It feels like the end of the beginning for The Hundred. Eye-watering sums were paid between Feb. 6 and 12 for shares in the eight “franchises” that constitute the tournament.

There is no denying that it has been a divisive and polarizing concept. However, in what has been described as the Indian Premier League moment for cricket in England and Wales, there is partial closure on this rancor because of the amount of money that has been raised. The next concern is how it will be spent by the beneficiaries.

In first place are the seven County Cricket Clubs, plus the Marylebone Cricket Club, which hold the franchises, the so-called hosts. It has always been something of a misnomer to term them franchisees since the tournament has been owned by the England and Wales Cricket Board.

The ECB footed the start-up costs, a significant part of which were payments of £1.3 million ($1.6 million) per year to the 18 counties to secure the necessary two-thirds majority. Eleven of them are non-hosting and were not in favor of The Hundred because it provided them no benefit. The funding, termed a dividend, overcame objections.

In 2024, the counties supported the ECB in its wish to open up The Hundred to private investment. Eight new companies were to be created, with the ECB gifting each one 51 percent of its equity, which the holders can either keep, sell partially or wholly. The balance of 49 percent retained by the ECB would be offered to the market. This process is now complete.

First to be sold was the Oval Invincibles at Surrey, where the Reliance Group paid £60 million for the ECB’s 49 percent stake. Reliance is led by Mukesh Ambani, India’s richest man, who counts the Mumbai Indians, MI Emirates, MI Cape Town and MI New York within his franchise portfolio. Surrey CCC will retain its 51 percent share.

Similarly, Warwickshire CCC retained its 51 percent share in Birmingham Phoenix, with the ECB’s 49 percent share bought by the American owners of Birmingham City Football Club, Knighthead Capital, for £40 million. This may not please supporters of Aston Villa, the rival soccer club in the city.

Then, the ECB’s 49 percent share in the Welsh Fire was bought by IT entrepreneur Sanjay Govil, founder and chairman of Infinite Computer Solutions, for £40 million, with Glamorgan CCC retaining its 51 percent share.

These sums were eclipsed by the £145 million which was paid by a Silicon Valley consortium for 49 percent of the Lord’s-based London Spirit. It is believed that this stake was the subject of intense bidding between interested parties, including Sanjiv Goenka’s RPSG Group. The attraction of this prestige stake lies in the access that it provides to Lord’s and its owners, the MCC.

Nikesh Arora, CEO of the security firm, Palo Alto Networks, led the consortium, called Cricket Investor Networks Ltd. It is believed to comprise “11 high net-worth individuals,” who profess a shared love of cricket. Amongst them are Satya Nadella, CEO of Microsoft; Sundar Pichai, CEO of Google; Shantanu Narayen, CEO of Adobe; Egon Durban, CEO of Silver Lake Management; and Satyan Gajwani, vice-chairman of Times Internet. He is also co-founder of Major League Cricket in the US and co-owner of the Seattle Orcas team.

Any disappointment experienced by Goenka in losing the battle for the stake in the London Spirit was put to one side, as it acquired a 70 percent stake in Lancashire CCC. The county became the first one to sell a part, 21 percent, of its share in the Manchester Originals. RPSG, owners of the IPL’s Lucknow Super Giants, agreed to pay around £81 million for the 70 percent stake.

Across the Pennines, Yorkshire CCC, Lancashire’s historic and greatest rivals, has well-publicized financial issues. It now has the opportunity to deal with them. The ECB’s 49 percent stake in the Leeds-based Northern Superchargers, plus Yorkshire’s 51 percent stake, has all been sold to Kalanithi Maran’s Sun Group, owners of Sunrisers Hyderabad and Sunrisers Eastern Cape for around £100 million.

A little further south, it was Nottingham-based Trent Rockets’ turn in the spotlight. This sale had originally been scheduled for Feb. 3 but was delayed as the ECB sought to keep investors, who had failed with earlier bids, involved in the process. This may have caused some nervousness in Nottingham CCC, as they watched potentially preferred bidders place their money elsewhere.

Ultimately, Cain International, which had bid for the London Spirit, topped the live auction on Feb. 11, acquiring the ECB’s 49 percent stake for around £40 million in competition with the owners of Kolkata Knight Riders and Indian investor Amit Jain, who was working with Royal Challengers Bengaluru.

The Cain Group is led by Chelsea FC director Jonathan Goldstein and backed by Chelsea’s co-owner Todd Boehly, who, in addition to Chelsea, has co-ownership of Strasbourg FC and the LA Dodgers baseball team. Nottingham Forest FC may feel uncomfortable seeing Chelsea parked on an adjacent lawn.

The final sale of the ECB’s equity focused on the Southern Brave team of Hampshire CCC. In late September 2024, the company that owns Hampshire CCC announced a takeover by the GMR Group, which co-owns the Delhi Capitals in the IPL, plus franchises in the UAE and South Africa. The £120 million deal was for the control of Hampshire CCC and its infrastructure. Plans to acquire the Brave would wait until the ECB’s sale process was revealed.

A key concern of the ECB was that its equity share should not be acquired by GMR at below-market value. Since that value would only emerge once bidding started, it made sense for the ECB to leave the Hampshire sale until last. On Feb. 12, it was reported that GMR had paid around £48 million for the ECB’s stake, paving the way for GMR to acquire total control of the Southern Brave. The value of Hampshire’s 51 percent share is unclear.

There is more clarity around the funds raised by the sale of the ECB’s equity. Based on data so far released, it appears that almost £500 million has been raised. This will be music to the ears of the second and third groups of potential beneficiaries, the 11 non-hosting counties and grassroots cricket.

Ninety percent of funds from the sale of the ECB’s 49 percent stake will go to the 18 counties and the MCC, with 10 percent going to the recreational game. Eighty percent of funds raised from sales of the 51 percent stakes go to the host county, with 10 percent split between the 18 counties and MCC and 10 percent going to the recreational game.

Over the next eight weeks, the four IPL and four non-IPL owners will finalize their agreements with the host counties. This is too late to have a significant impact on the 2025 season, regarded as a transitional one. No doubt, at the top of discussions, will be re-branding, attracting players, and their salaries, alongside the distribution of responsibilities between the hosts and the new investors.

Whilst not a new beginning, it seems clear that English and Welsh cricket will never be the same again.