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Hundred investors force ECB onto sticky wicket over revised £975m deal
A £975m deal to transform the finances of English cricket risks facing further demands for revision over proposals including one allowing the sport's governing body to cancel The Hundred tournament in seven years time.
Sky News has obtained a revised document sent this weekend by the England and Wales Cricket Board (ECB) to prospective investors in the eight Hundred franchises - who include some of the world's most powerful technology company executives. The document outlines a series of changes to the ECB's original proposals, in an attempt to persuade the competition's new shareholders - who have collectively agreed to stump up £520m for their team stakes - to sign binding contracts within weeks.
In recent weeks, the ECB has come under pressure from many of the investors to revise proposals relating to media and sponsorship rights, future expansion of The Hundred, and governance of the tournament. The sale of the ECB's 49% stakes in the eight Hundred teams, including Trent Rockets and Oval Invincibles, was hailed as a landmark moment for the sport, paving the way for a vast injection of cash into English cricket at county and grassroots level.
However, one senior cricket insider cast doubt on the ECB's timetable for signing binding agreements, scheduled for 29 April, amid continuing dissatisfaction from some stakeholders. Another sticking point for the investors may be the inclusion of a clause that the ECB has the right to unilaterally terminate the Hundred competition after seven years.
"What happens in year eight?.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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