The Hundred could face delay in bid towards Equity sale until 2025, according to ECB Director Vikram Banerjee.
The Hundred has been actively seeking equity investments up to 49% in each of its Franchises in the recent past. According to Banerjee, the process might not get the green signal unless the right buyers are available.
The ECB announced at the start of September that they had officially opened the process to secure private investment. While the plan was to get it ratified by 2025, the process could roll on even further.
Any money from that 49 percent will then be distributed between first-class counties, Marylebone Cricket Club and the recreational game. Financial advisers Deloitte and Raine Group have been on board to ensure fair market value. Legal counsel for the same is provided by Latham & Watkins and Onside Law LLP.
There is a level of vigilance on the part of the ECB as it seeks to gauge the suitability of the partners. A report in City AM states the governing body has given Hampshire a warning they will be taken off their stake in Southern Brave. This will occur if their prospective new buyers GMR Group do not pay a fair market price for the Hundred franchise.
Banerjee explained that the onus on finding the right price and partner for the teams lends itself to a longer process.
“The most important thing is we get the right partners,” Banerjee told the Business of Sport podcast. “If that takes a bit of time, that takes a bit of time. I think it’s fine.
“We have been running for four years and so, if the right partner and value isn’t available, it is fine. We’ll just carry on running it, we’ll do another year. My priority is to get the eight partners and make them amazing and help us grow.”
Furthermore, Banerjee discloses that an increase in the Hundred’s crew count is probably till 2029. Two host locations that were on for introduction as early as next year were Somerset and Durham. Increasing the competition’s footprint in the North-East and South-West is the goal. But it’s important to watch how the Hundred changes now that investment has changed the objectives.
“We’ve talked about 2029 being the earliest to give us time to bed in and see how this thing grows. So an investor today doesn’t lose out, but actually benefits from that, as well as the whole game. And then see that, if a venue wants to come in to be a new team, it’s ready.”