Reliance Industries, owned by India's Ambani family, who purchased the Oval Invincibles for £123 million, and Cricket Investor Holdings, the American-led consortium of tech entrepreneurs who paid £295 million for the London Spirit, have raised concerns over the Participation Agreement for The Hundred franchises.
The reports claimed that half of the buyers are happy and ready to sign, but the concerns raised by buyers of the two London franchises have put a stop to television deals and issues such as sponsorship and how much say the owners will have in a future Hundred governing council.
To do discussions with the Ambani Family, the England and Wales Cricket Board has engaged high-powered lawyers Latham & Watkins to act as its co-council in talks with bidders. These are the same lawyers, who were previously involved in the Manchester United sale, and acquisitions of Chelsea and a minority sale in Liverpool.
The deal of the Hundred franchises in Oval Invincibles and London Spirit is not done
But sources close to the ECB suggested that the deals are on track, that nobody is "on the verge of walking away" and that investors just want "security" because they are "putting so much money in". One of the issues that is bothering bidders is the future television rights deal.
Reliance Industries and Cricket Investor Holdings have questioned ECB as to why Hundred's TV rights cannot be unbundled
The owners, on the other hand, have questioned ECB as to why Hundred's TV rights cannot be unbundled and sold separately to the highest bidder, which is how cricket rights deals work in India.
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