MI, CSK, KKR Among Seven IPL Franchises Submit Bids to Buy Stake in The Hundred: Report

England and Wales Cricket Board’s (ECB) 100-ball league competition called ‘Hundred’ has drawn widespread interest from Indian investors, according to a report. ECB has invited bids from interested parties to buy stakes in its eight Hundred teams which the cricket board currently owns. The deadline for submitting the bids was October 18 and as per Cricbuzz, top IPL teams including Mumbai Indians, Chennai Super Kings, Kolkata Knight Riders are among seven franchises who have shown interest.

Sunrisers Hyderabad, Lucknow Super Giants, Delhi Capitals, Rajasthan Royals and Women’s Premier League (WPL) franchise UP Warriorz are also said to have submitted their bids.

The ECB plans to “sell at least 49 per cent of each of the eight teams to new investors with the vision, experience and capabilities to propel The Hundred to new heights.”

As per the Information Memorandum (IM) quoted by Cricbuzz, an investment ranging between 40 million pounds and 50 million pounds will be required to acquire a 49 per cent share in each of the teams.

The remaining 51 per cent will stay with the associated counties.

“ECB then plans to gift its remaining stake in each of the teams to their respective hosts, creating a lasting partnership between new investors and some of the world’s iconic cricket institutions. As a part of this process, hosts will also have an option to sell a portion of their equity in the teams to the new investors to provide a path to a control position,” reads the IM.

As per ESPN, the ECB had shared the investment prospectuses with 100 interested parties in September who were to confirm their interest in buying stakes in one the teams by October 18.

“… at the moment, they (interested parties) can express an interest in all eight clubs. We’ll have a better indication over the next week or two. Thereafter, we’ll spend a month or so going through those. At the end of that process, they will be able to go and meet the county clubs and see where their relationships work best,” ECB chief executive Richard Gould was quoted as saying by ESPN.