Latest news with #OvalInvincibles
Yahoo
29-03-2025
- Business
- Yahoo
Revealed: Hundred deals not done after pushback from Indians and Americans
Complex legal wranglings have held up the sale of the Hundred franchises Pushback by the prospective buyers of the two London franchises means the deadline for finalising the £520 million Hundred deals has been extended by the England and Wales Cricket Board. 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. Advertisement 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 stretch the process until after Easter. India's Ambani family purchased the Oval Invincibles - AFP/Sujit Jaiswal 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, which now include cricket. Advertisement The ECB has engaged high-powered lawyers Latham & Watkins to act as its co-council in talks with bidders who 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 was previously involved in the Manchester United sale, and acquisitions of Chelsea and a minority sale in Liverpool. Nikesh Arora successfully bid for London Spirit, based at Lord's - Reuters/Jeenah Moon 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. Advertisement 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 remain under the control of the ECB and are not part of the participation agreement. Advertisement 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 future-proof cricket's growth in England and Wales for generations to come.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
The Independent
25-02-2025
- Sport
- The Independent
Steve Smith and Meg Lanning lead deadline day deals to join The Hundred
Australian legends Steve Smith and Meg Lanning will participate in The Hundred this summer having joined the tournament on deadline day. This year's tournament allowed teams to directly sign one men's and one women's player each rather than going through the Hundred draft. Tuesday's retentions and signings saw 148 places confirmed across the squads, with Smith and Lanning among a smattering of new faces to join the competition. Smith has joined Welsh Fire while Lanning is heading to the Oval Invincibles. Fellow Australian's Megan Schutt and Marcus Stoinis, who recently retired from international duty, are heading Birmingham Phoenix and Trent Rockets respectively. Elsewhere, Afghanistan's limited overs specialist Rashid Khan is heading to the Oval Invincibles and New Zealand seamer Trent Boult joins Schutt in Birmingham. Smith told the England and Wales Cricket Board: "I'm delighted to be joining Welsh Fire later this summer. "I was due to be involved with The Hundred at the beginning of the competition so it's great to finally be able to make it to Wales. I've watched The Hundred from afar and I can't wait to be involved. It looks a lot of fun and obviously the cricket is world class, with talent at every team. "I'm looking forward to trying out a new format and hopefully playing my part for (head coach) Mike Hussey and the rest of the boys." As for England's centrally contracted players, Jos Buttler (Manchester Originals), Joe Root (Trent Rockets), Harry Brook, Adil Rashid (both Northern Superchargers), Nat Sciver-Brunt (Trent Rockets) and Sophie Ecclestone (Manchester Originals) have all been retained. However, there is no place in the tournament for England's test captain Ben Stokes who will rest up ahead of the winter's Ashes series down under. It had been previously reported that Stokes would not play in the tournament as he manages his fitness levels through a busy summer with test matches scheduled against Zimbabwe and India from May to August. The 33-year-old all-rounder tore his hamstring while playing for the Northern Superchargers in the Hundred last August and was out of action for three months after aggrevating the injury during the December test series with New Zealand. 68 places are yet to be filled across the various Hundred squads and the draft to determine who will be chosen takes place on March 12. A final chance to make add to the squads comes at the Wildcard Draft in May, where teams can add two men's and women's players, rewarding stand-out performers in domestic cricket.
Reuters
25-02-2025
- Sport
- Reuters
Australia's Smith joins The Hundred side Welsh Fire for 2025
Feb 25 (Reuters) - Welsh Fire added former Australia captain Steve Smith to their squad while defending champions Oval Invincibles bolstered their ranks with the signing of Rashid Khan, the England and Wales Cricket Board's franchise-based The Hundred league said on Tuesday Teams in the 100-ball format can retain 10 players and have been permitted to make one new overseas signing each, before completing their roster by signing players in The Hundred Draft next month and the Wildcard Draft in May. Smith was set to play for Welsh Fire in the inaugural season of the competition, before it was delayed by a year due to the COVID-19 pandemic. "I was due to be involved with The Hundred at the beginning of the competition so it's great to finally be able to make it to Wales," Smith said. "I've watched The Hundred from afar and I can't wait to be involved. It looks a lot of fun and obviously the cricket is world class, with talent at every team." The Hundred's 2025 season will run from August 5-31. Afghanistan captain Rashid's acquisition will further strengthen back-to-back title-winning Oval Invincibles, while New Zealand bowler Trent Boult has been drafted in by Birmingham Phoenix. England's Zak Crawley was not retained by London Spirit, while Ben Stokes will not participate in the competition, with the England men's test captain recovering from a torn left hamstring. In the women's competition, two-times winners Oval Invincibles have signed Australian captain Meg Lanning, who played for London Spirit in 2024. Defending women's champions London Spirit did, however, retain Australia's Grace Harris who missed last year through injury. "The list of players joining the competition looks better than ever, across the men's and the women's competitions," said England all-rounder Nat Sciver-Brunt who plays for Trent Rockets in The Hundred.
Express Tribune
25-02-2025
- Sport
- Express Tribune
Ben Stokes to miss The Hundred 2025, prioritises Ashes fitness
England Test captain Ben Stokes will miss this summer's edition of The Hundred as he prioritises his fitness ahead of the Ashes in Australia later this year. Stokes, 33, has not been retained by Northern Superchargers as teams announced their latest signings for the 2025 tournament. The all-rounder tore his left hamstring during England's tour of New Zealand in December, just months after suffering the same injury while playing for Superchargers in August. Following surgery, he was ruled out for at least three months. England's next Test assignment is against Zimbabwe at Trent Bridge in May, but Stokes aims to be fit for the County Championship season in April. The Hundred begins on 5 August, just a day after England's five-Test series against India concludes, while the Ashes start in Perth on 21 November. Meanwhile, Australia batter Steve Smith has joined Welsh Fire as part of the new private negotiation system allowing teams to sign one men's and one women's player outside The Hundred draft. Smith was initially set to play for Fire in 2020 before the Covid-19 pandemic delayed the tournament's launch. Other major signings include Marcus Stoinis joining Trent Rockets, Meg Lanning signing with Oval Invincibles, and Rashid Khan moving to Invincibles alongside England all-rounder Nat Sciver-Brunt. Trent Boult has joined Birmingham Phoenix, while David Miller and Heinrich Klaasen have been picked up by Superchargers and Manchester Originals, respectively. With 68 spots still open, teams will finalise their squads in The Hundred draft on 12 March, followed by a wildcard draft in May for in-form domestic players. Oval Invincibles won the men's title in 2024, while London Spirit claimed the women's trophy. The England and Wales Cricket Board (ECB) recently oversaw the sale of stakes in the eight franchises, valuing them collectively at over £975m, generating around £520m to be reinvested in English cricket.
Yahoo
30-01-2025
- Business
- Yahoo
IPL billionaires and Birmingham City owners win auction for Hundred teams
English cricket's landmark Hundred sale produced an eventful first day as the Ambanis, India's richest family, and Knighthead Capital, owners of Birmingham City, secured the right to buy 49% stakes in Oval Invincibles and Birmingham Phoenix respectively. The Guardian has learned that Knighthead's offer of about £40m for 49% of the Phoenix prevailed in a sealed-bids auction over that of private equity firm CVC Capital Partners. CVC had earlier lost out to Reliance Industries Ltd, owners of Mumbai Indians, in a three-way auction for the equivalent stake in Oval Invincibles. Related: 'We're not gonna be woke': Middlesex chief risks ECB wrath over new diversity rules The winning bid by Reliance, who are chaired by Mukesh Ambani, India's wealthiest person, is understood to be worth about £60m, placing the overall value of the Oval Invincibles at £123m. It means the England and Wales Cricket Board (ECB) raised £100m on the first day of the process and is on course to meet its initial target of £350m. The money will be redistributed to the counties and the grassroots game. London Spirit has been valued by those involved in the process at about £150m, which would bring in another £75m for the ECB, while the Manchester Originals' valuation is forecast to be close to £100m. The London Spirit auction will take place on Friday along with that for Cardiff-based Welsh Fire, with those for Manchester Originals, Northern Superchargers, Trent Rockets and Southern Brave due to follow next week. Reliance and Knighthead will now enter a six-week period of exclusive talks with Surrey and Warwickshire respectively, as well as the ECB and its financial advisers, in order to complete the deal. As well as the strong valuations, the identity of the first two winning bidders will be viewed as encouraging by the ECB. In addition to their vast resources, the Ambanis are hugely influential within India, while the governing body has actively courted American owners linked to football clubs throughout the process. Knighthead is controlled by hedge fund manager Tom Wagner, who has unveiled ambitious plans for a new stadium since buying Birmingham City, and includes legendary American football quarterback Tom Brady as one of the club's shareholders. Assuming the Reliance deal goes through, it will see Oval Invincibles added to a sporting portfolio that includes Mumbai Indians in the Indian Premier League and WPL, MI Cape Town (SA20), MI Emirates (ILT20) and MI New York (Major League Cricket). While Oval Invincibles are the most successful Hundred franchise to date, having won the men's and women's titles twice in the past four years, it remains to be seen whether they retain their name and colours or adopt the 'MI' moniker and livery to denote their new co-owners. Little is expected to change for this year's tournament, with the new ownership model set to come into effect ahead of the 2026 season. Richard Gould, the chief executive of the ECB and once a vocal critic of the Hundred during his time at Surrey, has previously said the sell-off will 'recapitalise the county game for the next 20-25 years' provided the money is used wisely. The recreational game is due to receive 10% of proceeds from the sale. Surrey and Warwickshire were contacted for comment.
