CSK, KKR not keen on acquiring teams in The Hundred
What's the story
According to a Cricbuzz report, the Indian Premier League (IPL) franchises, Kolkata Knight Riders (KKR) and Chennai Super Kings (CSK), have lost interest in acquiring teams in The Hundred.
The eight-team competition is an innovative venture by the England and Wales Cricket Board (ECB).
Sources within the IPL have suggested that these franchises are not fully convinced by the league's business model.
Doubts
Media rights projection raises concerns
The main concern for interested investors to move away from the project is the media rights projection given by the England cricket board, particularly the broadcast revenue from overseas markets.
The projected value is estimated to be around £34 million per year over the next broadcast cycle of 2029-32, a number that some deem unrealistic and overly optimistic.
This has raised doubts over the viability of such an investment.
Acquisition doubts
KKR and CSK's stance on acquisition
The officials from KKR, Shah Rukh Khan's team, consider the acquisition an unviable business proposition. Although they remain in the race, active participation seems unlikely.
CSK are also said to be considering withdrawal after raising a few questions with the ECB.
A source privy to these developments said "the concerns are being addressed but they seem not too chuffed up about buying a team."
Franchise interest
Other IPL franchises' interest in The Hundred
Meanwhile, three other IPL franchises - Royal Challengers Bangaluru, Punjab Kings, and Gujarat Titans - have shown no interest in making the bidding process for The Hundred.
This could potentially exclude half of the IPL teams from the 100-ball competition.
However, this may not significantly impact the ECB's plans as they did not intend for The Hundred to be dominated by IPL teams.
Sales strategy
ECB's phased approach to team sales
The ECB is taking a phased approach to team sales, shortlisting three to four investors per team before moving ahead with sealed cover bids.
The highest bidder will get the team while others battle it out for the rest.
An ECB source revealed that "once the successful bidder has been selected, they will enter a period of exclusive negotiations before the deal is concluded."
Ownership links
IPL team owners linked to The Hundred teams
Reliance Industries (RIL), the Mumbai Indians owner, is said to be eyeing a London side, most likely the Lord's-based London Spirit.
Meanwhile, Lucknow Super Giants's owner Sanjiv Goenka is also believed to be eyeing a London team.
However, the ECB is reportedly reluctant to sell both London sides to IPL owners.