Hundred cash windfall a ‘seminal moment’ for English cricket: ECB

LONDON: English cricket chiefs say a windfall of nearly £1 billion ($1.25 billion) from an auction of Hundred franchises is “a seminal moment” that will safeguard the game for future generations.

Global investors, including four groups with links to the cash-rich Indian Premier League, have sunk vast sums of money into the competition´s eight city-based teams. England and Wales Cricket Board chief executive Richard Gould said at Lord´s on Thursday he wants to make the Hundred the “dominant competition” among its rivals.

The 100-balls-a-side format, which features men´s and women´s teams, was launched to great fanfare in 2021. It has proved controversial, with many county cricket fans angry at the way the tournament deprives their clubs of key players at the height of the season.

But the ECB is confident that £520 million of new investment will eventually work its way into the game. The auction process puts the combined value of the eight teams at more than £975 million -- a strikingly high figure in the context of cash-strapped English domestic cricket.

There is now an exclusivity period, to finalise the deals. A total of £50 million will be set aside for recreational cricket and the rest split between the 18 first-class counties and Marylebone Cricket Club, the owners of Lord´s.

Counties who do not have a Hundred team will receive a larger slice, while the hosts were gifted a 51 percent share in their teams. “In the past few days, we´ve reached a seminal moment for cricket in England and Wales,” ECB chairman Richard Thompson said in an open letter published Thursday.

He added: “Our aim now is to ensure the necessary steps are taken to finalise this process, in order to unlock the transformative impact that these new partners will bring to the competition.