• Sportzyverse
• Cricket news
• 06/19/2024
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Indians and their interest in cricket is hidden from none. After the Indian Premier League’s (IPL) spread all over the world, it is now a significant development as five IPL franchises have expressed interest in acquiring a stake in London Spirit, the Lord’s-based team competing in the Hundred tournament. This revelation comes from Mark Nicholas, the MCC president, who is set to take over as the club’s chairman in October.

Nicholas announced these plans at the inaugural World Cricket Connects symposium, an event organized by MCC to unite influential figures from the cricketing world. Scheduled for July 5, the symposium aims to shape the sport’s global success and provide a balanced platform for stakeholders to discuss the game’s future.

IPL franchise interested in The Hundred’s team

The interest from IPL franchises in London Spirit’s Hundred stake highlights the growing appeal of franchise cricket and the potential for expansion and investment. As this isn’t the first time Indian franchises have eyed and bought stakes in T20 tournaments held abroad. Be it the SA20 League of South Africa or the MLC of the United States of America, all of them have sister franchises of several IPL teams playing in them.

With the England and Wales Cricket Board’s (ECB) proposal to privatize the Hundred tournament, the eight host teams, including London Spirit, are being offered 51% stakes. The remaining 49% will be sold to private investors through bidding.

“What we are putting to a vote is to accept the ECB’s offer of a 51% share of this franchise. We will always be a members’ club. The first target is membership harmony because as a member you are entitled to a view. It’s very easy to knock people back because they’re difficult, but actually there is quite a lot of good thinking that comes out of activism. You have to treat people with respect and hear their view,” said Mark Nicholas, as quoted by ESPNcricinfo.

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So far the ECB has appointed Raine Group and Deloitte as advisors for the Hundred privatization process. While there is no formal deadline, they are eager to finalize terms by the end of the year.

“The real truth is that not everything is clear yet. For example, how would the bidding process take place? What’s the rollout of these franchises in the bidding? We don’t know that yet. The ECB haven’t declared that. We have met the investment bank – I’m not sure they even know yet. There’s still a lot for us to learn,” Nicholas concluded.

The interest from IPL franchises and the potential privatization of the Hundred marks a transformative period for English cricket, promising new opportunities and challenges in the sport’s evolving landscape.