The ECB has committed to avoid an “IPL takeover” of English cricket following the latest deadline in the Hundred’s sales process, which drew strong American interest.
This came after reports stating that the ECB was preparing to sell stakes in its 100-ball competition (The Hundred). Indian Premier League (IPL) franchises are anticipated to bid for the shares, and the ECB is likely to enable them to rename the teams even if they do not get a controlling position.
According to The Guardian, the England and Wales Cricket Board was eager to attract Indian investment in the eight teams that comprise The Hundred. According to the report, the owners may seek control and change their names depending on the extent of their investment.
According to the source, the ECB has been in talks with potential investors for some months, including American sports franchise owners such as Hollywood actor Ryan Reynolds and Manchester United owner Avram Glazer. They showed an interest in purchasing interests in the Hundred Teams.
Huge American money involved, no IPL teams take over of Hundred: ECB
Meanwhile, as per the new ESPNCricinfo report, the ECB, which intends to generate at least £350 million through the sales process, has stated that it would prefer a diverse group of investors over one in which all eight have similar backgrounds.
In an interview with the current issue of Wisden Cricket Monthly, the board’s chairman Richard Thompson stated that there was “a huge amount of American money” on the table.
“This isn’t going to end up being an IPL takeover. There’s a huge amount of American money involved – very sophisticated investors who understand franchise sport. We invented sport, they invented the franchise, and they’re looking long-term.
They know we’ve got the best time zone in the world. And if you’re looking to maximise the media rights, you look at the fact that rugby and football have got such incredibly successful domestic products, and we haven’t, really. They can see how unvalued that is.
“A lot of those American investors have had huge success investing in the Premier League and feel that the way that English law is structured, the way there is this tribalism and passion for sport in this country, they’ve seen that success play out through football and think, ‘well, that can play out just as easily in cricket, if we invest well,” Thompson told Wisden.
The IPL owners hold four of the six Major League Cricket (MLC) clubs, three of the six ILT20 franchises in the UAE, and all six SA20 teams.
IPL franchise owners, Hollywood star Ryan Reynolds interested in buying stake in Hundred teams
Sanjay Govil, a computer entrepreneur who owns Washington Freedom in MLC, is also believed to have made several offers for ownership in hundreds of franchisees.
CVC Capital Partners, which owns the IPL’s Gujarat Titans, and Ares Management are believed to be among the private equity groups still active in the process, with both interested in Oval Invincibles.
Ryan Reynolds and Rob McElhenny, Hollywood actors and co-owners of Welsh football club Wrexham AFC, are believed to have communicated with the ECB and its financial advisors about their interest in Welsh Fire.
The money raised from the sale of 49% stakes in each of the eight Hundred franchises will be split among the 18 counties and MCC, barring 10% ring-fenced for recreational cricket.
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