IPL franchises express interest in The Hundred: Details here
Several Indian Premier League (IPL) franchises have reportedly expressed interest in buying a stake in The Hundred, a 100-ball cricket league run by the England and Wales Cricket Board (ECB). The first round of bids closed on October 18, with a majority of expressions of interest coming from Indian investors. As per Cricbuzz, Chennai Super Kings (CSK), Sunrisers Hyderabad (SRH), Lucknow Super Giants, Mumbai Indians (MI), Kolkata Knight Riders (KKR), and Delhi Capitals have submitted bids.
Other potential bidders for The Hundred
Apart from the IPL franchises, Rajasthan Royals are also said to have placed a bid. UP Warriorz, a Women's Premier League franchise owned by Dubai-based Capri Global Group, is another potential bidder. Avram Glazer's Lancer Capitals, co-owner of Manchester United and operator of the Desert Vipers team in ILT20, has also reportedly entered the fray.
IPL franchises not participating in the bidding
Interestingly, Royal Challengers Bengaluru and Punjab Kings have opted out of this bidding opportunity. It remains unclear if Gujarat Titans will be involved, despite their owners CVC Capital having a UK office. The Indian representatives of CVC are not sure if their UK counterparts have placed a bid. This ambiguity adds an element of intrigue to the ongoing bidding process for The Hundred.
Second round of bidding and team selection
The second round of bidding, which will be more decisive, will be held after the IPL auction. Here, investors will have to pick one of the eight teams in The Hundred. Commercial discussions are also expected in this round, with sources saying ECB is eyeing a franchise valuation between £75 million and £100 million.
Investment details and future partnerships
According to the Information Memorandum (IM) shared by the ECB, investors looking to buy a stake may have to shell out £40 million-£50 million for a 49% share in one of the teams. The remaining 51% will remain with the counties of each team, creating a joint venture with new investors. They can also buy part or all of the counties' 51%.
