NEWS
Follow UsThe England and Wales Cricket Board (ECB) is eager to attract the Indian market by selling a stake in their The Hundred teams to the Indian Premier League (IPL) franchise owners in September. Under this exercise, the IPL teams may be allowed to rename the Hundred team names after their IPL team names without controlling ownership on the Hundred side.
According to a report in The Guardian, the ECB’s eagerness to attract Indian money is such that even a minority investment will give the new owners huge influence, especially with all 10 IPL owners expected to bid for buying stakes in the eight sides.
“All the IPL owners are saying they will bid, but they will want some control for their cash. It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested,” a source involved in the sale process was quoted as saying in the report.
The source added that the Ambani family, owner of the Mumbai Indians in IPL and with sister franchises in the MLC (MI New York), SA20 (MI Cape Town) and ILT20 (MI Emirates) are keen to buy a stake in the London Spirit team and consequently, rename it to MI London.
“London Spirit are viewed as the jewel in the crown of the Hundred auction and are expected to attract bids worth several times more than many of the other franchises when the ECB begins the process of selling 49% of the eight teams next month,” said the report from The Guardian.
It further stated that the ECB has been holding talks with potential investors over the past few months, including American sports franchise chiefs, including Hollywood star Ryan Reynolds and Manchester United owner Avram Glazer, who have expressed interest in buying stakes in the Hundred teams.
In more non-IPL investors, Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in a stake at Birmingham Phoenix and attended several ongoing Hundred matches.
“The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea,” added the report.
These developments come as Rajasthan Royals, the IPL 2008 winners, are expected to bid for the Northern Superchargers as part of their takeover of Yorkshire. Meanwhile, Delhi Capitals can consider buying a stake in Southern Brave, having signed a 120 million pound deal to buy Hampshire.
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