The England and Wales Cricket Board (ECB) on Wednesday confirmed four Indian Premier League (IPL) franchise owners as “strategic partners” for teams in The Hundred, with operational control set to be gained by October 1. The ECB said that deals have been completed with the first six strategic partners, with two more set for completion at a later date. The six completed deals include ones with India’s GMR, Sun TV Network Limited, and RPSG Group. Reliance Group is one of two entities with whom deals are yet to be finalised.
These IPL team owners had acquired their respective stakes in The Hundred’s teams over recent months. The RPSG Group, which owns the Lucknow Super Giants, are set to take a 70 percent stake in Manchester Originals. The Norther Superchargers are going to be completely taken over by Sun TV Network Limited, owners of Sunrisers Hyderabad, with the ECB announcing a 100 percent stake for them in the franchise. The GMR Group, which co-owns the Delhi Capitals, have acquired a 49 percent stake in Southern Brave. Reliance Group is in talks to have a 49 percent stake in the Oval Invincibles.
“The England and Wales Cricket Board (ECB) today confirmed a landmark achievement in the evolution of The Hundred, with deals now complete with the first six strategic partners for The Hundred teams,” the board said. “The remaining two are set for formal completion at a later date. They remain on track, in line with the ECB having offered investors the option of completing later.”
The other deals include Tech Titans having a 49 per cent stake in London Spirit, Knighthead Capital Management, LLC — on behalf of its investors “Knighthead” — having a similar 49 per cent stake of Birmingham Phoenix, and Washington Freedom having a 49 per cent stake in Welsh Fire. The ECB said two deals which remain on track to formally complete later on include Reliance Group’s 49 per cent stake in the Oval Invincibles and Cain international & Ares Management’s 49 per cent stake in the Trent Rockets.
“Collectively, the eight partnerships represent a valuation of the teams of over £975 million, with more than £500 million now set to be invested into the English and Welsh cricket ecosystem. This includes a dedicated £50 million commitment to grassroots cricket, ensuring the game continues to thrive at every level, with the remainder distributed to professional counties,” said the ECB.
