MI London and Sunrisers Leeds: All Hundred deals completed
All eight deals for Hundred franchises have been completed after the Ambani family concluded negotiations with Surrey CCC.
Six of the eight deals in the short-form competition, which saw eight 49 per cent stakes owned by the England and Wales Cricket Board sold to overseas investors, were completed earlier this year but two deals remained outstanding into the autumn.
But the mega-rich Ambani family’s Reliance Strategic Business Ventures Limited completed their 49 per cent agreement with Surrey County Cricket Club this week while Cain & Ares Management’s purchase of the Trent Rockets was completed in October.
The Hundred has now been valued at £975m with over £500m raised in the sale of stakes ranging from 49 per cent to 100 per cent.
The Hundred deals
Birmingham City owners Knighthead Capital purchased 49 per cent of Birmingham Phoenix while a group of Tech Titans agreed a stake of the same size in the Lord’s-based London Spirit – the home of cricket franchise is valued at nearly £300m, the most expensive of the eight teams.
Indian conglomerate RPSG took a 70 per cent majority stake in Manchester Originals, and will rename the team Manchester Super Giants.
Fellow Indian firm Sun TV Network Limited took a 100 per cent ownership stake in Northern Superchargers in a move that will see the Headingley team renamed Sunrisers Leeds.
The Ambanis went into bat with Surrey, taking 49 per cent in the franchise based out of the Oval – they’ll be known as MI London going forward.
GMR Group took 49 per cent of Southern Brave, but own the host county Hampshire, while Chelsea co-owner Todd Boehly’s Cain – and Ares Management – have completed a deal for Trent Rockets.
The final team, Welsh Fire, is the only 50/50 deal with Washington Freedom agreeing parity with the Cardiff franchise.
New names
Akash Ambani said: “We are happy to welcome MI London into the One Family, marking a new chapter in our journey of uniting cricket fans, nurturing talent, and growing the game across continents.”
Jonathan Goldstein, co-founder of Cain, said: “Since inception, The Hundred has brought something new to the game and Trent Rockets is well placed to be a driving force behind the competition’s next chapter. This is a club with real ambition and a clear drive to win.”