IPL franchise owners may get to rename Hundred teams: Report

NEW DELHI: The Indian Premier League (IPL) franchise owners may be permitted to rename the teams even if they have acquired a minority ownership, as the England and Wales Cricket Board (ECB) is scheduled to sell shares in the eight Hundred teams in September.
The ECB is so keen to draw in Indian capital, according to a report in The Guardian, that even a minority investment will give the new owners enormous clout-especially since all ten IPL owners are anticipated to bid to purchase shares in the eight teams, as per IANS.
“All the IPL owners are saying they will bid, but they will want some control for their cash. It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested,” a source involved in the sale process was quoted as saying in the report.
It further stated that the Ambani family, who currently owns the Mumbai Indians, the five-time IPL champions, and its sister franchises, MI New York, MI Emirates, and MI Cape Town, in the USA, UAE, and South Africa T20 leagues, are considering making a sizable bid to acquire a piece of the London Spirit team and rebrand it as MI London.
“London Spirit are viewed as the jewel in the crown of the Hundred auction and are expected to attract bids worth several times more than many of the other franchises when the ECB begins the process of selling 49% of the eight teams next month,” said the report, while adding that London Spirit may account for a quarter of the sales revenue of The Hundred.
It went on to say that the ECB has been in discussions for the past several months with possible investors, including American sports franchise owners Ryan Reynolds, a Hollywood actor, and Avram Glazer, the owner of Manchester United, who expressed interest in purchasing shares in the Hundred teams.
American owners of Birmingham City, Knighthead Capital, have expressed interest in owning a stake in Birmingham Phoenix. Notable investors in the company include NFL legend Tom Brady, who has attended multiple ongoing Hundred matches.
“The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea,” added the report.
These moves coincide with the expectation that the IPL 2008 champions, the Rajasthan Royals, will make a bid for the Northern Superchargers as part of their acquisition of Yorkshire, and that the Delhi Capitals, fresh off their 120 million-pound acquisition of Hampshire, will look to acquire a stake in the Southern Brave.