6 out of 8 Hundred teams finalise their investment deals with Oval Invincibles and Trent Rockets still negotiating.
6 out of 8 new investors finalise terms.
The European Central Bank maintains that external investment in two hundred teams is still “on track” even though their arrangements have not yet been finalised.
Five more investors have now finalised agreements that were initially negotiated upon this year, and Knighthead Capital’s investment in Birmingham Phoenix has been approved. The sales process valued the eight teams at approximately £1 billion altogether, with over £500 million invested in English cricket as a direct result.
However, the completion of two acquisitions has taken far longer than expected. After arguments over the participation agreement, the ECB extended the original eight-week deadline for new investors to complete their paperwork. Now, both the Oval Invincibles and Trent Rockets have been given further time to complete their paperwork.
Chair Richard Thompson hailed Wednesday’s announcement of the conclusion of six deals as a “seminal moment” for English cricket.
“The remaining two [deals] are set for formal completion at a later date. They remain on track, in line with the ECB having offered investors the option of completing later.”
Surrey (51%) and Reliance (49%), the Indian company that owns the Mumbai Indians and other related franchises worldwide, will operate Invincibles as a joint venture. Although Surrey will not comment, they are reportedly quite certain that the sale will be finalised by the beginning of October.
The fifth England vs. India Test at The Oval will be attended by the Ambani family, who own Reliance, but the visit has nothing to do with the deal’s timeline. The franchise’s name is still up for debate; it might be changed to MI London or MI Oval to better reflect Reliance’s other franchises outside of India, although branding is not seen to be a significant point of contention.
Cain International, whose co-founders Todd Boehly and Jonathan Goldstein are members of the consortium that owns Chelsea FC, and private equity firm Ares Management are the Rockets’ new investors. Nottinghamshire, who also chose not to comment, will maintain a 51 percent stake in the franchise, which they will manage as minority partners.