The fortnight cricket became a game show – the definitive story of the great Hundred sell-off

Telegraph

13-02-2025

'It was like being on a game show,' is how one eyewitness described the Silicon Valley tech titans' three-hour bidding battle with an IPL billionaire for the Lord's Hundred franchise.
As the price jumped by £3 million every 15 minutes, a wave of relief followed by one of elation washed over officials from the England and Wales Cricket Board.
'We had to keep a poker face. Everyone is on camera. Where could this get to? When is it going to stop? It's a day none of us will ever forget,' said one source. After three hours, the Silicon Valley consortium entitled Cricket Investor Holdings Limited, including, among others, the Indian-American chief executives of Google and Microsoft and heads other household tech brands, valued the London Spirit at £295 million, paying £144.5 million for a 49 per cent stake.
Barely 72 hours earlier the board's communications team had embarked on a frantic round of briefing designed to lower expectations as jitters took hold. After more than a year's work, Lord's appeared gripped by stage fright.
But when the two-week auction ended with the final franchise, the Southern Brave, sold for £98 million those jitters had given way to jigs of delight.
'The old world meets the new'
The Hundred sale clocked in at a £975 million valuation for the eight teams, bringing an initial £520 million into the game's coffers. Like lottery winners suddenly plucked from skid row to millionaires row, the counties will now have to adjust from bearing a combined £200 million debt to being in the black to the tune of about £25 million each. 'If any of them gets in financial trouble over the next 20-30 years it is now on them not us,' said one ECB executive.
There are still hurdles. All that has been bought so far is an eight-week exclusivity window between the buyers and the host venues. 'I'm telling you now, there are no chickens being counted,' says Colin Graves, chair of Yorkshire. Even on Wednesday, Glamorgan announced that they were actually selling 50 per cent to their partner Sanjay Govil, rather than 49 per cent as initially planned.
Buyers and host counties will size each other up. New money brought in by new people will result in new ways of working and English cricket is not used to outsiders.
Raine, the American investment firm that managed the auction, will be due a big cheque for finding the buyers and managing expectations of both sides. 'It has helped having Americans,' said one ECB insider. 'When Lalit Modi called it a big Ponzi scheme, they were like 'who is Lalit Modi?''
But for the time being, the ECB can celebrate getting the job done, of navigating a process they had no experience for and involved handling the egos of some of the wealthiest investors in the world intent on snapping up a piece of English cricket's rich history.
They have bought franchises – names such as London Spirit and Manchester Originals concocted in focus groups – but many were drawn to more prestigious prizes: Lord's, the Oval, Headingley, Trent Bridge and Edgbaston. Heritage sells. 'It is like the old world meets the new,' said one relieved executive.
The counties, with the equity split, worked together for once. Vikram Bannerjee, the ECB's director of business operation, led the sale process, with outside agencies Raine and Delloitte.
'There have been rants'
Telegraph Sport has interviewed most of the key figures involved as the auction process wore on, most on the condition of anonymity because of the sensitivities still involved, and they paint a picture of an at times taut process as potential buyers were assessed and some rejected. 'It was like playing 4D chess,' said one insider.
The Chennai Super Kings, winners of five IPLs, fell out with the ECB over terms and conditions of the sale. They are also understood to have failed a 'reputation test' conducted in the due diligence stage by one host venue (CSK was once banned from the IPL in a fixing scandal). Mumbai Indians were turned down by MCC and furiously turned their attention to buying the Oval instead.
'We had 100 interested investors to start with. Then to 35-40, then 15ish, then eight. You can do the maths on how many people have been told no. And these are people who are not used to being told no. There have been rants, some pretty clipped conversations, some very short conversations. Those conversations are never fun because these are good people,' is how it was explained to Telegraph Sport.
The Ambani family, India's wealthiest, are huge figures in cricket. Their Reliance Industries conglomerate owns a myriad of media interests including the ICC's rights.
Some insiders believe that the Oval was placed first in the order to placate the miffed Ambanis. No other Indian business or franchise was willing to incur their wrath by going against them in a bidding war. The Oval auction started at £120 million and ended at £123 million; job done for the Ambanis. It now looks a bit of a steal, could they have made more at the Oval if they had identified a different preferred partner? It will also be fascinating to see how the biggest county – used to having its own way – deals with the biggest IPL dog in town.
Birmingham Phoenix went next, sold to Tom Brady's Knighthead Capital group for 49 per cent of £82 million. As a sporting icon Brady is a cool name, and it is thought the deal was more or less agreed before the bidding started. Warwickshire did not want an IPL partner, a surprise given the Asian demographic of Birmingham. CVC Capital Partners were interested, so too Aston Villa owners Atairos, but they fell away. Warwickshire chair Mark McCafferty, who is thought to be positioning himself as a candidate to the next chairman of the ECB, had to recuse himself because of his links to CVC through rugby.
'We have not slept for six months'
Day one of the bidding was deemed successful because of the names involved, bagging the Ambanis gave the process credibility, but the sums of money were respectable rather than game-changing.
It all changed with the Lord's franchise, sold on Friday January 30. It was transformational money. There is constant debate about the MCC's role in cricket but they secured each county around £6 million alone from their management of the sale process.
They comfortably won an SGM vote of the membership to sell the franchise. Rob Lynch, the interim chief executive, and president Mervyn King led a negotiating team that sifted through potential partners. Mark Nicholas, the MCC chairman, recused himself from involvement in the process because he broadcasts for Star Sports, which is owned by Reliance, and was perceived by some at Lord's to be a conflict of interest.
Reliance, though, did not make it to the final bidding table for Lord's, which enraged Mumbai Indians and was a gamble from the MCC. There were worries that the all-powerful Ambani family would dilute the MCC's grip on Lord's. MCC also correctly realised that a bidding process with the Ambanis would be a one-sided event, with few others willing to go against them.
Instead the 11-member winning consortium of tech CEOs agreed a valuation of £295 million, despite only entering the process in December as interested parties. The company, Cricket Investor Holdings Ltd, was only incorporated with Companies' House in Altrincham on Dec 5. They went head to head in the auction room with Lucknow owner Sanjiv Goenka, an investor who impressed the MCC with his commitment. They would have happily seen him win the auction.
The combined strength of the consortium eventually won the bidding war after also blowing Todd Boehly, the Chelsea co-chairman, and Manchester United, co-chairman Avram Glazer's Lancer Capital, out of the water. The silicon valley consortium will plug the Hundred into the latest tech advances, and Lord's can now work with partners that could transform other aspects of the ground and club. 'They are going to be part of the MCC family, working on other initiatives and are genuine cricket nuts,' said one club source. They are expected at Lord's in March for talks.
'We are delighted to have found partners who share our values and understand the power and mystique of Lord's,' crowed Nicholas. 'We have not slept for six months to get this s--- over the line,' one MCC insider said. 'It was six months non stop cultivating relationships with potential partners. In the end, everyone has benefitted.'
'More counties should have sold the lot'
The Lord's auction lasted so long that the bidding for Welsh Fire had to be delayed. It barely raised an eyebrow a few hours later when Welsh Fire were sold to Sanjay Govil, owner of Washington Freedom US cricket franchise, for 49 per cent of the £82 million valuation. They were actually valued at £64 million and it was seen as a decent piece of business for a franchise that had been the Hundred's problem child. It was helped by its place in the auction order, with potential investors able to see the possibility of growth.
With the £295 million valuation of Lord's, the Hundred sale was now on fire, it was going to realise its ambitions. FOMO - a fear of missing out - was growing among the bidders. Lucknow had lost Lord's. They now went hard for Manchester. The floor opened at £90 million, Goenka immediately bid £107 million and won taking a 70 per cent stake as Lancashire looked to cash in some of their chips. Lancashire chairman, Andy Anson, said that Sunrisers had been their 'preferred partner for some time'. The feeling obviously was not mutual given Goenka had bid £290 million for Lord's.
There were some nervous folk at Headingley, worrying that being placed towards the end of the process would leave them with fewer bidders. But they too ended up with what they wanted – selling 100 per cent to Sunrisers for £100.5 million, the only franchise that was sold lock, stock and barrel because Yorkshire believe this is the highest valuation point for their club.
'Personally I think Yorkshire have been very smart in selling the whole lot – more counties should have done the same,' said one expert in the world of franchise cricket.
Trent Rockets were next but the bid was delayed several days while Raine scrambled to muster interested parties. Nottinghamshire have been big supporters of the Hundred since day one and spoke to 14 potential bidders but many feel sympathy for them because they were slightly stuffed by being pulled out of the hat as the penultimate team for sale.
Cain International, led by Boehly, and Ares Management won by paying 49 per cent of £79 million. There were eight or nine bids in total with IPL team KKR involved but Cain won, having been classic sufferers of FOMO (initially they wanted a London team, before joining the queue for the Rockets.
Southern Brave went last and this was a unique position with GMR, part owners of the Delhi IPL team, having bought Hampshire last year. Others were at the table, but there was just one bid, as they agreed to a valuation of £98 million, buying 49 per cent, thus taking full control. Many consider that a very good deal for the ECB.
'2025 is a transitional year'
In the end, the ECB landed the balance of investors they wanted – four from the IPL, four from outside. They did not want the IPL exerting total power, with the potential for matches to be shifted to move India-friendly TV times for example. Richard Thompson, the ECB chair, had promised it would not be an IPL takeover, and it is not.
'We didn't want to be a feeder to the IPL. We wanted to do our own thing. Use IPL expertise and the amazing things they have done, to grow cricket in this country, not just to grow cricket in India,' said one ECB source.
The figures are staggering and vindicate the ECB, their decision to reject out of hand a £300 million offer for 75 per cent of the competition from Bridgepoint in 2022 and their approach to the sale. The process was not always straightforward and there are still agreements to be struck over the use of grounds as well as ironing out inevitable problems. Goalposts will move.
As Sanjay Patel, the former Hundred managing director who is now interim chief executive at Yorkshire, said when confirming Sunrisers' winning bid: 'it is worth stressing that there is a lot of detail to be discussed alongside further due diligence and legal processes before a contract can be signed'.
While 2025 is a 'transitional year', the Hundred will change plenty in 2026. Insiders have expressed concern about this. Some team names and branding will change, which could set back progress already made building fanbases.
One of the tournament's strengths has been its uniformity, with all eight grounds decked out the same, and the only difference in the sponsors being which deliciously unhealthy snack is emblazoned across each shirt front. New investors will want to bring in their own sponsors and partners. Will they fit with the Hundred's family friendly ethos? The tournament was designed with twin aims: to make money and find a new audience. Could the securing of the first compromise the second?
As one source says: 'This all will need very strong leadership at the centre to hold it all together and get the counties and teams to do the right thing off the field'.
That leadership will need to come from Bannerjee. Recently, the ECB advertised – internal candidates only – for a new managing director (Patel's old title). Many believe the job spec was written for Bannerjee, who travelled to Bristol to meet Gould before he joined ECB as CEO in late 2022 and has remained a key ally since. A new Hundred committee will be set up to run the competition, which will feature chairs of the eight teams (chosen by the majority stakeholder), three representatives from the ECB and one independent voice, who is yet to be chosen.
There will be some big egos in the room, and some culture clashes. Long term, there will be questions to answer: will it become T20? Possible, but not certain.
One aim is to wipe the Major League cricket America T20 franchise off the map as a rival. 'We are not letting them park their tanks on our lawns,' said one bullish ECB figure. Salaries will go up to tempt players to play in the Hundred, not in the USA.
'The Hundred is at the vanguard of where we are trying to take the game, not just in England but globally,' said Gould.
Two years ago, on his second day int he job, Thompson and the ECB turned down an offer of £400 million for a 75 per cent stake in the Hundred as competition. 'We would have been a cuckoo in the nest holding a machine gun if we'd taken it,' says one source. But turning that down meant they had to make more money this way by selling the teams instead. It worked. Now the challenges will be different and possibly more complex as the game adjusts to a new normal.
The Hundred sale – who bought what?
Reliance
Bought 49 per cent of Oval Invincibles, partnering with Surrey
Franchise valued at £123 million
Who are they?
Reliance Industries Limited is owned by Asia's richest family, the Ambanis, who held a lavish, star-studded wedding for younger son Anant, one of three children, last year. They own Mumbai Indians, and all their subsidiaries in other competitions around the world, as well as a staggering number of companies in India, from telecommunications to malls via soft drinks
Knighthead Capital
Bought 49 per cent of Birmingham Phoenix, partnering with Warwickshire
Franchise valued at £82 million
Who are they?
Knighthead Capital Management is a New York-based investment fund that owns Birmingham City FC. They beat off competition from CVC Capital Partners and Aston Villa owners Atairos to invest in Phoenix. Tom Brady, the NFL legend, is involved, and has a small stake in the consortium investing in Phoenix.
The 'Tech Titans'
Bought 49 per cent of London Spirit, partnering with MCC
Franchise valued at £295 million
Who are they?
A who's who of Silicon Valley swooped in late to pick up the highly-sought after Lord's franchise. Led by Nikesh Arora (Palo Alto), and features Egon Durban (CEO, Silver Lake Management), Satyan Gajwani (co-founder of Major League Cricket and vice-chairman of Times Internet), Satya Nadella (CEO, Microsoft), Shantanu Narayen (CEO, Adobe) and Sundar Pichai (CEO, Google). The group is 11 strong and was officially incorporated with companies house as Cricket Investor Holdings Limited in Altrincham as recently as 5 December.
Sanjay Govil
Bought 50 per cent of Welsh Fire, partnering with Glamorgan
Franchise valued at £64 million, rising to more than £80 million when paid over five years
Who is he?
Govil is an Indian-American tech entrepreneur, born in Montreal. Dipped his toe in cricket by buying Washington Freedom, the MLC franchise, and was determined to pick up a team in the Hundred from the start.
RPSG Group
Bought 70 per cent of Manchester Originals, partnering with Lancashire
Franchise valued at £107m
Who are they?
RPSG is owned by Sanjiv Goenka, an Indian billionaire. He owns Lucknow Super Giants, the most expensive IPL franchise yet, as well as a team in the SA20, and the Super Giants branding could easily come to Manchester. Became the first owner to buy a majority stake in a franchise.
The Sun Group
Bought 100 per cent of Northern Superchargers
Franchise valued at £100.5 million
Who are they?
An Indian media conglomerate based in Chennai, who own Sunrisers Hyderabad as well as Sunrisers Eastern Cape in the SA20. Sunrisers were advised by UK-based Oakwell Sports Advisory, who have worked with Collins Graves and Sanjay Patel before. Yorkshire the first county to sell their full shame, but are still expected to make around £500,000 per annum by hosting the team.
Cain International/Ares Management
Bought 49 per cent of Trent Rockets, partnering with Nottinghamshire
Franchise valued at £79 million
Who are they? Cain was founded by Chelsea director Jonathan Goldstein and the club's American co-chairman Todd Boehly. Ares is an investment management firm that has previously backed football team Inter Miami and Atlético de Madri, as well as McLaren Racing. Turned their attention to Trent Rockets late having been keen on a London side initially, and many think they got a bargain.
GMR Group
Bought 49 per cent of Southern Brave, partnering with Hampshire (who they also own)
Franchise valued at £98 million
Who are they?
GMR is a conglomerate based in Delhi, who co-own IPL team Delhi Capitals and lots of Indian airports, among other things. Last year they made the landmark purchase of Hampshire CCC from Rod Bransgrove, making them the first county under foreign ownership. Made a hefty bid for Southern Brave to ensure they took full control of the franchise.
ECB confident there will be no repeat of Stanford incident after Hundred sale
The sale of franchises in the Hundred does not put English cricket at risk of a repeat of the Allen Stanford debacle, the ECB have insisted.
In 2008, Stanford, a Texan billionaire who owned a series of businesses in Antigua, infamously landed his helicopter on the outfield at Lord's after entering into a multi-year partnership with the England & Wales Cricket Board.
The following year, Stanford was arrested for his involvement in a Ponzi scheme and is currently serving a 110-year prison sentence in the US.
Richard Gould, the chief executive of the ECB, said that he believed that the governing body's checks of interested parties during the process ensured that the deals with the eight new owners would not eventually come to be viewed as a repeat of the Stanford affair.
The owners include four parties who run Indian Premier League sides and Chelsea co-chairman Todd Boehly, whose Cain International acquired a 49 per cent stake in Trent Rockets.
'We were making reference to that only this morning,' Gould said when asked about Stanford. 'In the way that we go about our business, it's probably being done in a different style, a bit more muted style but we are very confident in the investor group that we've got.
'You will have heard of every single one of those investors coming in, and you will have known that all of those investors have a significant and positive track record in sport.
'In Antigua, it was a much smaller market. I don't think the two are comparable, bearing in mind, Trent Rockets's new partner, but we haven't been complacent. And we started this process with 100 partners, something like that. Not all got through.'
Vikram Banerjee, the ECB's director of business operations who has led the process of selling off stakes in the franchises, said that the game had no need to fear a Stanford repeat.
'We've had the privilege, if you like, of lots of people to choose from. We have done extensive diligence to ensure that anyone that got through, actually anyone that got through to the last round. We have all the checks at this point we're very confident that we're in a good place, and it'll be a very different outcome to that last experience.'
Banerjee said that the total investment of £520 million in the eight franchises showed the appetite that exists for the Hundred to expand.
'Expansion is a good sign if it happens - so, I'll be delighted if it does,' he said. 'If the tournament grows and cricket grows across the country, then it'll be almost a no brainer for it to happen.'
In order to justify welcoming more teams, Banerjee said, the Hundred would need to be convinced that doing so would see a '20 per cent uplift' in central revenue from the move.
An expansion by two teams is considered possible from the 2029 season, with Durham and Somerset among the venues eager to host new sides.
The ECB also refused to rule out hosting Hundred matches outside of England.
'I think we'd be foolish not to listen to an amazing set of investors that are coming in that have got great ideas,' said Gould.
'We need to make sure that we are a governing body that provides stability but also enables our investors and indeed our county clubs to be able to drive forward.
'So I think what we want is for a whole series of exciting initiatives to come to the fore, aided by our investors.'