rely on subscriptions, which is why they pay a premium for the whole summer package. Breaking this up threatens the ECB's long-standing relationship with Sky and would lower the value of Test cricket rights in the process, which form a major part of the ECB's income.
The ECB exceeded all its expectations when the Hundred auction realised an overall valuation of £975 million from its eight franchises. The board is selling its 49 per cent stake in each of the franchises (the host grounds own the other 51 per cent), bringing a cash injection of £520 million into the game once the deals are signed. The recreational game is in line to receive £50 million and the non-host grounds around £20-£27 million each.
Sources insist the 27-day window for the Hundred and the hundred-ball format remains under the control of the ECB board and are not part of the participation agreement.
In February, Gould described the Hundred sale as a game-changer for cricket. The money raised will pay off county cricket's debt, enable investment in stadiums and player pathways to produce talent.
Richard Thompson, the ECB chair, said at the time: 'Each of these partners shares a passion for the competition's success and cricket itself. They are global leaders in sport, technology, investment and commerce, aligned in our ambition to continue building The Hundred as a truly world-class sporting spectacle.
'This means vital support for county cricket, growing the women's game and inspiring even more children – and people of all ages – to pick up a bat and ball. This will also secure the funding that will go directly to the professional counties and recreational game, underpinning the fabric of our county game and helping futureproof cricket's growth in England and Wales for generations to come.'