The England and Wales Cricket Board (ECB) is set to sell stakes in the eight Hundred teams next month. The Indian Premier League (IPL) franchises are expected to bid for the same while the English board, in order to attract Indian money, may allow the IPL franchise owners to rename the sides.
According to a report in The Guardian, the ECB’s eagerness is such that even a minority investment will give the new owners huge influence, especially with all ten IPL owners expected to bid for buying stakes in the eight sides.
“All the IPL owners are saying they will bid, but they will want some control for their cash. It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested,” a source involved in the sale process was quoted as saying in the report.
It added that the ECB has been holding talks with potential investors over the past few months, which include American sports franchise chiefs including the Hollywood star Ryan Reynolds and the Manchester United owner Avram Glazer expressing interest in buying stakes in the Hundred teams.
Another interested part includes Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in a stake at Birmingham Phoenix and attended several ongoing Hundred matches
“The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea,” added the report.
