Final two deals completed in The Hundred cricket competition
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LONDON (AP) — The final two deals have been completed for the eight teams in The Hundred cricket competition, the England and Wales Cricket Board said Wednesday.
The remaining deals were for Oval Invincibles and Trent Rockets.
Surrey County Cricket Club and Reliance Strategic Business Ventures announced their partnership on Wednesday. As from next year the men’s and women’s teams of Oval Invincibles will become MI London. The Invincibles have won five titles in five years across both men’s and women’s tournaments and are the latest team to become part of the Mumbai Indians name.
The previously completed deals were with London Spirit, Birmingham Phoenix, Manchester Originals, Northern Superchargers, Southern Brave, and Welsh Fire.
American-based groups Tech Titans, Knighthead Capital Management and Washington Freedom purchased stakes in London Spirit, Birmingham Phoenix and Welsh Fire, respectively.
The eight partnerships are valued at 975 million pounds (around $1.3 billion), with 500 million pounds invested back into the game, including 50 million pounds for grassroots cricket.
“It’s an exciting moment to now have all eight deals complete,” said Vikram Banerjee, managing director of The Hundred. “It’s also an important moment for the whole of the game in England and Wales, unlocking significant investment to support the game at every level.”
The quick-paced and compact format of the game is similar to Twenty20 and was launched in England in 2021. The ECB retains full ownership of the competition and its regulations.
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AP cricket: https://apnews.com/hub/cricket