THE England and Wales Cricket Board (ECB) has extended the deadline for finalising the £520 million sale of The Hundred franchises after pushback from several prospective owners, particularly the Indian and American investors behind the two London teams.
The eight-week exclusivity window agreed in February has passed without contracts being signed, with negotiations now expected to continue until at least the end of April. While all parties remain committed to completing the deals, several key issues remain unresolved, the Telegraph reported.
At the heart of the delay is the participation agreement – the main legal document between the ECB and investors – with four of the eight buyers raising concerns about its terms.
Leading the pushback are Reliance Industries, owned by India's wealthy Ambani family who purchased a 49 per cent stake in Oval Invincibles for £123m, and Cricket Investor Holdings, a US-led consortium of tech entrepreneurs who bid £295m for London Spirit at Lord's.
According to sources close to the negotiations, the most significant sticking point revolves around control of future television rights. The ECB currently includes The Hundred as part of its bundled deal with Sky Sports, which runs until 2028.
Chairman and managing director of Reliance Industries Mukesh Ambani along with his wife Nita Mukesh Ambani (Photo: Getty Images)
The governing body wants to maintain this arrangement for the 2028-2032 cycle, while several new owners are questioning why the tournament cannot be sold separately to the highest bidder – the model used in India.
"It is about what-ifs in the future," one source told the newspaper. Another described the situation as a "major issue" with owners "flexing muscles with ECB," though the board insists no one is "on the verge of walking away."
The television rights issue is particularly significant for Reliance Industries, which has interests in media through its joint venture with Disney and ownership of telecoms firm Jio. For the new owners to recoup their substantial investments, increasing the value of The Hundred's overseas TV deals will be crucial.
Other concerns raised include potential conflicts between ECB sponsors and those brought in by new owners, as well as schedule clashes with the summer Olympics in 2028 and 2032, which now include cricket.
ECB chief executive Richard Gould is reportedly flying to India soon for further talks with investors. The board has engaged high-powered lawyers Latham & Watkins – previously involved in the Manchester United sale and acquisitions of Chelsea – to assist with negotiations.
Despite the delays, multiple sources from all sides have expressed confidence that agreements will eventually be reached. One investor told the BBC they would be "flabbergasted" if any franchise buyer pulled out at this stage.
The sale process has exceeded the ECB's expectations, with The Hundred auction realising an overall valuation of £975m across its eight franchises. The board is selling its 49 per cent stake in each franchise, with host grounds retaining the other 51 per cent.
Once finalised, the £520m cash injection will transform English cricket finances. The recreational game is set to receive £50m, while non-host grounds will get between £20-27m each. The money will also help pay off county cricket's debt and enable investment in stadiums and player development.
ECB chair Richard Thompson previously called the sale "a game-changer for cricket," noting that the new partners are "global leaders in sport, technology, investment and commerce" who share the ambition to build The Hundred as a "world-class sporting spectacle."
According to reports, the 2025 season of The Hundred is expected to proceed with minimal changes, with both the ECB and investors viewing it as a transitional year while negotiations continue.
