ECB Seals Franchise Deals for Six Hundred Teams, Reliance's Oval Bid Still in Play

The England and Wales Cricket Board (ECB) announced on Wednesday, July 30th, the successful completion of franchise agreements with six of the eight investors participating in The Hundred tournament. Negotiations are still ongoing with the remaining two, including the Reliance Group, which has bid for the Oval Invincibles team.

The new owners will take over operational control from October 1, 2025 © Getty

Among the confirmed investors is Tech Titans, a US-based group that has secured a 49% stake in the London Spirit, based at Lord's. Sanjiv Goenka's RPSG Group has finalized its acquisition of a 70% stake in the Manchester Originals. The team is expected to be renamed Manchester SuperGiants, mirroring the SuperGiants franchises owned by the group in both the IPL and SA20 leagues.

Sun TV Network, based in Chennai, has completed its agreement with the ECB for full ownership (100% stake) of the Northern Superchargers, based at Headingley. The GMR Group has acquired a 49% stake in the Southern Brave, the Southampton-based team. Sanjay Govil, owner of the Washington Freedom team in Major League Cricket (MLC), has invested in the Welsh Fire team, securing a 50% stake. Knighthead Capital Management, LLC, representing its investors ("Knighthead"), has taken a 49% stake in the Birmingham Phoenix.

Besides Reliance Group's pending agreement for a 49% stake in the Oval Invincibles, Cain International & Ares Management have yet to finalize the deal for a 49% stake in the Trent Rockets.

The ECB has stated that the new owners will assume operational control starting October 1, 2025. A media release clarified that the ECB will retain full ownership of the competition, maintaining control over critical aspects such as regulations, the tournament window, and other elements with broader implications for the game.

Collectively, these eight partnerships value the teams at over GBP 975 million, with more than GBP 500 million slated for investment into the English and Welsh cricket ecosystem. A new "The Hundred Board" will be established, comprising representatives from both the ECB and the teams (including investors and host clubs). This board will possess delegated authority over specific matters related to the strategic direction and commercial growth of The Hundred, including sponsorship and licensing deals, player salaries, and player draft and retention mechanisms.

Notably, four of the eight teams are now owned by IPL franchises, and six involve investors of Indian origin.

The ECB released a statement highlighting the significance of this development: "This pivotal moment sees The Hundred become the first UK sports competition to secure franchise partnerships of this scale, drawing on world-class expertise from across global sport, media, technology, and finance. Each new investor brings a tailored vision and expertise to their team, reflecting the growing commercial and cultural momentum behind The Hundred."

ECB Chair Richard Thompson commented: "The Hundred has already played a vital role in growing cricket in England and Wales - attracting new audiences, elevating the women's game, and delivering high-quality entertainment. The sheer scale of global interest we've seen throughout this process highlights just how much potential remains to be unlocked."

The current season is set to commence on August 5 at Lord's.