The England and Wales Cricket Board (ECB) is under increasing pressure to consider reducing its £520 million valuation for 49% equity in The Hundred’s eight franchises, as talks with new investors stretch into a second extended negotiation window.
At the center of the impasse is a growing disagreement over control of the competition’s future television rights. The ECB has insisted it will retain centralised authority over domestic broadcast deals—a model that currently earns around £220 million annually through its partnership with Sky Sports. However, prospective owners of the new Hundred franchises are pushing for a different approach starting in 2028.
Multiple investor groups are reportedly seeking to secure direct control over The Hundred’s next TV deal, including the rights to manage and sell broadcasting agreements independently – according to a report in City AM. Furthermore, they want individual franchises to keep the revenue generated from those deals, instead of allowing the ECB to pool and distribute income across the broader English cricket ecosystem.
The issue has proven significant enough to delay the timeline. The initial eight-week exclusivity window granted for finalizing the deals—set after January’s groundbreaking auction—has now been extended through the end of April. While all sides remain optimistic that a resolution is achievable, insiders suggest investors may push for reduced franchise prices if their demands over TV rights and revenue sharing aren’t met.
The stakes are high. The ECB shocked the sports business world earlier this year by pulling in a combined £520 million from franchise sales, with individual team valuations ranging from £79 million to £295 million. This unprecedented injection of capital was widely seen as a transformative moment for English domestic cricket.
Nonetheless, the ECB must now weigh whether it’s better to accept lower investment figures or compromise on broader strategic control of The Hundred—particularly its media rights and revenue model. Re-running auctions or reopening bidding would present significant logistical complications, especially given that many losing bidders from the January process have since invested in other global franchise opportunities.
The months ahead will prove pivotal in shaping not only the financial structure of The Hundred, but also the ECB’s ability to maintain a centralized approach to domestic cricket governance amid a global franchise boom.
