Emerging implications of the sale of The Hundred

After the high-octane activity around the sale of equity shares in The Hundred, discussed in this column two weeks ago, there was reason to suppose that the dust might be allowed to settle. However, the eight franchise hosts and the buying parties now have eight weeks in which to negotiate the finer details of their partnerships. This means that the dust cannot settle yet on those agreements. Nor, it seems, will it be allowed to settle just yet by either the unsuccessful bidders or by those who continue to question the wisdom of the sales.

Those in the latter category busy themselves with what the sales really mean for cricket in England and Wales, beyond the promise of injections of cash into a system which is known for its financial fragility. Among the 18 first-class counties, Surrey is consistently the most profitable. In 2023-24, it generated after-tax profits of $10.14 million (£8 million) on an income of $82.9 million. Seven others are profitable in varying degrees. Derbyshire, for example, generated an after-tax profit of $88,700 on an income of $7.35 million in 2023. Out of the other 10 counties, seven made small losses and three made losses at levels which caused significant concern.

Generally, those counties which regularly host international cricket generate the highest revenues. However, given that only the Oval and Lord’s in London and Edgbaston, Birmingham, have this allocation each year, there is some unevenness in revenue streams for the other counties which host international matches. The England and Wales Cricket Board distributes a significant proportion of its income to the counties and the wider game. This is derived largely from broadcasting rights, sponsorship and match returns. Those counties