The Hundred, English cricket’s version of the Indian Premier League -without the $12 billion brand valuation – is reaching a new stage in its development with the sale of the existing franchises that currently compete.

The equity sales process began back in September when the England and Wales Cricket Board opened up the bidding for a 49 per cent stake in each of the eight teams. They received multiple bids from the likes of IPL team owners, U.S. sports investors, global tech entrepreneurs, and big private equity names. The real bidders are now in the ring for the knockout stage after four months of sparring.

The ECB originally appointed Deloitte and the New York-based merchant bank The Raine Group to source suitable “strategic partners” for the future success of the competition and to ensure that English domestic cricket has financial security for at least the next two decades.

Raine’s expertise is in the sale of sports teams and they have already been involved in the buyouts of Chelsea and Manchester United F.C, Seattle Reign from the NWSL, and the acquisition of the NBA’s Los Angeles Clippers. Given that the two-year-old Major League Cricket has already signed up Australia captain Pat Cummins to its San Francisco franchise, the Hundred could do with a big-name signing to go with its promise of supercharged investment.

The new round of the Hundred fixtures was announced on Wednesday this week and the final round of the overall sales process will start on Thursday. ECB chairman Richard Thompson indicated late last year that the minimum target figure for the initial sales would be in the region of £350 million ($434,000). The proceeds would be split between the 18 English counties that make up the two-division structure of the Championship, the women’s game, the arbiters of law-making in cricket- the MCC – and the grassroots community in England and Wales.

The two London teams are the most sought-after. The Oval franchise- hosted by Surrey – is expected to be the first stake sold. The men’s and women’s franchises have won four titles between them in the four years of the tournament so far and are seen as the elite lucrative capture. The Ambani family, which topped the 2017 list of Asia’s richest families, owns the Mumbai Indians IPL team, and is front and center favorite to capture the Invincibles team. There will be a series of deal-defining live auctions that will determine ownership between warring rival bids. CVC Capital Partners and a consortium led by Nikesh Arora, the CEO of Palo Alto, are also in the mix to purchase the franchise.

London Spirit, based at the home of cricket, Lord’s, is valued at $150 million and has had interest from RSPG, the owners of the Lucknow Super Giants, members of the Glazer family (owners of the Manchester United F.C) and Todd Boehly, who led a group that purchased Chelsea F.C, for 5.3 billion in 2022.

Concerns have been expressed about the whole viability of the ECB’s plans to ensure longevity for the English county game. Surrey is an example of a well-run, successful and profitable club, retaining its championship title as well as the Hundred trophy in consecutive seasons. There are many stories of the have-not counties that are losing millions and haven’t been profitable for decades.

There are also strong voices who worry about what impact the increasing white-ball money-spinner is having on the once-treasured Test arena. More players have become globetrotters to secure their future in lucrative franchises from East to West. The gap widens between those who are barely part of the commercial crumbs in the red-ball cake and the cricket boards that can do just fine playing among themselves. India, Australia and England always have their day in the sun.

The ECB has previously claimed the competition made profits in the first two years. However, a well-publicized report by Fanos Hira, a chartered accountant and former chair of Worcestershire, stated that the Hundred made a loss of over $11 million in its first two years. That didn’t include the $30.8 million paid by the ECB to the counties and the MCC in return for backing the competition.

The ECB has been accused of inflating the financial projections in a document distributed to investors, claiming domestic TV rights will rise from over $105 million annually from 2029 and that Indian TV rights will increase by 15 million from 2030. Currently, no Indian players are permitted to play in foreign franchises which undermines the breadth of the viewership. The founder of the IPL, Lalit Modi, said that the figures for sponsorship were far-fetched and that the Hundred didn’t even match the Caribbean Premier League, let alone the IPL, for profitability and revenue sustainability.

“I don’t see why our competition can’t be the second-best to the IPL because we are building towards something in the years to come,” said England managing director Rob Key in a 2023 interview with the BBC. This is crunch time now for the pulling power of the Hundred.