Many sports have turned to private equity in a bid to boost their coffers, with cricket – and T20 franchises in particular – being no exception.
And now the English Cricket Board (ECB) have turned to external finance in order to add more interest and firepower to their flagship Hundred format – while, in turn, securing a payday that could be worth up to £500 million for grassroots cricket in the UK.
The Hundred: The News So Far:
The Hundred is set for its third season in 2024. The unique format, which sees each team bowl 100 balls per innings – rather than set overs, has been considered a mild success in attracting a new, more casual audience to cricket.
It has effectively replaced the T20 Blast as the pre-eminent short format competition of choice in the UK, with bookmakers even offering odds to those that bet on sports online – the Oval Invincibles, the champions in 2021 and 2022, have been installed as the 7/2 favourites, as of June 12.
Sites like Paddy Power News keep readers abreast of all the developments in the format and larger sport – including the player auction, which in 2024 has seen the likes of T20 specialists Adam Zampa, Andre Russell, and Rashid Khan drafted to their respective franchises.
Hard-hitting Andre Russell is BACK! 💪#TheHundredDraft, powered by @sageuk ⚡️ pic.twitter.com/UwQus66Rwu
— The Hundred (@thehundred) March 20, 2024
But few saw the ECB’s decision to sell off 49% of each franchise coming. The idea is borrowed from the ownership model in German football, which ensures that majority voting rights are retained by interests within the club – preventing a complete takeover by a third party.
However, each of the eight franchises will have the autonomy to sell some or all of their 51% stake if they wish – meaning that some Hundred teams will, quite likely, become entirely owned by private equity firms and entrepreneurs.
Well, that’s the plan, anyway. The ECB believes that the fire sale could net £500 million, which the governing body would then reinvest into domestic cricket in the UK – the 18 County Championship teams, which effectively feed players into The Hundred, will be a key recipient of the funds, as will grassroots cricket and the MCC. The bidding process is set to begin in autumn of 2024.
Setbacks Faced by The Hundred Tournament:
One of the challenges facing The Hundred is that it still hasn’t been able to entice all of the best short-format talent in men’s cricket to the UK.
The issue isn’t necessarily financial, but administrative: the BCCI, who govern cricket in India, have not been met with sufficient assurances by the ECB about the use of their stars, while in Pakistan a clause in the players’ central contracts allows them to play in only two overseas competitions – preventing those who have commitments elsewhere already from getting involved.
Some franchises have decided not to splash out on big-name international talent, with the likes of David Warner, Sunil Narine and Babar Azam – as well as former England opener Jason Roy – overlooked during the auction process.
Perhaps an influx of investment will enable larger contracts to be offered – that might be the only way that player pressure in India, Pakistan and elsewhere will drive their respective governing bodies to change their rules and allow for participation in The Hundred with no restrictions.
Disclaimer:
CBD:
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Gambling:
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