MI, KKR and SRH Among IPL Franchises Competing for Stake in Hundred Teams

Several IPL franchises, including Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow SuperGiants, have expressed interest in acquiring teams in the ECB-run Hundred. According to ESPNcricinfo, bids were also submitted last week by the GMR Group, recently announced as the new owner of Hampshire, and Avram Glazer, co-owner of Manchester United Football Club, after the ECB set an October 18 deadline for potential investors to register their interest in purchasing stakes in the eight Hundred teams. 

The bids submitted last week by prospective investors represent a one-time payment to acquire a 49% stake in each of the eight teams held by the ECB. Expressions of interest can be made for all eight teams, but four will be selected in the next phase, starting in November, when investors will meet with the host counties of each Hundred franchise. After this, investors will need to narrow their choices down to four teams as part of the second stage, ultimately selecting two teams from which they will make their final decision.

The ECB is eager to announce the final group of investors by early 2025, but they are cautious about rushing the process to avoid "underselling" what they see as a valuable product. Recently, ECB chairman Richard Thompson stated that the board is open to a diverse hybrid model next year, meaning the ECB would own some teams while private investors would own others. However, not all potential bidders moved quickly as the October 18 deadline approached. Although most IPL teams expressed interest in the Hundred a few months ago, not all submitted bids. The Punjab Kings opted out of the bidding for Hundred teams, and there has been no confirmation regarding bids from five-time champions Chennai Super Kings or equity firm CVC, which owns Gujarat Titans.

Global sports investors INEOS, owned by Jim Ratcliffe, which owns a 27% stake in Manchester United and run the football club’s operations wing, have also chosen to out of bidding.

Among the largest reservations, at least as far as the IPL franchises were concerned, was whether they would be happy being passive investors. 

Recently, Lalit Modi, the architect of the IPL, re-approached the ECB’s financial projections for the Hundred’s growth beyond 2026, as listed in the brochure distributed to possible investors, calling them “ overly optimistic and disconnected from reality”.