In a significant pivot for English cricket, private ownership has now entered the gates of The Hundred. The England and Wales Cricket Board (ECB) has confirmed that six of the eight teams in its short-format competition have had partial or full stakes sold to private investors, marking a bold new era for a tournament originally launched as a centrally owned, innovation-first product.
The teams involved in the initial wave of stake sales are:
- Northern Superchargers (Leeds): Now 100% owned by India’s Sun Group
- Manchester Originals: 70% acquired by the RPSG Group, another Indian conglomerate
- London Spirit: 49% purchased by Tech Titans, a US-based Silicon Valley consortium
- Welsh Fire (Cardiff): 49% now owned by Washington Freedom, a US franchise
- Southern Brave (Southampton): 49% held by India’s GMR Group
- Birmingham Phoenix: 49% acquired by Knighthead Capital Management, a US private equity firm
Deals for the remaining two teams – Oval Invincibles (London) and Trent Rockets (Nottingham) – are said to be in the final stages. If completed, Reliance Industries would hold 49% of the Invincibles, while Cain International and Ares Management are set to co-own the Rockets.
Private Capital Meets Public Game
The transformation of The Hundred is not just financial. Operational control for the six confirmed teams will officially shift to the new investors from October 1, post the conclusion of the 2025 season. In total, over £500 million has been generated through this first wave of ownership transitions.
This process began in September 2023, when the ECB restructured the ownership model by allocating 51% of each team to the respective host counties. This paved the way for the sale of the remaining 49% to external investors via a competitive auction held in early 2024. Notably, the Tech Titans’ £145 million investment into London Spirit is the most lucrative of the deals – driven in no small part by the allure of Lord’s Cricket Ground, the team’s home.
A New Board, A Shared Future
Despite these significant sales, the ECB retains full control over The Hundred’s competition structure, rules, and calendar. However, future decisions will be shaped by a new governance board, comprised of ECB executives and representatives from all eight ownership groups.
ECB Chairman Richard Thompson described the move as a “seminal moment” for English cricket:
“These new partners bring global perspectives and proven track records in elite sport and business. Their involvement will deepen fan connections, attract world-class talent, and inject transformative funding into counties and grassroots programs.”
Strategic Implications
The implications of this deal go beyond just capital infusion. This marks the first major shift toward franchise-based, privately owned cricket in the UK – a model long established in India and gaining traction globally. The ECB’s decision to reject a £400 million full-tournament buyout offer in 2022 now appears calculated, as this staggered, team-by-team sale has yielded even greater returns.
With this structure now in place, The Hundred is poised to:
- Create hyper-local team identities backed by global investment
- Scale up player salaries and international recruitment
- Build integrated fan engagement platforms across digital and physical touchpoints
- Attract non-cricket audiences through tech, content, and lifestyle partnerships
What Comes Next?
This hybrid public-private model sets the stage for the next evolution of The Hundred – potentially turning it into cricket’s most commercially agile league. But with ownership comes expectations: of growth, of profit, and of relevance.
As The Hundred shifts from a centralized experiment to a decentralized, investor-driven ecosystem, English cricket may find itself at the crossroads of tradition and transformation.
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IMAGE: ECB Imagery
