THE ENGLAND England and Wales Cricket Board (ECB) has started auctioning eight franchises in The Hundred, with the process set to raise around £500 million.
The Oval Invincibles was the first team up for bidding on Thursday, followed by Birmingham Phoenix. The auctions include both live online bidding and sealed bids.
The ECB is selling a 49 per cent stake in each team, with the remaining 51 per cent allocated to host venues. Some bidders have raised concerns over the process, saying it prioritises financial gain over long-term strategic planning.
A source involved in the bidding described it to The Guardian as "selling the family silver and cricket’s soul for a quick financial hit." The source also noted that investors had spent months building relationships with counties, but the process ultimately came down to the highest bidder.
The ECB defended its approach, stating that it was a “thorough and rigorous process” and not solely based on the highest offer. Some of the more lucrative bids in earlier rounds were not accepted, according to The Guardian.
Interest in the London-based teams, Oval Invincibles and London Spirit, has been particularly high. The Ambani family is bidding for Oval Invincibles, competing with CVC Capital Partners and a Silicon Valley consortium that includes Google’s Sundar Pichai and Microsoft’s Satya Nadella. Sources at the Oval have indicated to The Guardian a preference for the US tech group, believing it would allow them to retain more control over cricket operations.
For London Spirit, four groups remain in contention: Lancer Capital, Cain International, backed by Todd Boehly and Jonathan Goldstein, Lucknow Super Giants owner Sanjiv Goenka, and the Silicon Valley group. The Ambanis were previously involved but did not make the final shortlist.
The second day of the auction will include Welsh Fire, with Indian investment firm Capri International and Washington Freedom owner Sanjay Govil bidding. Wrexham’s Ryan Reynolds and Rob McElhenney had initial discussions but did not proceed further.
Next week, the process will continue with Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave. The ECB hopes unsuccessful bidders will reinvest in other teams.
The Ambanis and Lucknow remain interested in Manchester Originals, while Washington Freedom and IPL's Sunrisers Hyderabad are bidding for Trent Rockets. The Sunrisers are also targeting Northern Superchargers, while Delhi Capitals’ part-owners GMR Group are expected to acquire Southern Brave.
The ECB and financial advisers Raine Group scheduled the auction over a weekend to allow losing bidders time to re-enter.
While winning bids may be revealed soon, no official announcements will be made until the process is complete. The partnership agreements between host venues and new investors are expected to take several months.
The Hundred will remain unchanged for the upcoming season, but from next year, team names, kits, and budgets may be revised.
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