Six Nations investors CVC Capital Partners table Oval Invincibles bid
Private equity giant CVC Capital Partners have reportedly tabled a bid for Hundred franchise Oval Invincibles.
It comes as the eight teams are being asked by the England and Wales Cricket Board to shortlist three or four preferred bidders to take through to the next stage of the auction.
The ECB is selling each of its eight 49 per cent stakes in the franchises, with the host counties about to sell as much or as little of their 51 per cent thereafter.
CVC Capital Partners have developed a strong sporting presence in the United Kingdom, investing in the Guinness Six Nations, Premiership Rugby and the United Rugby Championship.
Their wider portfolio includes Indian Premier League team Gujarat Titans, while they have interests in the Women’s Tennis Association, LaLiga, Volleyball World and Bruin Capital.
CVC Capital Partners declined to comment.
Sky News’ Mark Kleinman reports that major Indian players and owners of the Mumbai Indians the Ambani family are also interested in the franchise based at the Oval.
It comes as bids from the likes of Manchester United’s Glazer family, Chelsea’s Todd Boehly and tech giants have reportedly been tabled in private for London Spirit, based at Lord’s.
The England and Wales Cricket Board could raise over £500m from the sale of their eight 49 per cent stakes in teams from London, Birmingham, Manchester, Leeds, Southampton, Nottingham and Cardiff.
Given the Hundred’s relative infancy, the numbers reportedly commanded for some franchises – over £100m for London Spirit, for example – will come as a positive result for the England and Wales Cricket Board.
The counties who do not host a Hundred franchise, and therefore miss out on the bulk of the cash from potential 51 per cent stake sales, will get money from a central pot amassed by the ECB stake sales.