On the first day of the landmark Hundred sale, Ambanis and Knighthead Capital, owners of Birmingham City, secured the right to purchase 49% stakes in the Oval Invincibles and Birmingham Phoenix, respectively.
Knighthead’s £40 million offer for 49% of Birmingham Phoenix won in a sealed-bids auction, surpassing a bid from private equity firm CVC Capital Partners. The ECB raised £100 million on the first day of the process, putting them on track to meet their £350 million target, with the funds to be distributed to counties and grassroots cricket.
The London Spirit has been valued at £150 million, which could bring an additional £75 million for the ECB. The auction for the London Spirit will occur on Friday, alongside that for Cardiff-based Welsh Fire, with auctions for other teams like Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave to follow next week.
Reliance and Knighthead now enter six weeks of exclusive talks with Surrey and Warwickshire, respectively, as well as the ECB and its financial advisers, to finalize the deals.
The identities of the first two winning bidders are seen as positive by the ECB, with the Ambanis’ extensive resources and influence, and Knighthead’s notable American sports connections, including legendary quarterback Tom Brady as a shareholder in Birmingham City.
Richard Gould, ECB CEO, has said the proceeds from the sale will help secure the financial future of the county game for the next 20-25 years, with 10% of the funds allocated to the recreational game.
_______________________________________________________________________________________
Stay ahead of the latest cricket industry trends by subscribing to our free cricexec “daily briefing” newsletter.
