CSK, KKR unlikely to consider acquiring teams in The Hundred

Interest levels among the Indian Premier League (IPL) owners for The Hundred league, the England and Wales Cricket Board's (ECB) trailblazing eight-team competition, appear to be declining. At least two franchises - Kolkata Knight Riders and Chennai Super Kings - are learnt to have decided not to seriously pursue the plans to acquire the English teams.

Sources within the IPL setup have confided to Cricbuzz that they are not too convinced by the league's business model. The seminal issue before the investors is the media rights projection shared by the ECB, particularly the broadcast revenue from the overseas markets. The value prediction, supposedly around GBP 34 million a year in the next broadcast cycle of 2029-32 - about 16 times of the current value - is deemed as unrealistic, overly optimistic and not exactly feasible.

The officials of the two franchises could not be contacted but it is understood that the Shahrukh Khan-owned Knight Riders view the acquisition as an unviable proposition, businesswise. They are still in the race but are unlikely to participate in the process actively. Same with the Super Kings, who, it is rumoured, are considering to withdraw. The CSK officials are understood to have asked the ECB a lot of questions. "The concerns are being addressed but they seem not too chuffed up about buying a team," said a source, well acquainted with the developments.

Three of the 10 IPL franchises - Royals Challengers Bengaluru, Punjab King and Gujarat Titans - did not show interest from the beginning and stayed away from participating in the bidding process. With two more not exactly keen, half of the IPL franchises - who are actually driving quite a few international leagues - may be out of reckoning from the 100-ball competition.

It may not necessarily be a major setback for the ECB, which did not want to make The Hundred an all-IPL affair, like the one in South Africa, but fewer bidders means some impact on the selling price. The ECB intended to raise about a billion pounds from the sale and how far they will succeed is to be seen. Currently, the third round of negotiations are underway.

It has come to light that the ECB is employing a phased approach to the sale, keeping the interested parties in the race till the end. The method is to shortlist three-four investors for each team and then go for sealed cover bids, with the highest bidder getting the team and others left to vie for other teams. The plan, as of now, is to sell one team at a time. "Once the successful bidder has been selected, they will enter a period of exclusive negotiations before the deal is concluded. Deals are likely to be concluded March-May," an ECB source Cricbuzz.

The next edition of The Hundred in 2025 summer is expected to have new owners for the teams that are currently owned and run by eight counties. Birmingham Phoenix, London Spirit, Manchester Originals, Northern Superchargers, Oval Invincibles, Southern Brave, Trent Rockets and Welsh Fire are the eight competing sides.

Mukesh Ambani's Reliance Industries (RIL), the owners of Mumbai Indians team, are linked to one of the two London sides, most likely the Lord's-based London Spirit. Lucknow SuperGiants owner Sanjiv Goenka is also believed to be pursuing a London team, but the information is that ECB is not too keen to sell the two London sides to the IPL owners. In such a case, a few American tech entrepreneurs, who have formed a consortium, could be contenders for the Oval Invincibles, the second team from London.

The word is that Oval Invincibles and another county are not ready to surrender their controlling stake. The arrangement is such that the ECB will sell 49 per cent of a team to the buyers and it is up to the respective county, who have the remaining 51 per cent stake, to part with any stake or not. "It's down to the venue whether they offer any of their 51 per cent as well, but we wouldn't comment on which teams aren't doing this," an ECB official said. A spokesman for the Invincibles declined to comment, stating, "This is an ongoing process and we would not have anything to say."

Apart from Mumbai Indians and Lucknow SuperGiants, Rajasthan Royals, SunRisers Hyderabad and Delhi Capitals are still in the race. The ECB plans to complete the sale by March-May. The dates of the 2025 season are not out yet. The 2024 season had a July-August window.