The England and Wales Cricket Board (ECB), under the leadership of Chair Richard Thompson, has set an ambitious goal of generating at least £350 million through the sale of stakes in The Hundred, its innovative cricket competition. This target reflects the board's confidence in the commercial appeal of the tournament, with Thompson expressing optimism that the goal will be "comfortably" surpassed when agreements are finalized early next year.

In recent years, The Hundred has attracted significant interest from investors, notably when the private equity firm Bridgepoint offered to acquire a majority stake in the competition two years ago. The ECB declined this offer, opting instead to retain control over the tournament. This decision has informed the current sales strategy, which aims to leverage the competition's growing popularity.

The ECB is currently in the process of selling 49% stakes in each of the eight teams participating in The Hundred, transitioning them into franchises. These franchises will initially operate as joint ventures with their respective host counties, or in the case of the London Spirit, with the Marylebone Cricket Club (MCC). The sales process, which commenced in early September, is currently in its second phase and is slated to conclude by January 2025.

Thompson has highlighted the unexpectedly high level of interest from potential investors, surpassing initial expectations set by the Raine Group, the US investment bank managing the sales process. Despite not previously disclosing a financial target publicly, Thompson has now confirmed that the board is eyeing a minimum of £350 million from these sales.

"Our target was to raise £350 million from sales," Thompson stated in an interview with City AM. "I think we're going to exceed that comfortably, but we've still got some way to go. The quality and quantity of potential investors have genuinely surprised us all."

The Hundred, which debuted in 2021, has been a cornerstone of the ECB's strategy to rejuvenate interest in cricket by introducing a shorter and more dynamic format. The competition has successfully drawn in new audiences, particularly among younger demographics and families, bolstering its marketability.

As the deadline for finalizing deals approaches, the ECB remains confident in the lucrative potential of The Hundred. With the competition's growing reputation and innovative format, the forthcoming franchise model is set to offer a unique investment opportunity in the cricket world.