The inaugural sale of stakes in The Hundred’s franchises has generated significant financial and strategic interest, with IPL giants Reliance Industries and US-based Knighthead Capital emerging as major players. The auction’s first day saw Reliance secure a 49% stake in Oval Invincibles for approximately £60 million, while Knighthead Capital claimed a similar share in Birmingham Phoenix for around £40 million. These deals marked a lucrative start for the England and Wales Cricket Board (ECB), which aims to raise £350 million from the partial sale of all eight teams.
The involvement of Reliance Industries, owned by India’s wealthiest businessman Mukesh Ambani, reflects the growing influence of Indian investment in global cricket. Reliance already owns several cricket teams worldwide, including the Mumbai Indians in the IPL, MI Cape Town in South Africa’s SA20, MI Emirates in the ILT20, and MI New York in Major League Cricket. The acquisition of a stake in Oval Invincibles strengthens its global presence and could lead to branding changes, aligning the team’s identity with its existing portfolio.
On the other hand, Knighthead Capital, which owns Birmingham City Football Club, demonstrated its commitment to expanding its sports investments by outbidding private equity firm CVC Capital Partners for Birmingham Phoenix. The hedge fund, led by Tom Wagner, has already made waves in English football, notably bringing in NFL legend Tom Brady as a shareholder at Birmingham City. The firm’s vision includes modernizing sports infrastructure, raising speculation about potential improvements to Phoenix’s home facilities.
These deals are part of the ECB’s broader strategy to generate long-term financial stability for English cricket. By selling 49% stakes rather than complete ownership, the governing body retains significant control over the competition’s direction. The revenue from these sales will be distributed across county cricket and grassroots programs, with 10% earmarked specifically for the recreational game.
Market valuations of the remaining teams suggest that the ECB is well on track to meet its financial targets. London Spirit, expected to be one of the highest-valued franchises, has been estimated at around £150 million, meaning a 49% stake could bring in roughly £75 million. Meanwhile, Manchester Originals’ valuation is projected to be close to £100 million. Auctions for London Spirit and Welsh Fire are set to take place next, followed by Northern Superchargers, Trent Rockets, and Southern Brave in the coming week.
The new ownership model will officially take effect from the 2026 season, allowing time for structural and branding discussions. While Oval Invincibles have been dominant in the competition so far, winning both the men’s and women’s titles twice in four years, it remains uncertain whether they will retain their existing name and colors or adopt the “MI” branding associated with Reliance-owned teams.
The ECB’s chief executive has emphasized that the sale is designed to secure financial stability for English cricket over the next two decades. The funds will be strategically reinvested to strengthen domestic cricket and improve facilities, ensuring a sustainable future for the game at all levels.
These high-profile investments highlight the increasing commercial appeal of The Hundred and its potential to attract global investment. With Reliance’s deep ties to Indian cricket and Knighthead’s expansion into English sports, the league is poised for a transformation that could reshape its identity and long-term prospects.
