The England and Wales Cricket Board (ECB) has taken another step forward by selling some or all of its 49% stake in 800 franchises. They have appointed US-based merchant bank Raine Group, which was responsible for the recent sales of Chelsea and Manchester United, as a “sourcing partner” as they seek to put the controversial deal ahead of the start of the fourth season in July. of competition monetization.
The sale is estimated to raise £500m, sparking a financial flood that will boost county finances and benefit MCC and leisure sports after years of famine. “Our aim is to find partners with the expertise to help us take competition to the next level, while ensuring that any investment benefits the entire game,” the ECB said.
Wren specializes in the sale of media assets, including sports teams, and was also involved in the sale of The Telegraph and The Spectator. In addition to identifying potential investors, they will work with Deloitte throughout the process as a financial advisor to the ECB. Law firm Latham & Watkins, which has been involved in deals for Chelsea and Manchester United, will act as joint legal counsel.
Vikram Banerjee, director of business operations at the ECB, said: “We see this moment as an opportunity to take the Top 100 competition to the next level, while leveraging global interest in the competition to underpin the overall domestic game. Structure. “The opportunity to work with new global strategic partners will help us unlock the future potential of The Hundred. We will seek to attract the best talent in world sport and develop The Hundred into an event that can transform the entire world in the coming years.” A game that cricket benefits from.
“Proceeds from any investment will go directly into entertainment and county competitions, which will support other parts of cricket which are beloved by fans and players and play an important role in identifying and developing talent.”
