Middlesex is exploring the possibility of selling shares in the club, potentially ending its long-standing member-ownership structure. This decision comes amid growing external investment interest in English cricket, particularly following the lucrative auction of teams in the Hundred competition.
The Lord’s-based club has appointed Oakvale Capital, a specialist firm in gaming and sports investments, to review its ownership structure. Among the options being considered is a shift to private ownership through a partial sale. Even before Oakvale’s formal appointment, several potential investors had already been approached.
Middlesex has been a member-owned club since its founding in Islington in 1864, later moving to Lord’s 13 years later. However, rising financial pressures and the increasing costs of recruiting players in a cricketing landscape dominated by global Twenty20 leagues have put the traditional ownership model under strain. Currently, only three county clubs Durham, Hampshire, and Northamptonshire are privately owned, but this number is expected to grow. Yorkshire has also taken steps toward demutualisation, and Leicestershire has engaged with investors interested in buying a stake in the club.
Leicestershire has received interest from several parties, including Indian businesses drawn to the region’s significant Indian-origin population. There has also been Saudi Arabian interest in English county cricket. The unexpectedly high valuations in the Hundred auction, where the eight teams were collectively valued at over £975m, have further fueled investment interest from those who either missed out or chose not to bid initially.
The London Spirit, the Lord’s-based franchise in the Hundred, was sold for £295m to a consortium that included the India-born chief executives of Google and Microsoft. Middlesex’s long-standing association with Lord’s makes it an appealing prospect for overseas investors.
There has also been speculation about Marylebone Cricket Club (MCC) investing in Middlesex, but as both entities are member-owned, this would present complex challenges. By contrast, private investment from groups such as the Google/Microsoft consortium would be a more straightforward process. However, any such move would require the approval of Middlesex’s 7,000 members. Under club rules, at least half of the membership must participate in a vote for it to be valid, with a 75% majority needed for demutualisation to proceed.
Middlesex is set to receive a £20m dividend from its share of the Hundred sale, providing financial security after several years of losses. Despite cost-cutting measures leading to the club’s first profit since 2016, key figures believe the opportunity to attract outside investment is too significant to ignore. The improved financial position has already enabled the club to make a major signing, bringing in New Zealand’s Kane Williamson as an overseas player for the summer.
The club’s long-term future at Lord’s remains uncertain, with only 12 months left on its lease. While Middlesex will continue playing at the historic venue, accessibility is becoming an increasing challenge, a situation that could worsen if the Hundred expands and the club requires an additional ground.
While Middlesex has not made an official statement, sources within the club indicate that demutualisation is a long-term consideration rather than an immediate priority.
