Hundred Cricket Deal Faces Investor Pushback over ECB Control and Exit Clause

By Evans Momodu
Published 19:14


A £975m deal to transform English cricket is under pressure as investors object to ECB's power to cancel The Hundred and seek governance reforms.

The England and Wales Cricket Board (ECB) faces mounting resistance from investors in a £975 million deal to reshape the future of English cricket amid concerns over governance and a clause allowing the board to cancel The Hundred after just seven years.

A confidential document outlines the ECB’s revised terms to potential shareholders of The Hundred’s eight franchise teams. The revisions are aimed at easing investor unrest ahead of a critical deadline to finalise binding contracts by April 29.

Investors — including tech leaders from Google and Microsoft, Chelsea FC co-owner Todd Boehly, and the Ambani family — have committed £520 million collectively to acquire 49% equity in the tournament. However, sources say many are wary of unresolved issues around media rights, league expansion, and the ECB's ongoing influence.

One major sticking point is a clause that allows the ECB to unilaterally shut down the competition in year eight, sparking investor fears of long-term instability and lack of guaranteed value.

“These investors are putting in hundreds of millions — with no clear terminal value,” said a source close to the deal.

The document outlines the creation of a new Hundred Board (HB) to oversee the league, effectively removing the ECB’s unilateral control. The ECB would hold only a third of the voting rights but retain double-weighted votes for its four members.

The HB would consist of 20 seats: four for the ECB, two for each franchise. Key decisions — such as changes to media rights, league expansion, or financial distributions — would now require “triple trigger” approval from:

• A majority of investor members

• Two-thirds of HB members

• The ECB board

Despite this redistribution of power, the ECB would appoint the chair of the HB and the league’s managing director for a minimum five-year term, raising concerns among backers about entrenched control.

Media Rights and Expansion Plans

The ECB’s roadmap also includes:

• A floor valuation of £51 million per year for bundled UK media rights starting in 2029

• Default unbundling of media rights between The Hundred and ECB cricket from 2030 onward

• A cap on expansion until 2029, with strict entry requirements, including exclusive, purpose-built stadiums

Prospective new franchises must also prove that they unlock new fan demographics and contribute meaningfully to ticket sales.

Industry Significance

This commercial revamp, hailed as a potential financial lifeline for English cricket, particularly the counties, could yet be derailed by investor scepticism over long-term commitments and governance protections.

One senior cricket figure told Sky News the current deal timeline is under threat, reflecting broader tensions in aligning traditional sporting governance with private equity-style investment structures.

With just weeks to go, the ECB must now find common ground with its new partners — or risk jeopardising what was supposed to be a historic leap forward for the sport.
Source:Sky news