Hundred sales deadline extended after delay in negotiations

The England and Wales Cricket Board has extended the deadline to finalize the sale of The Hundred franchises due to negotiations’ delays.

Investors are still fully committed to the deals reached earlier this year, which had an initial eight-week exclusivity period, according to multiple sources who have spoken to BBC Sport.

The participation agreement, a crucial legal document between the ECB and Hundred franchise investors that specifies how to sell future television rights to the tournament, has caused delays.

Although it is currently anticipated that the sales process will be finished by the end of April, all parties are said to be relaxed about the timeline if the legal process is longer.

The two London franchises’ potential buyers are among those who have expressed concerns about the participation agreement, according to a report from the Daily Telegraph.

The Ambanis, one of India’s richest families, paid £60 million for the same stake in the Oval Invincibles, while an American consortium of tech billionaires paid £145 million for a 49% stake in Lord’s-based London Spirit.

However, an investor claimed that if any of the franchise owners decided to leave at this point, they would be “flabbergasted.”

More than $ 950 million was raised overall for the sales of The Hundred franchises.

More than £500 million has been raised so far to be split between the 18 counties, the Marylebone Cricket Club (MCC), and the domestic competition.

The Hundred competition is still under the control of the ECB, but the organization sold stakes in the teams to raise money for the sport.

10% of the money raised will go directly toward playing games for fun. The 18 first-class counties will receive the MCC’s profits from the 49% sales.