Hundred auction concludes with tournament valued at close to £1bn
GMR have agreed to pay a reported fee of nearly £50m for a 49 per cent stake in Southern Brave.
The avalanche of new money generated by the England and Wales Cricket Board’s Hundred auction has concluded with a deal for Southern Brave that takes the total value of the eight-team tournament close to £1billion.
GMR, the co-owners of Indian Premier League franchise Delhi Capitals and owners of the Brave’s host county Hampshire, have agreed to pay a reported fee of nearly £50m for the ECB’s 49 per cent stake of the team.
With the sales process now complete, pending an exclusivity period to finalise the deals, it means the eight city-based teams, which played their first matches in 2021, have been valued at a startling figure in excess of £950m.
Only a matter of weeks ago the ECB was touting its lowest estimate at £350m, meaning expectations have been blown out of the water. Proceeds from the 49 per cent shares will be used to provide a major cash boost to the recreational game in England and Wales, while the majority will be split between the 18 first-class counties and Marylebone Cricket Club.
A total of four IPL ownership groups have now claimed a foothold in the Hundred, with GMR’s interest in Delhi and the Brave following on from Reliance (Mumbai Indians and Oval Invincibles), Sun Group (Sunrisers Hyderabad and Northern Superchargers), and RPSG (Lucknow Supergiants and Manchester Originals).
Yorkshire have already agreed to sell on their controlling 51 per cent share in Superchargers to the Sun Group, while RPSG have settled on a 70 per cent slice of the Originals as part of their deal with Lancashire.
There are also other familiar names from the world of sport, with Chelsea co-owner Todd Boehly associated with the deal for Nottinghamshire’s Trent Rockets and Knighthead Capital adding Birmingham Phoenix to their existing ownership of Birmingham City. Former NFL star Tom Brady is one of Knighthead’s marquee investors.
Boehly’s Cain International group are working alongside Ares Management Credit, whose portfolio includes investments in Inter Miami, McLaren Racing and Atletico Madrid.
“The experience of Cain and Ares in helping businesses in recreational and leisure sectors to grow, and their focus on delivering long-term benefits, made them an ideal fit for this investment,” Hunt said.
“The Hundred has been an undoubted success in Nottingham – welcoming a diverse audience, attracting some of the world’s best players and delivering an experience for supporters that is unrivalled on these shores.
“This investment, alongside those in other competing teams, will both help to safeguard the future of our 18-county system and elevate The Hundred to ensure it is able to thrive as one of the finest competitions of its kind worldwide.”
Glamorgan have also hailed their tie-up with businessman Sanjay Govil. The tech entrepreneur, who also owns reigning Major League Cricket champions Washington Freedom, has agreed a £40m fee for 49 per cent of the Welsh Fire brand.
Club chair Mark Rhydderch-Roberts said: “Washington Freedom ticked all of the boxes and has been our preferred bidder for some time so we are delighted that they have chosen to partner with us.
“They share our belief that both Glamorgan and Welsh Fire have huge potential and that Welsh Fire, in particular, can become a global brand, opening commercial opportunities on a different scale across the whole spectrum of Welsh Cricket.”
Govil added: “I’m thrilled for this next step forward in renewing and expanding cricket for the next generation of fans. I’m looking forward to the benefits our partnership will have not only for recreational cricket in the United Kingdom, but for strengthening the cross-border relationship between international teams, franchises, and fans for years to come.”
