Six investors finalise The Hundred deal with ECB; two more to sign up in October

Time of India

6 days ago

Logo of The Hundred - England's T20 competition. (File photo)
The England and Wales Cricket Board (ECB) announced the completion of deals with "six strategic partners" for teams in The Hundred, with two more deals set to be finalised later. The partnerships, valued at over £975 million collectively, will inject more than £500 million into English and Welsh cricket, including £50 million dedicated to grassroots development.
The deals mark a historic moment as The Hundred becomes the first UK sports competition to secure franchise partnerships of this scale.
The six completed deals include Tech Titans acquiring 49% of London Spirit, Knighthead Capital Management taking 49% of Birmingham Phoenix, RPSG Group securing 70% of Manchester Originals, Sun TV Network Limited purchasing 100% of Northern Superchargers, GMR Group acquiring 49% of Southern Brave, and Washington Freedom taking 50% of Welsh Fire.
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The remaining two deals, which are on track for later completion, involve Reliance Group acquiring 49% of Oval Invincibles and Cain International & Ares Management taking 49% of Trent Rockets.
Reliance Group and Cain International & Ares Management can complete their respective deals at a later date. ECB had offered investors the option of completing at a later date.
Completed deals in The Hundred
London Spirit – Tech Titans (49%)
Birmingham Phoenix – Knighthead Capital Management, LLC, on behalf of its investors ('Knighthead') (49%)
Manchester Originals – RPSG Group (70%)
Northern Superchargers – Sun TV Network Limited (100%)
Southern Brave – GMR Group (49%)
Welsh Fire – Washington Freedom (50%)
Deals on track to be completed later
Oval Invincibles– Reliance Group (49%)
Trent Rockets– Cain International & Ares Management (49%)
London Spirit, for one, will now be co-owned by MCC and Tech Titans. A consortium of Palo Alto Networks CEO Nikesh Arora, Times Internet Limited vice chairman Satyan Gajwani, Microsoft CEO Satya Nadella and Silverlake Technology CEO Egon Durban had won stake in the team in February earlier this year. The remaining 51% stake in the franchise will be held by the MCC.
Both parties will take operational control of the team on October 1, 2025.
Speaking about the acquisition and association with London Spirit, Gajwani said, "One of the best things about cricket is that its players come from all around the world. And so when you think about a city like London that's so diverse, that has such an eclectic audience, our hope is that every fan can find someone that feels relatable and approachable to them."
Get ready for an exciting new chapter in a good way. I think the amount of economics that are going to get invested in cricket in England... The amount of enthusiasm they're going to see, the amount of increased fervour, the increased amount of attention they're going to see, hopefully is good for the sport, is good for the fans, is good for all of us who enjoy cricket.
Nikesh Arora
Arora, Gajwani and Durban will be on the London Spirit Board alongside four directors nominated by the Club - Julian Metherell as London Spirit Board Chair, Robert Lawson (CEO MCC) and Eoin Morgan (former England and London Spirit captain). The fourth nominee will be appointed later.
The new investors will take operational control from October 1, 2025, with most operating their franchises in partnership with host clubs.
The ECB will retain full ownership of the competition, maintaining control over regulations and matters affecting the wider game.
Richard Thompson, ECB Chair, stated: "With these new partners on board, we're entering an exciting new phase and a seminal moment for cricket in England and Wales. Their global perspective and track record in elite sport and business will help us reimagine what's possible — from deepening fan connections to attracting even more world-class players."
With the London Spirit, our commitment is to make it the best franchise we can, make it consistently competitive, and bring in best-in-class cricket to the field.
Satyan Gajwani
'Crucially, this investment will not only fuel the competition's growth but also channel transformative levels of funding into our professional counties and grassroots game. This will ensure cricket continues to thrive at all levels across England and Wales for generations to come, supporting our broader ambitions to become the country's most inclusive sport and driving cricket into harder to reach and under-served communities,' added Thompson.
The ECB was advised throughout the process by Deloitte and the Raine Group as co-lead financial advisers, with Latham & Watkins and Onside Law LLP providing legal counsel.
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