Lalit Modi and N Srinivasan eye billion-pound investment in privatizing The Hundred cricket league: Report
Former IPL commissioner Lalit Modi and Chennai Super Kings owner N Srinivasan are reportedly expressing interest in a potential privatization of The Hundred, a cricket league in England, raising expectations of significant investments approaching a billion pounds.
 )
FollowIn a groundbreaking development for English cricket, The Hundred, once dismissed as a "shaky concept," is on the cusp of a significant transformation as it inches towards privatization. Former IPL Commissioner Lalit Modi and Chennai Super Kings owner N Srinivasan, along with a cohort of Indian investors, are eyeing the prospect of reshaping this tournament, potentially attracting investments of a staggering billion pounds, according to a report in moneycontrol.com This seismic shift depends on the approval of two-thirds of England & Wales Cricket Board’s (ECB) 18 county teams.
Over ten counties have reportedly signaled their support for the privatization move, with more expected to follow suit. The potential infusion of Indian investors, led by IPL franchise owners, raises questions about the balance between foreign investment and preserving the local essence of English cricket. Sky, a notable broadcaster, is set to partner with the ECB for this long-term development, signaling a significant financial commitment to the revamped tournament.
The financial sustainability of ECB's county teams has become paramount for their survival. Faced with substantial debts, evolving audience dynamics, newer formats, and the need for infrastructure maintenance, counties are exploring privatization as a means to generate revenues. The recent saga involving the Yorkshire Cricket Club, with a US$15 million debt owed to a private trust, underscores the financial challenges plaguing some franchises.
Investors are grappling with critical questions regarding the extent to which counties are willing to privatize and whether partnerships can work on a sustainable revenue-sharing basis. IPL franchise owners, already reaping profits from the T20 league, are well-positioned to inject funds, providing a potential lifeline to struggling English counties. Industry executives predict that the initial years of privatization will require substantial funding, making IPL owners particularly attractive partners.
“The question is, to what extent are the counties willing to go? Here’s an example: What’s there for an investor if a county does not agree to a ‘deal’ that also involves real estate? Can partnerships work on a revenue-sharing basis? If yes, what’s the model? Is it sustainable?” a potential stakeholder told moneycontrol.com
Despite criticism from traditionalists within the UK's cricket fraternity, the existing format of The Hundred seems poised to continue. Sky's reported preference for maintaining the 100-ball format aligns with the broadcasters' interests, with a potential broadcast deal exceeding $200 million per year on the horizon. This commitment underscores the broadcaster's confidence in the tournament's potential success.
Investors are actively lobbying to secure their positions, exploring avenues such as purchasing debt-ridden clubs or entering revenue-sharing partnerships. Lalit Modi, known for his prior interest in English cricket, is rumored to have offered a billion-dollar investment for The Hundred to be privately owned and operated. N Srinivasan's CSK Venture, having acquired franchises in various private cricket leagues, is reportedly poised to make a significant move into the UK cricket scene.
As The Hundred teeters on the brink of privatization, the infusion of Indian investors, the potential retention of the 100-ball format, and the financial rejuvenation of struggling counties mark a turning point in English cricket. The forthcoming decisions of the ECB and county teams will shape the future of the tournament, determining whether it becomes a global cricketing powerhouse or a cautionary tale of privatization gone awry. With the stakes high, cricket enthusiasts await the final verdict that could redefine the landscape of English cricket for years to come.
subscribe to Asianet Newsable WhatsApp channel by clicking here.For more reliable and latest news
subscribe to Asianet Newsable Telegram channel by clicking here.
