The England and Wales cricket Board has taken a further step in selling its 49% stake in the Eight Hundred franchises. The ECB appointed Raine Group of the US, which was involved in the recent sales of Chelsea United and Manchester United as “source partners”, to help monetise this controversial competition.
The sales could raise an estimated £500m, which would be a flood of money that would benefit the MCC as well as the recreational game. The ECB stated that the aim was to find partners who had the necessary expertise to take the competition to a new level. Any investment would benefit the entire game.
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Raine specializes in selling media assets including sports teams. They are also involved with the process of selling the Telegraph and Spectator. They will also work with Deloitte, the ECB’s financial advisers, to identify potential investors. Latham & Watkins will be the co-counsel. This legal firm was also involved with the Chelsea and Manchester United transactions.
Vikram Banerjee is the director of business operations at the ECB. He said: “We identified this moment as an opportunity to take Hundred to the Next Level while capitalising on global interest in competition to underpin structure of the entire domestic game.” The opportunity to work with new global strategic partners is key to unlocking the future potential of Hundred. We will look to bring in the best of the world’s sport to help grow the Hundred and make it a competition that can benefit all of cricket.
The proceeds of any investment will go directly to the recreational game and county cricket, which is so loved by both fans and players and plays an important role in identifying talent.
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