The ECB chairman Richard Thompson has revealed that the board has a target of at least 350 million euros in the process of privatising The Hundred Competition.
He believes the target will be surpassed comfortably when deals are signed off early next year.
The private equite group Bridgepoint made a lucrative offer to buy the majority stake of the competition two years ago which was turned down due to ECB’s desire to retain control of The Hundred.
Thomson sadi the offer had imformed the benchmark that the ECB are attemption to clear it in the ongoing sales process.
ECB are selling 49% stakes in each of the eight teams in The Hundred, which will be turned into the franchises and will run as joint ventures with host counties.
The sales process launched in early September and the final deadline will be in January 2025.
Thompson said last month that the pool of Prospective investors was broader and bigger that the Raine Group – the US Investment bank who are running the process had anticipated.
The ECB have not previously committed to a projected figure from the sale in Public, but Thompson has now revealed that minimun target value set by the board.
“Our target was to raise £350 million from sales,” told Thompson.
“I think we’re going to exceed that comfortably, but we’ve still got some way to go. I think all of us have been genuinely shocked over the quality and quantity of interest… There’s hardly anyone in sport that isn’t at the table.”
“This process presents a once-in-a-generation opportunity for a significant capital injection into cricket in England and Wales,” Gould wrote.
“It is a rare moment when we have the collective power to ensure that these funds are utilised fully in ways that will provide long-term financial sustainability for the whole game.”
Richard Gould also revealed that the ECB will soon establish a ‘Hundred committee’ designed to “lead, scrutinise and monitor the administration, operation and commercialisation” of the compensation.
The members will comprise ECB non-executive directors, representatives from the franchises and independent appointments.
