Birmingham Phoenix has become the first team in The Hundred to finalize a major equity sale, securing a £40 million investment from U.S.-based Knighthead Capital. The milestone deal is a key step in the England and Wales Cricket Board’s (ECB) broader effort to attract private capital into the competition’s franchise model.
According to a report by ESPNcricinfo’s Matt Roller, Knighthead’s acquisition of a 49% stake in the Phoenix was completed on July 15, as confirmed by documents filed with Companies House. The deal, originally agreed in January, marks the first completed transaction in the ECB’s ongoing sale of Hundred franchises.
Knighthead strengthens Birmingham sports footprint
New York-based Knighthead Capital, already owners of Birmingham City Football Club, sees the Phoenix acquisition as part of a wider plan to create a world-class “Sports Quarter” in the city. The project envisions a new 62,000-seat stadium, upgraded transport links, and a year-round multi-sport district centered in Birmingham.
“We really, genuinely want to see Birmingham continue to develop and grow,” Tom Wagner told the BBC. “The Phoenix is a great way to expand the exposure of the city to a broader, more global audience. It’s also a way for us to tie-in to the substantial south Asian community that is here in Birmingham.”
Wagner, Knighthead’s co-founder, has been appointed to the Phoenix board alongside fellow Birmingham City FC directors Andrew Shannahan and Kyle Kneisly. NFL icon Tom Brady, a minority investor in Knighthead, holds a small interest in the group but will not have a role in the cricket venture.
Warwickshire partnership remains central
While Knighthead now holds a 49% stake, Warwickshire County Cricket Club retains majority ownership and operational influence. The club keeps four of the seven board seats—held by chair Mark McCafferty, CEO Stuart Cain, strategy director Craig Flindall, and commercial director Adam Lowe.
The current operational structure will remain in place through the 2025 edition of The Hundred (August 5–31), with Warwickshire and Knighthead assuming joint control from 2026. Day-to-day cricket decisions will continue to be led by Warwickshire’s performance staff.
The influx of capital will support Warwickshire’s financial position, fund Edgbaston Stadium upgrades, and help the county recover from the economic challenges following the COVID-19 pandemic.
A pivotal test for private investment in cricket
The Birmingham Phoenix-Knighthead deal is the first deal to be completed in a series of eight deals for The Hundred’s teams. According to ESPNCricinfo, the others are done or close to completion but with The Hundred season starting on August 5 it is unclear whether they will get done before launch.
On the field, Phoenix will look to improve on last year’s results, when the men’s team finished seventh and the women’s side placed fifth. Off the field, both Warwickshire and Knighthead have stressed the importance of aligning community impact, commercial growth, and sporting success.
With the first franchise sale officially closed, the cricket world will be watching closely to see if Birmingham’s closing can serve as a catalyst for the rest of The Hundred negotiations.
ECB’s franchise sale faces legal holdups
The ECB had hoped to complete all eight Hundred franchise sales by April, but legal complexities have slowed the process significantly. “It is about the ‘what ifs’,” Richard Gould, ECB chief executive, 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.”
ESPNcricinfo has learned that several other deals are either completed or close to being finalized, though it remains uncertain whether all eight will be signed off before the 2025 season begins. Four of the remaining investor groups are affiliated with IPL franchises, while the other three are U.S.-based, similar to Knighthead.
