Another move has been made by the England and Wales Cricket Board (ECB) in the direction of selling all or part of its 49% stake in the eight Hundred franchises. To capitalise on the contentious competition before its fourth season begins in July, the European Cricket Board (ECB) has named Raine Group, a US-based merchant bank that worked on the recent transactions of Chelsea and Manchester United, as one of its "source partners."
Sales may bring in an estimated £500 million, resulting in a financial flood that would help the MCC and the recreational game in addition to boosting county budgets. “The ambition is to seek partners with the expertise to help us take the -competition to the next level while ensuring any investment benefits the whole of the game,” the ECB said.
In addition to being involved in the sale of the Telegraph and the Spectator, Raine specialises in the selling of media assets, including sports franchises. They will collaborate with Deloitte, the ECB's financial advisors, in addition to identifying possible investors, throughout the process. Co-counsel will be the law firm Latham & Watkins, which was previously involved in the Chelsea and Manchester United mergers.
“We have identified this moment as the opportunity to take the Hundred to the next level while capitalising on the global interest in the competition to underpin the structure of the whole domestic game,” said Vikram Banerjee, the ECB’s director of business operations. “The opportunity to engage new global strategic partners will help us unlock the future potential of the Hundred. We will be looking to engage the very best in world sport to grow the Hundred into a competition which can benefit the whole of cricket for years to come. With proceeds from any investment going direct to the recreational and the county game, it will support the other parts of cricket which are so cherished by fans and players alike and play an important role in identifying and developing talent.”