All eight franchises in The Hundred have completed the sale of ownership stakes ahead of the competition’s sixth season. Four teams are now backed by companies that hold stakes in Indian Premier League (IPL) franchises, while the remaining four have received American investment.
Investors assumed operational control in October 2025 and have made several changes to their respective franchises, including updated team names, logos, kits, and player rosters. Notably, Oval Invincibles have been rebranded as MI London, Manchester Originals are now Manchester Super Giants, and Northern Superchargers have become Sunrisers Leeds.
Each team retains 80% of the revenue generated from selling its own stake, with 10% allocated to recreational cricket and the remainder shared among other counties.
Here is a breakdown of each franchise’s ownership:
**Birmingham Phoenix**: Part-owned by American investment group Knighthead Capital Management, which also owns Birmingham City. They acquired a 49% stake for £48 million, while Warwickshire holds the remaining 51%.
**London Spirit**: Another American-based minority shareholder, Tech Titans, owns 49% after paying £145 million. Marylebone Cricket Club retains the majority stake.
**Manchester Super Giants**: Indian company RPSG Group purchased 70% for £81 million, with Lancashire owning the other 30%. RPSG also owns IPL side Lucknow Super Giants and Durban’s Super Giants in the SA20.
**Sunrisers Leeds**: Sold entirely to the group behind IPL side Sunrisers Hyderabad and Sunrisers Eastern Cape in South Africa. The Sun Group paid £100 million to acquire the Headingley-based club.
**MI London**: Owned by the Indian multi-billionaire Ambani family. Their company, Reliance Industries Limited, also owns Mumbai Indians and completed a 49% purchase in December 2025, with Surrey holding the majority.
**Southern Brave**: GMR Group, which also owns IPL outfit Delhi Capitals and Hampshire, bought a 49% stake for £48 million.
**Trent Rockets**: Chelsea co-owner Todd Boehly’s company Cain International agreed to a 49% share in October 2025 for £38.7 million. Nottinghamshire retains control of the other 51%.
**Welsh Fire**: Sold 50% of its stake to Indian-American businessman Sanjay Goval. His group already owns Major League Cricket’s Washington Freedom. Glamorgan holds the other half.
The England and Wales Cricket Board (ECB) chair Richard Thompson said the franchises were sold to “fuel the competition’s growth.” The £500 million generated through these sales will also be shared among professional counties, with at least £50 million set aside for grassroots cricket.
The ECB retains ownership of The Hundred and control over its regulations and playing window. A new board will be established, featuring representatives from the ECB and competing teams, to decide the tournament’s strategic direction and commercial growth.
Thompson added: “We’re entering an exciting new phase and a seminal moment for cricket in England and Wales. We’ve got people who have never invested in cricket. Todd Boehly and Cain, they’re big investors in football, you’ve got the Washington outfit that have invested in Edgbaston – they see the opportunity in here. We don’t have a domestic competition that generates anything like the income that rugby or football does. There needed to be a rebalancing where we could generate an income from the halo of Test cricket, but underneath it, you need a thriving domestic competition.”
