ECB is trying to push the sale of stakes in all eight Hundred teams toward the finish line, attempting to get host venues and investors to formally sign off on the deals that promise to transform the competition’s commercial future. According to a report by The Sunday Times, the ECB communicated at its annual general meeting last week that “matters were imminent,” after months of negotiations involving complex contracts and investor groups.
The February sale process raised more than £525 million, valuing the Hundred teams collectively at just over £975 million. However, final contracts are reportedly now approaching completion due to the complexity of the transactions, involving 26 different sets of legal counsel and a diverse slate of new team owners, many with ties to Indian Premier League franchises and U.S.-based sports investors.
New owners gain power as ECB relinquishes key control mechanisms
As part of recently revised participation agreements, the ECB has reportedly made significant governance concessions in an attempt to finalize the deals. Most notably, the board has abandoned its right to unilaterally terminate the Hundred after seven years and has agreed to dilute its influence on the competition’s governing board.
Originally, the ECB was to appoint four of the 20 board members with double voting power. Now, those votes will carry equal weight, giving the incoming owners more say and effective veto rights over future changes. Major decisions, such as league expansion, will require a two-thirds majority.
That threshold effectively prevents the addition of new teams unless it’s proven that a ninth or tenth team would generate at least 10% more revenue from the league’s broadcast deal.
Durham and Kent in line for expansion—West Country hopes fade
If expansion is approved in the future, Durham and Kent are seen as the most likely locations for new teams, with both having grounds—Riverside and Beckenham, respectively—capable of meeting required stadium standards. Earlier speculation around a possible joint bid by Somerset and Gloucestershire has faded, with Gloucestershire now unlikely to develop a new venue in Bristol.
Ambani’s Reliance leads push for better terms as ownership splits emerge
While some investors are acquiring full control of teams—like the Sun Group’s 100% stake in Northern Superchargers and RPSG’s 70% share in Manchester Originals—others are buying only the ECB’s 49% stake. These more limited buyers reportedly faced more sticking points in negotiations.
Reliance Industries, led by Asia’s richest man Mukesh Ambani, is in advanced discussions with Surrey, the host of the Oval Invincibles. According to The Times, other investors were reportedly waiting to see if Reliance could extract more favorable terms before finalizing their own deals.
New media rights structure could open door to Indian player involvement
One of the most consequential developments on the horizon is a shift in the Hundred’s media rights strategy. From 2032 onward, the tournament’s rights will be sold separately from those of England’s international and domestic fixtures—a move that could significantly boost the Hundred’s value.
Much of that upside may hinge on the potential involvement of Indian talent. “We’ll see by then whether young, retired or contracted Indian players are in the mix,” one source said. “It’s very realistic, [although] I’m sure there will be a revenue share with the BCCI if that were to happen.”
Counties and MCC to receive payouts as early as this year
Once contracts are finalized, the influx of capital will begin flowing, with a portion delivered in lump sums and the rest distributed over five years. The money will be shared among all 18 first-class counties and the MCC, providing a major financial boost to the domestic game.
Conclusion: will this seal the deal?
As the ECB attempts to finalize deals that will redefine the future of the Hundred, it’s clear that control of the competition is moving away from the board and toward a global set of private owners. With Indian conglomerates, IPL investors, and U.S. money pouring in, the Hundred is set to become both more international and more commercially aggressive—but also less centrally controlled.
The coming days and weeks will reveal whether the latest concessions reportedly made by the ECB are enough to satisfy new owners and get the deals to acquire team stakes finally completed.
