(Bloomberg) -- The England & Wales Cricket Board has officially opened the process to secure private investment into the eight teams in The Hundred, the short-form tournament that’s pulling in younger and more family-oriented fans.
The board aims to announce the investments next year with proceeds to be shared across the recreational and professional games, according to a statement Friday. Deloitte and the Raine Group are helping to attract prospective investors, while law firms Latham & Watkins LLP and Onside Law LLP are acting as legal co-counsels.
“Since announcing our intent to launch a process, we’ve received a phenomenal level of interest from a diverse mix of investors globally,” Vikram Banerjee, the board’s director of business operations, said in the statement. Priority would be to select investors that can take the competition, which includes women’s teams, onto the next level, he said.
The England Cricket Board is looking to sell the 49% stake it owns in each of the eight teams in the Hundred, according to a person familiar with the matter. Buyers of those stakes can then negotiate with the individual team if they are keen to increase their ownership, said the person, who asked not to be identified as the information is private.
The Hundred features 100 balls per inning, creating a short form of cricket designed to attract new audiences with simpler rules. Since its launch in 2021, more than 2 million people have attended the city-based competition that spans across eight venues over England and Wales.
The men’s and women’s Hundred competitions generate revenue of around £60 million ($79 million) a year for the England & Wales Cricket Board from broadcast, ticket sales and sponsorships, according to its website. It costs about £45 million annually to run the games including the salaries of players and coaches, marketing and matchday operations.
©2024 Bloomberg L.P.
