The deadline for completing the sale of the eight Hundred franchises has been extended until the end of April after several prospective buyers raised concerns about the terms of the agreement. Originally, an exclusivity period was set to expire at the end of March, but negotiations are still ongoing, with all parties expressing confidence that a resolution will be reached. The deals are expected to bring in at least £520m, providing a significant financial boost to English cricket.
Among the key issues causing delays is the participation agreement, which outlines the new investors’ contractual obligations. Concerns have been raised by multiple parties, including Reliance Industries, which has agreed to acquire a 49% stake in Oval Invincibles, and Cricket Investor Holdings, an American tech group partnering with the MCC to operate London Spirit. In addition, the investors behind Manchester Originals and Northern Superchargers have also expressed reservations about the contract. As a result, the process has been delayed, with none of the eight new owners willing to sign until all concerns are resolved.
One of the primary points of contention revolves around the sale of broadcasting rights. Many of the new investors want greater control over the next television deal for the competition and the ability to retain the revenue generated. However, the governing body overseeing the competition currently holds the rights as part of an exclusive domestic broadcasting deal with Sky Sports. This agreement, which includes all England men’s and women’s home matches, is set to run through 2028, with the option to negotiate a bundled deal for the 2028-2032 cycle. Several new investors believe the rights to the Hundred should be sold separately to the highest bidder, following the model used in India.
Reliance Industries, owned by India’s wealthiest family, has a vested interest in media rights, particularly through its joint venture with Disney and its ownership of Jio, a telecoms firm that streams IPL matches for free to its subscribers in India. The ability to maximize the value of the Hundred’s overseas broadcasting rights is seen as a crucial way for investors to recoup their substantial financial commitments. As a result, Reliance and Cricket Investor Holdings are particularly keen to gain influence over these negotiations.
If the broadcasting rights for the Hundred are sold separately, it could affect the existing agreement with Sky, which currently pays £220m per year for exclusive coverage of English domestic and international cricket. Fragmenting the rights portfolio could potentially reduce the value of the overall television deal, a scenario the governing body is eager to avoid.
Despite the challenges, multiple sources involved in the negotiations remain optimistic that a resolution will be reached before the new deadline. The additional time granted for negotiations reflects the complexity of the deal and the need to balance the interests of all parties involved. Once finalized, the sale of the franchises will mark a significant shift in the structure of the competition, with private ownership set to play a major role in shaping the future of the tournament.
