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The England and Wales Cricket Board (ECB) has taken another step towards selling some or all of its 49% share in the eight Hundred franchises. The ECB has appointed the US-based merchant bank Raine Group, which worked on the recent sales of Chelsea and Manchester United, to âsource partnersâ as it seeks to Âmonetise the controversial Âcompetition before the start of its fourth season in July.
An estimated ÂŁ500m could be raised by the sales, triggering a Âfinancial flood which would boost county coffers as well as benefiting the MCC and the recreational game. âThe ambition is to seek partners with the expertise to help us take the Âcompetition to the next level, while ensuring any investment benefits the whole of the game,â the ECB said.
Raine specialise in the sale of media assets, including sports teams, and are also involved in the process to sell the Telegraph and the ÂSpectator. As well as Âidentifying potential investors, they will work Âalongside Deloitte as the ECBâs Âfinancial Âadvisers through the Âprocess. Latham & Watkins, a legal firm that was also involved in the Chelsea and Manchester United deals, will act as co-counsel.
âWe have identified this moment as the opportunity to take the ÂHundred to the next level while Âcapitalising on the global interest in the Âcompetition to underpin the structure of the whole domestic game,â said Vikram ÂBanerjee, the ECBâs director of Âbusiness operations. âThe opportunity to engage new global strategic partners will help us unlock the future potential of the Hundred. We will be looking to engage the very best in world sport to grow the ÂHundred into a competition which can benefit the whole of cricket for years to come.
âWith proceeds from any Âinvestment going direct to the Ârecreational and the county game, it will support the other parts of cricket which are so cherished by fans and players alike and play an important role in identifying and developing talent.â
Source: theguardian.com