Ambanis, Goenkas and Glazers show interest in £650m Hundred teams

The first round of bidding, which closed last Friday, saw more than 100 bids submitted, with some investors expressing interest in multiple franchises.

• EasternEye
• 24 October, 2024

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By: EasternEye

THE EIGHT teams in the Hundred cricket tournament have been valued at over £650 million, attracting interest from high-profile investors.

The first round of bidding, which closed last Friday, saw more than 100 bids submitted, with some investors expressing interest in multiple franchises, while others targeted just one, reported The Telegraph, quoting sources at the England and Wales Cricket Board (ECB).

Among the bidders are Chelsea director Jonathan Goldstein, India’s richest family, the Ambanis (Mukesh Ambani’s family), and several Glazer siblings.

Sanjiv Goenka, owner of the Indian Premier League’s Lucknow Super Giants, reportedly made the largest bid, valuing London Spirit at £140m, as reported by the newspaper.

The Ambanis, owners of Mumbai Indians, also placed a bid, but it is said to be lower than Goenka’s. Other teams, such as Oval Invincibles, also attracted significant interest, with bids reaching up to £120m.

American sports owners, private equity firms, and most IPL teams are involved in the bidding process, according to The Telegraph. The Glazers, excluding Joel, have shown interest, and Goldstein is working independently of Chelsea with partners on a bid. It is unclear which franchise he is targeting.

The ECB plans to sell 49 per cent of each team, with proceeds distributed across the game. Host venues will receive 51 per cent of the teams, which they can choose to retain or sell. Investors will likely gain 80 per cent of broadcast, ticket, and sponsorship revenue from the teams.

The next phase of bidding will see investors visit venues and meet counties, with a shortlist drawn up for each team. Some teams may have investment deals completed by the next season, while others might take longer. London Spirit’s sale may progress slowly due to MCC’s involvement.

This potential injection of funds could significantly benefit cash-strapped counties, with a structured plan in place for how proceeds will be distributed.