LONDON (AP) — English cricket has delayed finalizing the sale of franchise stakes in its Hundred competition to big-business investors from India and the United States because of issues like broadcast rights and sponsorship.
Auctions held over a two-week period in February drew bids for the eight teams in The Hundred — a format similar to Twenty20 and launched in England only in 2021 — that are set to bring in around $650 million to English cricket.
Among the investors securing stakes in the franchises were Silicon Valley tech giants including Google CEO Sundar Pichai and Microsoft CEO Satya Nadella, and four Indian conglomerates already owning teams in the widely popular Indian Premier League.
An eight-week exclusivity period was initially granted so the investors and the England and Wales Cricket Board could conclude the deals, and that was extended last week.
Richard Gould, chief executive of the ECB, downplayed any concerns that the deals might be in danger and said he expects them to be finalized “within the next month or so, perhaps sooner.”
“They are largely commercial discussions,” Gould said in a video call. “But what is interesting is all the discussions are on a very sound footing. It’s finding additional ways we can drive value.
“We do things in a particular way in this U.K. market but we have U.S. sports investors and Indian sports investors, and we are working through to make sure we have got something fit for purpose across the global markets, not just the U.K. market.”
Gould said the valuations of the franchises “are absolutely locked in.”
Asked if the extension pointed to any of the deals being in peril, Gould said: “I don’t see any risk at all at this point. The degree of partnership and collaboration with all eight investors and indeed their host clubs is really strong.”
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The Associated Press
