English cricket chiefs confirm sale of six Hundred franchises
The England and Wales Cricket Board expect a windfall of nearly £1 billion ($1.32 billion) from an auction of Hundred franchises, with the fifth edition of the 100 balls per side tournament due to start next week.
Global investors, including four groups with links to the cash-rich Indian Premier League, have sunk vast sums of money into the competition's eight city-based teams.
The 100-balls-a-side format, which features men's and women's sides, was launched to great fanfare in 2021.
It has proved controversial, with many county cricket fans angry at the way the tournament deprives their clubs of key players at the height of the season.
The Hundred has also squeezed a marquee five-match Test series such as England's ongoing clash with India into a congested seven-week schedule so it can have much of August to itself.
But the ECB is confident that £520 million of new investment will eventually work its way into the game following a franchise auction earlier this year.
The ECB confirmed Wednesday the sale of stakes in six teams has now been completed, but the 49 percent share of Oval Invincibles to Reliance Group, the creation of the wealthy Mumbai-based Ambani family, the owners of the IPL's Mumbai Indians -- has still to be finalised.
And the joint takeover of the Trent Rockets by Cain International and Ares Management has yet to be completed as well, although the ECB said Wednesday that both deals "remain on track".
But purchases for London Spirit, Birmingham Phoenix, Manchester Originals, Northern Superchargers, Southern Brave and Welsh Fire have now been completed.
"The Hundred has already played a vital role in growing cricket in England and Wales —- attracting new audiences, elevating the women's game and delivering high-quality entertainment," ECB chairman Richard Thompson said Wednesday.
He added: "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."
Three IPL ownership groups, out of a proposed four, have completed their takeovers, with the Sun Group taking full acquisition of Northern Superchargers.
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