English Cricket Secures Over £100 Million in Inaugural Franchise Sale
On the first day of the Hundred franchise sale, English cricket raised a staggering £100 million. The sale involved the England and Wales Cricket Board (ECB) offering 49% stakes in each of its eight Hundred teams.
Ambanis Acquire Oval Invincibles
The Ambani family, renowned for their ownership of Reliance Industries and Indian Premier League (IPL) franchise Mumbai Indians, emerged as the successful bidders for the Oval Invincibles team. The franchise was valued at £123 million, with the Ambanis purchasing a 49% stake.
Birmingham Phoenix Bought by Knighthead Capital
Next to be sold was the Edgbaston-based Birmingham Phoenix, which reportedly went to Knighthead Capital. This investment fund also owns Birmingham City alongside NFL legend Tom Brady.
Remaining Franchises Up for Grabs
Over the coming days, Lord's-based London Spirit and Cardiff's Welsh Fire are scheduled for sale. London Spirit is expected to command the highest price, attracting bids from prominent investors including Manchester United co-chairman Avram Glazer and a Silicon Valley consortium led by Sundar Pichai (Google CEO).
Exclusive Negotiations and Future Implications
The winning bidders will enter into a six-week period of exclusive negotiations with the host venue and ECB to finalize details. While the 2025 season of the Hundred will remain largely unaffected, the 2026 edition will likely witness significant changes in branding and team composition.
Ambanis Enter English Cricket Landscape
Mumbai Indians, under the kepemimpinan of Mukesh Ambani, has emerged as one of the most successful IPL franchises, winning five titles. The Ambanis' venture into English cricket with the Oval Invincibles franchise expands their franchise portfolio, which includes teams in South Africa, UAE, and the United States.
Partnership with Surrey
As part of the Oval Invincibles acquisition, the Ambanis will collaborate with Surrey CCC. Surrey has agreed to share cricketing control as part of the deal, acknowledging the Ambanis' expertise in the sport.
Further Franchises to Be Sold
Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave are set to complete the sale of the remaining teams. The final team, Southern Brave, is a unique case, as its controlling county, Hampshire, is owned by GMR, the Indian co-owner of Delhi Capitals. GMR is favored to purchase the ECB's 49% share.
Distribution of Proceeds
Proceeds from the sale of the 49% stakes will be distributed among the counties, the MCC, and the recreational game. Hosts who sell any portion of their remaining 51% will retain the majority of the proceeds, with 10% allocated to the recreational game and 10% distributed to other counties.
ECB's Considerations
ECB Chairman Richard Thompson has emphasized that the governing body does not intend the Hundred sale to result in an "IPL takeover," as seen in South Africa's SA20. The ECB aims for approximately half of the Hundred teams to be owned by IPL teams.
Who Are the Ambanis?
The Ambani family has amassed significant wealth and influence through their business ventures in energy, petrochemicals, retail, entertainment, and mass media. Mukesh Ambani is the richest man in Asia and the ninth-richest in the world, with an estimated net worth of $119.5 billion. His wife, Nita, and eldest son, Akash, play prominent roles in the family's cricket operations.