The England and Wales Cricket Board (ECB) is resisting an "IPL takeover" of English cricket, as substantial interest, particularly from American investors, grows in the sale of The Hundred franchises.
The second round of bids is closed, with counties now selecting their preferred partners for joint ventures, signalling a shift in the competition's future.
Sources reveal that eight of the ten IPL franchises involved in The Hundred are bidding, along with notable figures such as Avram Glazer (Manchester United co-owner) and firms like Cain International, Knighthead Capital participating. U.S.-based investors, including those already involved in English football, are showing significant interest.
ECB chairman Richard Thompson emphasized that while American interest is substantial, the board remains focused on ensuring a diverse range of investors.
He highlighted that the board aims to "optimize" value, rather than merely maximize it, with the goal of raising at least £350 million for the growth of the sport.
"This isn't going to end up being an IPL takeover," Thompson said. "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'."
The shift towards global investment is not new; IPL franchises already hold stakes in T20 leagues worldwide.
Thompson further explained, "If we make decisions that leave some value on the table, that will be for the good of the sport and that's an important principle. In other processes, you talk about maximizing value; here, we're talking about optimizing value and that's a subtle change but it's really important."
Notable private equity firms and tech entrepreneurs, like Sanjay Govil, are also involved.
The 49% stakes in The Hundred’s eight franchises will be sold, with proceeds shared among the 18 counties, the MCC and 10% allocated to recreational cricket.
The English board hopes to secure a "once-in-a-generation" capital injection, which will have a lasting impact on the sport’s infrastructure and grassroots development.
With the level of interest described as "unprecedented" by ECB financial advisors, the next few months will be crucial as counties decide on their two preferred partners.
These partnerships are expected to be finalized by April, setting the stage for a transformative era in English cricket, with the full potential of The Hundred competition likely to be realized in the coming seasons.
