The England and Wales Cricket Board (ECB) has confirmed that franchise agreements for The Hundred, worth a reported £520 million, are not yet finalized—despite projections for an April completion. But ECB leaders insist the contracts are in the final stages and expect a transformative impact on English cricket.
Legal complexity, not setbacks, behind franchise deal delay
At SportsPro Live in London, ECB director of strategy Vikram Banerjee said the process is nearing completion. “We are into the final straight,” he said, adding that final signatures are expected “very, very soon.”
Banerjee attributed the delay to the legal complexity of converting The Hundred into eight joint-venture franchises. “There’s just a lot of paperwork,” he noted. “The amount of legal documentation and restructuring is quite monumental.”
Investor interest remains strong despite delays
ECB CEO Richard Gould emphasized that the delays stem from detailed negotiations, not financial disagreements or investor retreat.
“All discussions are on a very sound footing,” Gould said. “We’re working to maximize value from sponsorships, ticket sales, and broadcast rights.”
Gould also highlighted that the quality of investors and their long-term interest is driving deeper conversations. “Some parties are ready now; others are seeking more clarity. That’s a good sign of seriousness,” he added.
India meetings helped resolve key issues
In April, Gould and Banerjee traveled to India to meet with prospective investors, including IPL franchise owners. Similar visits were made by Surrey, Hampshire, and Lancashire, whose partners are part of The Hundred’s incoming investor group.
Bundled media rights a sticking point
A major point of contention is the ECB’s plan to bundle domestic media rights for the 2029–2032 cycle. This would combine rights for The Hundred with England’s international cricket in a single package—resisting investor pressure to sell Hundred rights independently.
High-profile investor groups—such as the Ambani family—have raised concerns, hoping for greater control over monetizing media content. Still, the ECB has held firm, arguing bundling increases value for a still-growing property like The Hundred.
When rights go to market in two years, broadcasters will be required to submit itemized bids, offering transparency and ensuring a minimum valuation of £51 million per year for The Hundred. Overall rights are projected at £220 million annually.
While UK rights remain bundled through 2032, investors will gain control over international rights—a key ROI channel. From 2033, the ECB plans to unbundle the rights, giving franchises more leverage in future negotiations.
Franchise control and ECB concessions
In return for investor commitment, the ECB has made notable concessions. Franchises will gain more autonomy over sponsorships and hold two-thirds of voting power on the new 20-member Hundred Board. The ECB will control just one-third of board votes—marking a shift toward shared governance.
Ambani family’s deep involvement in negotiations
The Ambani family, owners of the Mumbai Indians, are in advanced talks to take control of a Hundred franchise. According to Gould, negotiations have been intense but productive.
“We spent every hour with the [Ambani] team,” Gould said. “We came away really enthused about the partnership.”
However, reports suggest the Ambanis are still seeking additional concessions and are not yet satisfied with all terms of participation.
ECB focused on long-term gains and grassroots investment
Speaking on the Final Word podcast, Gould outlined the broader vision for the franchise model. “Subject to completion, this puts the game in a very different position. Hopefully, £50 million into grassroots cricket, £500 million through the professional game—invested wisely to sustain cricket for the next 20–25 years.”
He added: “The level of investor quality is a game changer for us. We’re happy to take the extra time to get this right.”
