Richard Thompson, ECB chairman, has revealed his target of raising at least £350m in Hundred’s sales pipeline, a target he believes the board will “comfortably” surpass when deals close early next year.
The ECB is selling a 49% stake in each of the eight Hundred teams, which will become franchises and initially run as joint ventures with the host counties (or, in the case of the London Spirit, MCC). The sales process launched in early September and progressed toward the second of three rounds, with a final deadline of January 2025.
Thompson said last month that the pool of potential investors was “much broader and larger” than Raine Group, the US investment bank leading the process, had anticipated. The ECB had not previously committed to a projected figure for the sale publicly, but Thompson has now revealed that £350m is considered the minimum target.
“Our aim was to raise £350m from sales,” Thompson said. AM City. “I think we’re going to get through that comfortably, but we still have a ways to go. I think we’re all really surprised by the quality and quantity of interest… There’s almost no one in the sport who isn’t at the table.”
The ECB was questioned last week by the Department for Culture, Media and Sport (DCMS) select committee over the sale of the Hundred. Chief executive Richard Gould responded in writing to a letter from committee chair Caroline Dinenage and defended the sale after questions about its likely impact on English cricket.
“This process presents a once-in-a-generation opportunity for a significant injection of capital into cricket in England and Wales,” Gould wrote. “It is a rare moment when we have the collective power to ensure these funds are fully utilized in a way that provides long-term financial sustainability for the entire game.”
Gould also revealed that the ECB will soon create a ‘Committee of Hundred’ designed to “direct, examine and control the administration, operation and marketing” of the competition. Its members will be made up of non-executive directors of the ECB, franchise representatives and independent appointments.
