According to reports, a number of IPL clubs, including the Mumbai Indians, Kolkata Knight Riders, Rajasthan Royals, Sunrisers Hyderabad, and Lucknow Super Giants, have made offers to purchase teams in The Hundred, an England and Wales Cricket Board (ECB) cricket competition. Since the ECB opened up 49% ownership in each of the eight franchises, but the board still maintains majority control, the teams are looking to invest in the tournament, according to ESPNCricinfo.

Avram Glazer, a co-owner of Manchester United Football Club, and the GMR Group, which recently acquired Hampshire, are two other well-known investors that have shown interest. Potential investors had until October 18, 2024, to place their bids. The ECB hopes to draw in foreign capital to help the competition expand.

With its shorter format of 100 balls per side, The Hundred, which debuted in 2021 and involves eight city-based teams, aims to draw in new fans. It is anticipated that the addition of IPL teams would increase the tournament’s financial and international appeal.

“Expressions of interest could be for all eight teams, which would be culled to four in the next step, which will start in November when the investors get to meet the host counties of each Hundred franchise,” said the article.

“Following that, investors would need to prune their wishlist to four teams as part of the second stage, which will then come down to two teams of which they would need to make their final choice.”

The ECB is determined to take a methodical approach to prevent “underselling what it believes is a valuable product,” even if it hopes to finalize investors by early 2025.

A “hybrid” ownership structure, in which certain clubs are sold to private investors and others stay under ECB management, has also been suggested by ECB chairman Richard Thompson.

According to the source, several IPL teams expressed interest early on, but not all of them made a bid.

“Punjab Kings opted out, while there has been no confirmation on whether five-times IPL champions Chennai Super Kings and equity major CVC Capital Partners, which owns Gujarat Titans, have submitted bids,” said the statement.

“Global sports investors INEOS, owned by Jim Ratcliffe, which owns a 27% stake in Manchester United and runs the football club’s operations wing, have also opted out of bidding.”

Whether IPL teams would be “happy being passive investors” was one of their top worries.