Sale of The Hundred hits the jackpot

It feels like the end of the beginning for The Hundred. Eye-watering sums were paid between Feb. 6 and 12 for shares in the eight “franchises” that constitute the tournament.

There is no denying that it has been a divisive and polarizing concept. However, in what has been described as the Indian Premier League moment for cricket in England and Wales, there is partial closure on this rancor because of the amount of money that has been raised. The next concern is how it will be spent by the beneficiaries.

In first place are the seven County Cricket Clubs, plus the Marylebone Cricket Club, which hold the franchises, the so-called hosts. It has always been something of a misnomer to term them franchisees since the tournament has been owned by the England and Wales Cricket Board.

The ECB footed the start-up costs, a significant part of which were payments of £1.3 million ($1.6 million) per year to the 18 counties to secure the necessary two-thirds majority. Eleven of them are non-hosting and were not in favor of The Hundred because it provided them no benefit. The funding, termed a dividend, overcame objections.

In 2024, the counties supported the ECB in its wish to open up The Hundred to private investment. Eight new companies were to be created, with the ECB gifting each one 51 percent of its equity, which the holders can either keep, sell partially or wholly. The balance of 49 percent retained by the ECB would be offered to the market. This process is now complete.

First to be sold was the Oval Invincibles at Surrey, where the Reliance Group paid £60 million for the ECB’s 49 percent stake. Reliance is led by Mukesh Ambani, India’s richest man, who counts the Mumbai Indians, MI Emirates, MI Cape Town and MI New York