Cliff Notes – Hundred sale process encounters delay over future TV rights
- The exclusivity period for eight prospective buyers of stakes in the Hundred has been extended until the end of April due to concerns over broadcasting rights terms.
- The ECB’s equity sale, which concluded in mid-February, is expected to inject approximately £520 million into English cricket from the sale of 49% stakes in each team.
- Four interested parties, including investors in London Spirit and Oval Invincibles, have raised objections to the ECB’s participation agreement regarding future television rights, delaying final agreements.
Hundred sale process encounters delay over future TV rights
The exclusivity period for the eight prospective buyers of stakes in the Hundred has been extended until the end of April, after concerns were raised about the terms of the agreement, in particular those relating to future broadcasting rights.
The ECB’s landmark equity sale concluded in mid-February and is expected to result in a cash injection of approximately £520 million into English cricket, following the sales of at least 49% stakes in each of the eight existing teams.
ECB has received pushback
However, as reported by the Daily Telegraph, the ECB has received pushback on the terms of the agreement from four of the interested parties, including the investors in both London Spirit and Oval Invincibles, the two London-based teams that received the highest valuations in the sales process.
Reliance Industries, owned by India’s Ambani family, is set to pay £60 million for its 49% stake in Oval Invincibles, while cricket Investor Holdings, the American tech consortium in negotiations with MCC, valued its own 49% stake in London Spirit at £145 million.
The Indian owners of Manchester Originals and Northern Superchargers are also understood to have reservations about the ECB’s participation agreement, a key legal document which will determine how the tournament’s television rights are sold in the future.
The Hundred is currently part of the ECB’s exclusive domestic rights deal with Sky Sports, which also covers international cricket and is up for renewal for the 2028 to 2032 cycle. The new owners are understood to have queried this model, arguing that the competition ought to be available as a separate entity to the highest bidder.
None of the eight franchises are planning to sign their agreements until all of the new owners are satisfied with the arrangements.
No major changes are anticipated for the 2025 edition of the tournament, which commences on August 5, when London Spirit host Oval Invincibles at Lord’s.