The ECB sold the 49% stake, not Warwickshire. Warwickshire own 51% of the franchise but were given it by the ECB. Some other counties have sold all or part of their stake (e.g. Yorkshire, Lancashire)
As I say, I haven't taken much interest in it since it started and genuinely thought they were all owned by the ECB. This explains it a bit more:
Do they know own the teams outright?
It's complicated. The ECB has sold its 49% interest in each team, while the eight host clubs had the choice whether to sell some, all, or none of their 51% stakes. The majority have opted to retain their shares, but three have sold at least some, and Yorkshire are selling their entire share to the Sun Group.
But they're not buying the counties?
No. The majority of counties remain members' clubs, and the sales process relates only to the ownership of the eight Hundred teams - not their host clubs or their venues. That said, it could open the door for further investment down the line, with the GMR Group becoming the first foreign owners of a county last year when they bought Hampshire.
What happens to the money raised by selling the ECB's stakes?
Ten percent of the revenue will be invested in recreational cricket. The rest will be split as follows: the first £275 million is divided 19 ways between the 18 first-class counties and MCC; the next £150m is divided 11 ways between the non-host counties; and anything over £425m is divided 19 ways again. The Raine Group, Deloitte and the ECB's lawyers will also take a percentage for their role in the sale.
And what happens when a host club sells some of their stake?
The host club keeps 80% of the revenue raised from selling its own stake, with 10% going to the recreational game and the rest shared among the other counties (and MCC).
What does 49% of a Hundred franchise actually get you?
It depends. Investors have been speaking to counties for some time, and arrangements will be different at each venue. Each investor has an eight-week exclusivity period with their host county in which they will sign legal agreements and contracts outlining the details of their joint-venture. But the franchise itself represents two teams (men's and women's) with a right to play in the Hundred, rather than any tangible assets like a stadium.
How will they make money?
The Hundred teams have been run by the ECB to date, but will now take control of their own sponsorship, ticket sales (including hospitality) and merchandise. The biggest source of revenue will be a central distribution from the ECB, with the eight Hundred teams set to split 80% of domestic and international TV rights between them. Investors will also hope that the enterprise value of their franchise increases as the Hundred grows.
How valuable is the broadcast deal as things stand?
The Hundred forms part of the ECB's deal with Sky Sports for all cricket during the English summer, including internationals and county cricket. Around a quarter of the overall value of that deal (£51 million approx. annually) is ascribed to the Hundred. There has also been a much smaller deal with the BBC (as free-to-air broadcasters) which is up for renewal. The ECB may consider selling the Hundred's broadcast rights separately from 2029. It also hopes that international TV rights will rise significantly in the next rights cycle.
Will the teams be renamed?
Probably, although not this year. The ECB is treating the 2025 edition of the Hundred - which runs from August 5-31 - as a transitional season, with new owners assuming full responsibility ahead of the 2026 edition. Some teams may retain their names and kits but the expectation is that several will change, particularly those who are majority-owned by established franchise brands.
When will the Hundred become a T20 competition?
The 100-ball format has generally proved popular with broadcasters, allowing them to fit games into a three-hour window. But there has been plenty of speculation that the tournament could change to the more familiar T20 format at some stage. In practice, the format is highly unlikely to change before the existing broadcast deal runs out at the end of the 2028 season.
