Hundred: Manchester United and Chelsea owners target late winner at Lord’s auction | Cricket news
Part-owners of Chelsea and Manchester United football clubs are among the quartet of finalists vying to buy a major stake in the Hundred franchise London Spirit.
Sky News has learned that a vehicle run by Chelsea shareholder Todd Boehly and members of the Manchester United-owning Glazer family has been shortlisted to take over 49% of the Lord’s-based team from the England and Wales Cricket Board (ECB).
The other two shortlisted bidders are a consortium of technology company owners and financiers that includes the heads of Google and Microsoft; and RPSG Group, owner of Indian Premier League side Lucknow Super Giants.
People close to the process said on Thursday that four bidders would be asked to submit sealed bids for the ECB stake next week, with the ECB expected to choose the best bidder.
The London Spirit franchise is expected to be valued at around £140m, meaning the revenue to be received and distributed by the ECB would be approximately £70m, the insiders added.
The identity of the shortlisted parties means India’s Ambani family, owners of IPL team Mumbai Indians, are not in the running to buy the Lord’s-based outfit.
Instead, Mumbai Indians owners are looking for bids for the Oval Invincibles and Manchester Originals teams, according to insiders.
The shortlist for some of the eight hundred franchises is said to number fewer than four bidders, although the process is complicated by the presence of some parties in several processes.
The owners of Lucknow Super Giants, for example, were reportedly in the hunt for four of the eight teams.
In total, the ECB indicated it could receive around £350m for its 49% stake in the eight teams.
The host counties are also allowed to sell their 51% stake, although some have said they do not intend to do so.
The MCC, which controls the London Spirit franchise, has no intention of transferring its stake at this time, according to cricket insiders.
Sky News revealed earlier this month that a consortium of tech executives are also vying for the Oval Invincibles, and are expected to be shortlisted in the process.
CVC Capital Partners, a buyout firm that has made much of the sports investment, has also submitted a bid for the Oval-based team.
Investors will only be allowed to own a stake in one of the eight teams, which also include the Welsh Fire, Southern Braves and Northern Superchargers.
Higher-than-expected revenue from the process could offer a financial lifeline to a number of cash-strapped districts, with some of the revenue likely to be used to pay down debt.
Concerns were expressed, however, that the windfall from the Hundred auction would not lead to significant improvements in the counties’ long-term financial sustainability.
The outcome of the Hundred auction is also likely to intensify other questions about the future of cricket, as the Test format of the game struggles for international commercial relevance against competition from shorter players.
The Hundred auction is being run by bankers from the Raine Group, the same firm that oversaw the sale of large stakes in Manchester United and Chelsea in recent years.
An MCC spokesman declined to comment, while none of the bidders was contacted Sky News he would comment.
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