All eight franchises in The Hundred have finalized ownership stakes ahead of the competition’s sixth season. Four teams are now backed by companies holding shares in Indian Premier League (IPL) franchises, while the remaining four have attracted American investment. The new owners took operational control in October 2025 and have since revamped their teams with updated names, logos, kits, and player rosters.
Oval Invincibles have been rebranded as MI London, Manchester Originals became Manchester Super Giants, and Northern Superchargers now operate as Sunrisers Leeds.
Each franchise retains 80% of the revenue generated from selling its stake, with 10% allocated to grassroots cricket and the remaining 10% distributed among other counties. Here is the breakdown of ownership:
– **Birmingham Phoenix:** Knighthead Capital Management, the American investment group behind Birmingham City, purchased a 49% stake for £48 million. Warwickshire retains the other 51%.
– **London Spirit:** Tech Titans, an American-based minority shareholder, acquired a 49% share for £145 million. Marylebone Cricket Club holds the majority stake.
– **Manchester Super Giants:** Indian company RPSG Group bought 70% for £81 million, with Lancashire owning the remaining 30%. RPSG also owns IPL side Lucknow Super Giants and SA20’s Durban’s Super Giants.
– **Sunrisers Leeds:** The Sun Group, which also runs IPL’s Sunrisers Hyderabad and South Africa’s Sunrisers Eastern Cape, purchased the entire franchise for £100 million.
– **MI London:** The Ambani family’s Reliance Industries Limited, which also owns Mumbai Indians, completed a 49% purchase in December 2025, with Surrey holding the majority.
– **Southern Brave:** GMR Group, owner of IPL’s Delhi Capitals and Hampshire, bought a 49% stake for £48 million.
– **Trent Rockets:** Chelsea co-owner Todd Boehly’s Cain International agreed to a 49% share in October 2025 for £38.7 million. Nottinghamshire retains the other 51%.
– **Welsh Fire:** Indian-American businessman Sanjay Goyal purchased a 50% stake. His group already owns Major League Cricket’s Washington Freedom, while Glamorgan holds the other half.
Richard Thompson, chair of the England and Wales Cricket Board (ECB), stated that the franchises were sold to “fuel the competition’s growth.” The £500 million raised will be distributed among professional counties, with at least £50 million directed toward grassroots cricket. The ECB retains ownership of The Hundred, along with control over regulations and the playing window. A new board featuring representatives from the ECB and competing teams will be established to guide the tournament’s strategic direction and commercial expansion.
“People who have never invested in cricket are now involved,” Thompson said. “Todd Boehly and Cain are major investors in football, and the Washington group has invested in Edgbaston. They see the opportunity here. We don’t have a domestic competition generating income comparable to rugby or football. There needed to be a rebalancing—we can generate revenue from Test cricket, but beneath it, a thriving domestic competition is essential.”