The landscape of The Hundred has undergone a dramatic transformation, with all eight franchises securing significant investment from global powerhouses. As the competition enters its sixth season, the influence of Indian Premier League owners and American capital has reshaped not just the ownership structure, but the very identity of several teams.
IPL Influence Takes Centre Stage
Four franchises now operate under the guidance of companies with established IPL connections, bringing proven T20 expertise to English shores. The most notable transformation sees the former Northern Superchargers completely acquired by Sun Group for £100m, rebranding as Sunrisers Leeds to align with their Hyderabad and Eastern Cape operations.
RPSG Group's £81m investment for a 70% stake in what was Manchester Originals reflects their confidence in the format, leveraging their experience with Lucknow Super Giants and Durban's Super Giants. Meanwhile, the Ambani family's Reliance Industries Limited secured a 49% share in MI London (formerly Oval Invincibles) for an undisclosed sum, extending Mumbai Indians' global reach.
GMR Group's £48m purchase of a 49% stake in Southern Brave completes the IPL quartet, adding to their portfolio that includes Delhi Capitals. These investments suggest betting markets may favour these franchises given their owners' proven track records in franchise cricket.
American Investment Makes Its Mark
Across the Atlantic, American investors have identified The Hundred as a strategic opportunity. Chelsea co-owner Todd Boehly's Cain International paid £38.7m for a 49% stake in Trent Rockets, marking the lowest investment amongst the major deals but potentially offering excellent value.
Birmingham Phoenix attracted Knighthead Capital Management, who paid £48m for their 49% share, creating synergies with their ownership of Birmingham City Football Club. The most substantial American investment came through Tech Titans, who paid £145m for a 49% stake in London Spirit—the highest valuation in the entire process.
Revenue Structure Benefits All
The financial framework ensures widespread benefit across English cricket. Each franchise retains 80% of revenue from their stake sales, whilst 10% supports recreational cricket development and the remainder is distributed amongst other counties. This structure addresses long-standing concerns about franchise cricket's impact on the traditional county system.
Welsh Fire's arrangement with Indian-American businessman Sanjay Goval's group, who also own Major League Cricket's Washington Freedom, demonstrates the increasingly interconnected nature of global franchise cricket. The 50-50 split with Glamorgan represents a balanced approach between innovation and tradition.
According to ECB chair Richard Thompson, these sales were designed to 'fuel the competition's growth,' and the calibre of investors suggests The Hundred's global appeal continues expanding. With operational control transferring in October 2025, these ownership changes promise to elevate the competition's profile whilst maintaining its unique place in the cricket calendar. The blend of IPL expertise and American commercial acumen positions The Hundred for sustained growth in an increasingly competitive franchise landscape.
