US Firm Invests in Oval Invincibles Hundred Franchise
Ares Management, a US Firm investing in the Oval Invincibles Hundred Franchise with substantial interests in global sports—including Chelsea Football Club, McLaren Formula One, and Australian rugby—has expressed interest in acquiring a significant stake in the Oval Invincibles, one of the teams in England’s fast-growing cricket competition, The Hundred, according to Sky News.
With assets exceeding $460 billion (£355 billion), Ares is a key player in alternative investments worldwide. Unlike many of its previous sports deals, which involved providing debt financing, its offer for the Oval Invincibles is reportedly equity-focused, sources close to the matter indicated.
The Hundred’s sale process, managed by the England and Wales Cricket Board (ECB) and its advisor, Raine Group, has seen the original pool of around 100 offers narrowed down to several dozen. It’s unclear whether Ares is partnering with another investor or the exact size of its intended stake. Other high-profile bidders, such as India’s Ambani family, businessman Jonathan Goldstein (owner of Prezzo), the Glazer family (Manchester United owners), and RedBird Capital, have also shown interest, often with bids across multiple franchises.
Valuations of the eight teams in The Hundred are believed to exceed £600 million, with the highest bid so far valuing London Spirit at around £140 million, attributed to Indian billionaire Sanjiv Goenka, who also owns the IPL’s Lucknow Super Giants.
As part of its plan, the ECB intends to sell its 49% stake in each franchise, with the funds benefiting recreational cricket, the 18 first-class counties, and the MCC (which owns Lord’s). Meanwhile, the host venues retain control of the remaining 51%, which they may opt to hold or partially sell. These expected windfalls could provide vital financial relief to many counties burdened with debt, though some experts, like Lord King, former Bank of England governor and current MCC president, have voiced caution. He warned that relying on this “one-off sale” may not support the long-term financial sustainability of the domestic cricket structure.
The Hundred’s franchise auction could reshape cricket’s financial landscape in England, even as the Test format faces challenges to its commercial viability compared to shorter, more marketable formats. The ECB and Ares declined to comment on the specifics of the bidding process.