Two remaining Hundred deals 'on track' after six new investors finalise terms
Six out of eight equity sales have been completed, but Oval Invincibles and Trent Rockets still negotiating
Matt Roller30-Jul-2025
Oval Invincibles were the first team under the hammer in the equity sale, but are bringing up the rear in the sign-off•ECB/Getty Images
The ECB insists that external investment in two Hundred teams remains “on track” despite the fact that their deals are yet to be completed.ESPNcricinfo revealed last week that Knighthead Capital’s investment in Birmingham Phoenix had been signed off and five more investors have now completed deals, which were agreed in principle earlier this year. The sales process valued the eight teams at nearly £1 billion collectively, with over £500 million invested in English cricket as a direct result.But two deals have taken far longer than anticipated to complete. The ECB initially gave new investors an eight-week deadline to finalise paperwork, which was later extended after disagreements over the participation agreement, and the deadline for completion has now been extended further for both Oval Invincibles and Trent Rockets.Related
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The ECB announced the completion of six deals on Wednesday, with chair Richard Thompson hailing a “seminal moment” for English cricket. The board said in a statement: “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.”Invincibles will be run as a joint-venture between Surrey (51%) and Reliance (49%), the Indian conglomerate which owns Mumbai Indians and their affiliated franchises around the world. Surrey declined to comment, but are understood to be very confident that the deal will be completed at the start of October.ESPNcricinfo has learned that the Ambani family, which owns Reliance, will attend the fifth England vs India Test at The Oval, but that the visit is unrelated to the timeframe of the deal. One outstanding issue in discussions surrounds the name of the franchise, which could be renamed MI London or MI Oval in line with Reliance’s other franchises outside of India, but branding is not considered a major sticking point.The Rockets’ new investors are Cain International – whose co-founders Todd Boehly and Jonathan Goldstein are part of the consortium that owns Chelsea FC – and private equity firm Ares Management. They will run the franchise as minority partners, with Nottinghamshire – who also declined to comment – retaining a 51% interest.Trent Rockets’ new investors are Cain International and Ares Management•Nathan Stirk/ECB via Getty Images
Both investor groups are understood to have taken up the option presented to them by the ECB to complete their deals post-season on October 1, when they will assume operational control of their teams.Richard Gould, the ECB’s chief executive, has previously blamed the deals’ slow progress on the need to consider “what ifs” and new investors wanting “clarity on all sorts of details” before signing. Gould told ESPNcricinfo last month: “I hate to think how many sets of lawyers are in on this, but that’s what they’re paid to do.”The imminent financial windfall will be significant for many counties, not least Yorkshire, who have sold 100% of Northern Superchargers to the Sun Group. “The deal puts the club in a strong financial position, which has been far from the case for many years,” Sanjay Patel, their chief executive, said. “The first priority is clearing our debts.”The new investors will assume operational control from October 1, with the ECB running all eight teams for the 2025 season which runs from August 5-31.