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The Hundred’s financial expansion — a new era for English cricket?

AuthorsWilliam Hardwick

8 min read

Sport

A cricket ball on a cricket bat on grass

Cricket doesn’t typically attract mainstream media attention in the UK during February. However, last month — just four years after its creation — The Hundred hit the headlines after receiving a £975m investment boost.

Here, Will Hardwick takes a closer look at the investment, how it’ll be used and the impact it may have on domestic cricket in England and Wales — from a potential subscription broadcasting model to new formats and player contract types.

 

What investment has been made?

In May 2024, the ECB (English Cricket Board) announced its intention to sell some or all of the 49% shares it held in the eight team franchises participating in The Hundred. It aims to use the proceeds of sale to boost the MCC (Marylebone Cricket Club) and both the county and grassroots games. Each host county was also given the option of selling all, part or none of their 51% share in their respective franchises.

As the shares came to market earlier this year, the following investors entered the field of play:

However, the ECB has retained ownership and governance of the competition itself. 

 

How will this investment be used?

The ECB intends to apply the money raised from the sale of the 49% stakes in each franchise as follows:

Since only three franchises sold a portion of their own stake (Glamorgan, Lancashire and Yorkshire), the proceeds from those sales will be distributed as follows:

 

How will this investment impact domestic cricket?

This investment is likely to be hugely significant for domestic cricket in England and Wales, with £520m set to be invested back into the professional and grassroots games. This is in addition to the £1.3m subsidy made by the ECB annually to each of the counties.

The money retained by the counties is set to be spent on four key areas by the county boards. These include building reserves, revenue generation, infrastructural improvements and debt reduction. 

For some counties — such as Worcestershire and Leicestershire, which recently struggled with debt repayments and the need to revamp their stadia — the windfall from The Hundred may be the first step in their progress towards sustained profitability. 

Turning to the grassroots game, the ECB is to allocate funding to national and regional projects and invest strategically for the growth of the sport. Moreover, the ECB’s Recreational Game Committee is set to devise an investment plan to help with the long-term sustainability of grassroots cricket.

 

Is The Hundred set for expansion?

There is speculation that ninth and tenth teams could be added to The Hundred at the end of the current broadcast deal (set to expire in 2028), with Vikram Banerjee (Director of Business Operations at the ECB) confirming that expansion was something of a “no-brainer”.

Expansion could follow the trend set in the IPL — where the additions of Lucknow Super Giants and Gujarat Titans have expanded revenues — with the Hindustan Times even reporting that a delay in further expansion may actually cut revenue projections. 

Durham, Somerset, Kent and Gloucestershire have all previously expressed an interest in hosting a franchise. The expansion teams will likely be those with venues that have previously been ‘test’ or ‘international’ venues, with Durham and Bristol likely candidates given their credentials as existing international venues.

 

Opportunities for further investment

The Times has reported that some of the unsuccessful investors have approached six of the non-host counties about investing privately. It’s reported that Essex, Sussex and Somerset are among the counties that have been approached, while Leicestershire is also seeking private investment. 

The interest in non-host counties follows the sale of Hampshire to GMR Group (owner of the Delhi Capitals IPL franchise), which became the first English county to be sold to an external investor. It’s reported that investors have growing interest in the English game after the success of the investment drive in The Hundred, the potential for future franchises in The Hundred and the potential value of a revamped T20 Blast competition. 

 

The IPL model 

Following the success of the Indian league, many IPL franchise owners have now begun to follow the multi-club ownership model seen in football — most notably with the City Football Group Limited and Todd Boehly’s BlueCo. 

Nine IPL franchise owners have now invested in teams in either the SA20 in South Africa, the International T20 League in the UAE, Major League Cricket in the USA, The Hundred or the Caribbean Premier League. With cricket now a 365-day a year sport (depending on global location), the appeal of the short-form franchise model continues to grow, with Saudi Arabia now also set to launch a new global eight-team tournament

 

What’s next for The Hundred?

Despite its critics, many would argue that The Hundred has given a crucial boost to the domestic game in England, having brought the sport back on free-to-air TV and with it, an unprecedented level of viewership. 

In addition, by running the men’s and women’s matches back-to-back, the organisers have shone a light on inclusivity within the sport. However, this is likely to be just the beginning for the competition. 

So, what could be next?

We’ll have to wait and see what The Hundred’s next innings brings.

 

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William Hardwick

William Hardwick is a Trainee Solicitor.

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