The Hundred sales: ECB confirms stakes in six teams sold, with two ‘on track’

The sales of stakes in six of The Hundred teams have been completed, the England and Wales Cricket Board has confirmed.

Investments in Oval Invincibles and Trent Rockets are yet to be completed but “remain on track”.

The Sun Group, owner of Indian Premier League (IPL) side Sunrisers Hyderabad, has paid just over £100m for a 100% stake in Northern Superchargers, who are based at Yorkshire’s home Headingley.

Indian company RPSG Group, which owns Lucknow Super Giants in the IPL and Durban’s Super Giants in the SA20, has purchased 70% of Manchester Originals, while GMR Group, which owns Delhi Capitals, has bought 49% in Southern Brave.

American-based groups Tech Titans (49%), Knighthead Capital Management (49%) and Washington Freedom (50%) have completed purchases in London Spirit, Birmingham Phoenix and Welsh Fire, respectively.

The valuation of the eight teams was £975m, with more than £500m being generated via the sales which will now be shared by the England and Wales Cricket Board (ECB) among its professional counties and at least £50m for grassroots cricket.

Investors will take operational control from 1 October, meaning they will have no direct involvement in this year’s competition, which starts on 5 August.