ECB turns down Lalit Modi's 'The Hundred' buyout offer fearing BCCI backlash: Reports

The England and Wales Cricket Board (ECB) has declined a substantial 10-year buyout proposal for their franchise-based venture 'The Hundred' from former IPL commissioner Lalit Modi.

As per a report from the Daily Telegraph, the ECB decided to turn down Modi's proposal to preserve its amicable ties with the influential Board of Control for Cricket in India (BCCI).

Modi, who faced a life ban from the BCCI in 2013 for "serious misconduct and indiscipline" linked to bids for two new IPL franchises in 2010, has resided in London since then. He planned to stage the competition during the peak English summer, from July 1 to August 15.

According to the British daily, representatives of Modi met with Vikram Banerjee, the ECB's director of operations and de facto head of the Hundred, along with chief executive Richard Gould, presenting a decade-long proposal to acquire and finance the Hundred through private investment. However, the ECB has opted not to engage in negotiations with Modi.

While the ECB is reluctant to relinquish complete ownership of its flagship property, it also harbours concerns about potential complications of a partnership, as "associating with Modi could imperil its relationship with the BCCI."

It's worth noting that the ECB had previously received a similar offer from the Bridgepoint Group, valuing at GBP 400 million for a 75 per cent stake in 'The Hundred'.

"At that time, Richard Thompson, the ECB's chairman, stated that he would only consider offers amounting to 'a few billion'. Subsequently, the ECB pursued a strategy of selling equity in the teams while retaining ownership of the competition," the newspaper added.

Modi, in an interview with Telegraph Sport, disclosed that he had investors prepared to inject funds into a 10-team tournament but suggested to the ECB that the Hundred format was ineffective and should be converted into a Twenty20 competition instead.

As per the offer sheet, the team purse would have been USD 10 million per season, approximately INR 83 crore compared to IPL's INR 95 crore. Modi valued the competition at USD 100 million annually over a decade.

Furthermore, he advised the ECB against inviting more than two IPL franchises to own teams, emphasising that "franchises should be English-owned and run with minimal Indian involvement."

Modi, who had been in communication with the English cricket establishment for the past 18 months, aimed to position the venture as the second-largest league after the IPL. "I would offer them a billion dollars," Modi told Telegraph Sport.

"Numerous individuals have expressed interest in supporting it, and I presented a proposal to the ECB, albeit with many conditions. The Hundred format is not viable, and only two franchises should be sold to Indian buyers. It will only succeed if it remains an English competition rather than Indo-centric," he added. The ECB believes it can generate GBP 100 million from selling equity shares.