Foreign investors have long been captivated by English soccer, and now they are turning their attention to another classic English sport — cricket. Recent franchise auctions linked to a tournament known as The Hundred have drawn interest from investors across India, Silicon Valley, and New York.
This competition, resembling the profitable and much-admired Indian Premier League, features vibrant uniforms and dramatic player introductions reminiscent of NFL shows with smoke effects. When it launched four years ago, it was a change of pace for traditionalists, aimed at attracting younger audiences and a more diverse fan base, including women. Each franchise fields both a men’s and a women’s team.
Currently, eight franchises are available for bidding, and English cricket, which has faced financial difficulties, especially due to the pandemic, is expected to generate over 500 million pounds (approximately $620 million) through these team sales. These franchises come equipped with American-style mascots and compete in some of the world’s most iconic cricket venues.
Leading the charge is a tech billionaire consortium that has reportedly agreed to acquire a 49% share of the London Spirit for about 145 million pounds ($180 million). Among the investors are prominent figures such as the CEOs of Google and Microsoft. The Spirit competes at Lord’s — often called the “home of cricket” — located in northwest London, analogous to St. Andrews in the world of golf.
Interest from Indian investors is also a focal point, unsurprisingly due to the nation’s fervor for the game. Yet, American investors are also stepping in. Knighthead Capital Management, which includes NFL star Tom Brady among its backers, has confirmed a 49% purchase of the Birmingham Phoenix for roughly 40 million pounds ($50 million). Knighthead is already the owner of the Birmingham City soccer club. Co-founder Tom Wagner remarked that The Hundred presents a considerable growth opportunity.
A unique incentive for American investors is that The Hundred does not feature relegation, meaning team performance doesn’t risk pushing franchises out of the league, which can lead to substantial financial losses.
So, why is this auction taking place? The England and Wales Cricket Board (ECB) has set out to raise hundreds of millions by selling shares in the franchise teams of The Hundred — these include the London Spirit, Oval Invincibles, Southern Brave, Birmingham Phoenix, Manchester Originals, Welsh Fire, Northern Superchargers, and Trent Rockets. Investors can purchase a minimum of a 49% share, while current county owners can decide to sell some or all of their remaining shares.
The ECB initially aimed to raise around 350 million pounds ($435 million) from the auctions, but they are on track to surpass this total, bolstered by the significant deal for the London Spirit.
Investors from both India and North America are acquiring the teams. Besides the Silicon Valley group and Knighthead, Sanjay Govil, an Indian-American tech entrepreneur from Washington DC and owner of the Washington Freedom team in Major League Cricket, is also on board.
Notably, three Indian investors connected to the Indian Premier League (IPL) have contributed significantly. Kalanithi Maran’s Sun Group has purchased the entire stake in the Northern Superchargers for around 100 million pounds ($125 million). Reliance Industries Limited acquired a 49% share of the Oval Invincibles for roughly 60 million pounds ($75 million), while RPSG, owners of Lucknow Super Giants, purchased 70% of the Manchester Originals for about 81 million pounds ($100 million).
There’s potential for GMR Global Pte Ltd, which co-owns the Delhi Capitals, to secure a stake in Southern Brave due to its existing partnership with Hampshire, the affiliated county. A deal for Trent Rockets, based in Nottingham, is still pending and is expected to finalize soon.
Where will all of this money go? The proceeds generated from these sales will be divided among 19 different parties — specifically, the 18 long-standing county teams engaged in English and Welsh domestic cricket and the Marylebone Cricket Club, which owns the historic Lord’s venue and is seen as the custodian of the game’s laws. Additionally, a significant portion will benefit recreational cricket in England and Wales.
What does this mean for the 2025 edition of The Hundred? The new investors will enter the fray during an eight-week exclusivity period, allowing them time to solidify their partnerships with the franchises. Consequently, substantial changes to the 2025 competition, scheduled from August 5-31, are unlikely. The true impact will be seen starting in 2026, which may include alterations to team names among various possibilities. The Hundred has been ongoing since its inception in 2021.
