Multiple IPL Teams Bid for The Hundred Franchises: New Delhi, Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow Super Giants Submit Bids
Several Indian Premier League (IPL) teams, including New Delhi, Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow Super Giants, have submitted bids to acquire teams in the English Cricket Board (ECB)-run The Hundred, according to a report from ESPNcricinfo.
New Investors Show Interest in The Hundred
In addition to IPL franchises, the GMR Group, recently named as the new owner of Hampshire, and Avram Glazer, co-owner of Manchester United Football Club, also submitted bids before the ECB’s October 18 deadline for potential investors. The ECB has invited bids for a 49% stake in each of the eight Hundred franchises, while retaining majority control.
Bidding Process to Occur in Phases
According to the report, interested parties can initially express interest in all eight teams, with the next phase narrowing down the pool to four teams, starting in November. At that time, investors will meet with the counties that host each Hundred franchise. Investors will then have to shorten their wishlist to four teams, eventually selecting two, from which they will make their final choice. The ECB aims to finalize investors by early 2025 but is taking a cautious approach to avoid “underselling what it believes is a valuable product.”
Hybrid Ownership Model on the Table
ECB Chairman Richard Thompson has mentioned the possibility of a “hybrid” ownership model, where some teams remain under ECB control, while others are sold to private investors. The report adds that while several IPL franchises showed early interest, not all followed through with bids. For instance, Punjab Kings opted out, and there has been no confirmation regarding whether five-time IPL champions Chennai Super Kings or equity firm CVC Capital Partners, which owns Gujarat Titans, submitted bids.
Other Potential Investors Opt Out
Additionally, global sports investor INEOS, owned by British billionaire Jim Ratcliffe, which holds a 27% stake in Manchester United, decided not to participate in the bidding process. One of the primary concerns for IPL franchises was whether they would be content with being “passive investors.”(online casino india)