The landscape of The Hundred has been fundamentally altered as private investors have acquired stakes in all eight franchises, marking the most significant shift in English cricket's commercial structure since the competition's inception. This ownership revolution has brought IPL expertise and American capital into the heart of English cricket, reshaping everything from team identities to operational strategies.
Indian Premier League Influence Takes Hold
Four franchises now operate under the guidance of organisations with deep IPL connections, bringing proven Twenty20 expertise to English shores. The most comprehensive takeover saw the Sun Group acquire complete control of what is now known as Sunrisers Leeds for £100 million, extending their global franchise network that includes Sunrisers Hyderabad and Sunrisers Eastern Cape.
The Ambani family's Reliance Industries Limited, owners of Mumbai Indians, secured a 49% stake in MI London (formerly Oval Invincibles), though Surrey retained majority control. Meanwhile, RPSG Group's £81 million investment transformed Manchester Originals into Manchester Super Giants, leveraging their experience with Lucknow Super Giants and Durban's Super Giants. GMR Group completed the Indian quartet by purchasing 49% of Southern Brave for £48 million, adding to their portfolio that includes Delhi Capitals.
American Capital Floods In
The remaining four franchises attracted substantial American investment, with varying degrees of control changing hands. The largest single investment came from Tech Titans, who paid £145 million for a 49% share in London Spirit, though the Marylebone Cricket Club maintained majority ownership.
Chelsea co-owner Todd Boehly's Cain International secured a 49% stake in Trent Rockets for £38.7 million, whilst Knighthead Capital Management, who also own Birmingham City, invested £48 million for 49% of Birmingham Phoenix. Welsh Fire completed a unique 50-50 arrangement with Indian-American businessman Sanjay Goval, whose group already operates Major League Cricket's Washington Freedom.
Financial Structure and Revenue Distribution
The ownership model ensures significant returns remain within English cricket's ecosystem. Each franchise retains 80% of revenue generated from selling their stake, whilst 10% supports recreational cricket development and the remainder is distributed among other county cricket boards. This structure has already shifted betting markets, with bookmakers adjusting outright competition odds based on the financial firepower and expertise each new ownership group brings.
Transformation Beyond Ownership
These ownership changes have triggered comprehensive rebranding exercises across multiple franchises. Beyond the three major name changes, investors have updated logos, playing kits, and recruitment strategies. The operational control transferred to new owners from October 2025 has enabled rapid implementation of these changes ahead of the sixth season.
According to ECB chair Richard Thompson, these franchise sales aim to "fuel the competition's growth," and the substantial investment figures suggest owners are committed to long-term success. The blend of IPL expertise and American capital represents a fascinating experiment in cricket's globalisation, potentially setting precedents for franchise cricket development worldwide. As The Hundred enters this new era, the competition between different ownership philosophies may prove as compelling as the cricket itself.
