Six of the eight equity sales for the Hundred have finally crossed the line, yet Oval Invincibles and Trent Rockets remain in the queue after the England and Wales Cricket Board (ECB) pushed back its paperwork deadline for a second time.
Richard Thompson, the ECB chair, called Wednesday’s confirmations a “seminal moment” for English cricket. The governing body issued a short update a few hours later: “The remaining two [deals] are set for formal completion at a later date. They remain on track, in line with the ECB having offered investors the option of completing later.” There is confidence inside Lord’s, but also a quiet acceptance that nobody quite predicted how laborious the lawyers’ exchanges would be.
Key facts first
• Six equity sales completed, raising a little over half a billion pounds.
• Oval Invincibles (Surrey/Reliance) and Trent Rockets (Nottinghamshire/Cain International & Ares) still negotiating final details.
• New investors will assume operational control on 1 October; the ECB will keep running the competition throughout the 2025 season.
• Counties receive a sizeable cash injection, with Yorkshire’s 100 per cent sale of Northern Superchargers singled out as a lifeline.
Why the hold-up?
Richard Gould, the ECB chief executive, put it bluntly last month. “I hate to think how many sets of lawyers are in on this, but that’s what they’re paid to do.” Each franchise agreement has thrown up a fresh ‘what-if’: governance structures, salary caps, even who pays for the mascot’s travel. Unsurprisingly, completion dates have drifted.
Surrey and Reliance: name game continues
The Invincibles arrangement is essentially done: Surrey keep 51 per cent, Reliance Industries—the group behind Mumbai Indians—takes the other 49. Surrey officials would not comment publicly, though one insider suggested early October is a realistic finishing line. The Ambani family, who front Reliance’s cricket interests, are due at the fifth Test at The Oval; board members insist the visit has nothing to do with the paperwork.
Branding is one minor sticking point. Reliance likes a uniform approach—MI Cape Town, MI New York, MI Emirates—so MI London or MI Oval has been floated. Surrey’s preference, we’re told, is for a softer tweak, keeping ‘Invincibles’ somewhere in the name. The debate is good-natured, but it still needs signing off.
Rockets’ American money
Trent Rockets’ minority investors are Cain International—fronted by Chelsea FC part-owner Todd Boehly and long-time associate Jonathan Goldstein—and private-equity house Ares Management. Nottinghamshire will hang on to 51 per cent. Like Surrey, the county has kept its counsel, stressing only that conversations are “positive”. Privately, both parties agree there is no deal-breaker on the table, just an exhaustive list of clauses to check.
County windfalls and Yorkshire’s relief
For several counties, the cash cannot come soon enough. Yorkshire, plagued by sizeable historical debts, have handed Northern Superchargers over to the Sun Group in their entirety. Sanjay Patel, the county’s chief executive, did not sugar-coat the situation: “The deal puts the club in a strong financial position, which has been far from the case for many years. The first priority is clearing our debts.”
Gloucestershire, Kent, Hampshire and others have likewise banked cheques that exceed anything they have previously seen outside a television rights cycle. One director described the mood as “cautiously upbeat”, mindful that eye-catching headline numbers soon disappear if costs rise.
Analysis – what it means on (and off) the field
An influx of private capital should, in theory, sharpen competition. Owners with IPL backgrounds are accustomed to data-driven scouting, deeper coaching staffs and a conveyor belt of overseas talent. That could both lift standards and create fresh tension around the men’s and women’s domestic calendars. Counties, for their part, are unlikely to resist if the new cash covers stadium refurbishments or player pathways.
The argument from ECB headquarters is that stakes remain balanced: counties stay majority shareholders, investors bring new markets and know-how. Critics worry about fragmentation—two sets of commercial agendas pushing in opposite directions—and the possibility of player salaries drifting upwards faster than revenues.
Next steps
Investors are scheduled to take full operational control on 1 October, though season planning for 2025 remains with the ECB to keep everything tidy. Franchises, county chairs and the governing body will meet in September to sketch out recruitment windows, salary bands and a likely tweak to the draft rules.
Privately, most involved believe the remaining signatures will land before then. In cricket, optimism often bowls a slower ball—but for now, the ECB is standing by its “on track” line, and counties are already working out how best to spend the money.
