KKR, CSK among Seven IPL teams involved in bidding war for The Hundred Teams, RCB not interested

Over half of the Indian Premier League (IPL) teams have formally indicated their interest in The Hundred a 100-ball cricket league governed by the England and Wales Cricket Board (ECB).

The deadline for the initial round of bids was set for October 18, with a significant portion of the interest stemming from Indian stakeholders, particularly IPL franchises.

Six IPL teams in bidding War for The Hundred Teams

The IPL franchises such as Chennai Super Kings, Sunrisers Hyderabad, Lucknow Super Giants, Mumbai Indians, Kolkata Knight Riders, and Delhi Capitals have all placed bids. While an official confirmation is pending, it's rumoured that Rajasthan Royals and UP Warriorz (WPL team) have also submitted a bid for the Hundred.

Lancer Capitals, owned by Avram Glazer, who owned Manchester United in the past, and operators of the Desert Vipers in the ILT20, are also believed to have joined the fray.

Interestingly, all of the interested IPL franchises have multiple teams across the globe in different leagues. KKR have their presence in the CPL, MLC and ILT20, whereas the CSK have also been hugely invested in their MLC, and SA20 league teams. Sunrisers Hyderabad's sister team Sunrisers Eastern Cape are the serial winners of the SA20 league, which has had only two seasons.

RCB and PBKS to stay away from Hundred

In contrast, Royal Challengers Bengaluru and Punjab Kings chose not to participate in this opportunity to own a part of the English league. Additionally, whether Gujarat Titans, owned by CVC Capital which has a presence in the UK, have entered a bid remains unconfirmed.

At this juncture, bidders are not obligated to select any of the eight available teams in The Hundred. The selection process is slated for a later stage, with the ECB planning to hold the second, more decisive round of bidding after the completion of the IPL auction. This next phase will also see discussions around the commercial aspects, with the ECB aiming for a franchise valuation between 75 and 100 million pounds.

The process outlined in the Information Memorandum (IM) by the ECB states that the board presently owns all rights to The Hundred and its teams but intends to sell up to 49 per cent of each to new investors. These investors are expected to invest between 40 and 50 million pounds for a 49 per cent stake in a team, which is around Rs 400 to 500 crore in Indian currency.

The proposed partnership model will see the remaining 51 per cent of each team staying with the counties, thereby establishing a joint venture between the new investors and the counties. There's also a pathway for new investors to acquire a controlling stake, as the ECB plans to transfer its remaining share to the host counties, which could then sell a portion of their equity to the new investors.