Luxembourg-based private investment firm CVC Capital Partners is in discussions to acquire one of the eight franchises in The Hundred, marking what would be the first private equity investment in English cricket, according to a report by the Guardian.
The England and Wales Cricket Board (ECB) distributed sales decks for the franchises on Friday, with CVC and all 10 Indian Premier League (IPL) team owners expected to participate in the complex bidding process, which is slated to conclude by Christmas.
CVC is reportedly focusing on the Oval Invincibles, with executives from the private equity firm attending matches at the Oval this summer. The Oval franchise is one of the most sought-after in the auction, alongside London Spirit, which is drawing interest from the Ambani family, owners of the Mumbai Indians. While the ECB is aiming to raise around £500m by selling a 49% stake in the franchises, insiders estimate that the two London-based teams alone could be valued at £300m.
The Invincibles are considered the most successful team in The Hundred, having won the women’s competition in 2021 and 2022 and the men’s competition for the last two years. However, Surrey County Cricket Club, which holds a 51% stake in the Invincibles, intends to retain majority control. The Oval-based reported a turnover of £65.4m last year, giving it the resources to fend off CVC if necessary.
It remains unclear whether CVC would be satisfied with a minority investment in the Invincibles or if it would pursue full control of another franchise. Other IPL franchises are also eyeing Hundred teams, with the Delhi Capitals and Sunrisers Hyderabad reportedly in advanced talks to acquire the Southern Brave and Northern Superchargers, respectively.
The ECB has been targeting IPL owners and North American investors, including high-profile names like Avram Glazer and Ryan Reynolds, during early discussions. Around 200 initial expressions of interest have been received, with 60 to 70 considered serious bidders. Prospective buyers have until the end of October to submit their bids.
CVC’s cricket investments have been successful in the past. The firm paid £550m for a controlling interest in the IPL’s Gujarat Titans in 2022, with the team winning the title in its debut season. The Luxembourg-based firm is now in talks to sell a majority stake in the Titans to Indian conglomerates Adani Group and Torrent Group, potentially doubling its initial investment.
CVC declined to comment on the ongoing discussions.
