IPL Franchise Owners May Get To Rename Hundred Teams Despite Buying Minority Stake: Report

IPL franchise owners may get to rename Hundred teams despite buying minority stake: Report (Image Source: IANS)

Wales Cricket Board: With the England and Wales Cricket Board (ECB) set to sell stakes in the eight Hundred teams in September, the Indian Premier League (IPL) franchise owners may be allowed to rename the sides despite them buying a minority stake.

According to a report in The Guardian, the ECB’s eagerness to attract Indian money is such that even a minority investment will give the new owners huge influence, especially with all ten IPL owners expected to bid for buying stakes in the eight sides.

“All the IPL owners are saying they will bid, but they will want some control for their cash. It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested,” a source involved in the sale process was quoted as saying in the report.

It added that the Ambani family, current owners of five-time IPL winning team Mumbai Indians, and its sister franchises in the T20 leagues of USA, UAE, and South Africa - MI New York, MI Emirates, and MI Cape Town respectively – are eyeing a huge bid to get a stake in the London Spirit team and rename it as MI London.

“London Spirit are viewed as the jewel in the crown of the Hundred auction and are expected to attract bids worth several times more than many of the other franchises when the ECB begins the process of selling 49% of the eight teams next month,” said the report, while adding that London Spirit may account for a quarter of the sales revenue of The Hundred.

It further stated the ECB has been holding talks with potential investors over the past few months, which include American sports franchise chiefs including the Hollywood star Ryan Reynolds and the Manchester United owner Avram Glazer expressing interest in buying stakes in the Hundred teams.

Another interested part includes Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in a stake at Birmingham Phoenix and attended several ongoing Hundred matches

“The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea,” added the report.

Another interested part includes Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in a stake at Birmingham Phoenix and attended several ongoing Hundred matches

Article Source: IANS