Raine Group, a US-based merchant bank, is managing the privatisation process after overseeing the equity sales for The Hundred in England. Cricket Australia chief executive Todd Greenberg has called it a billion-dollar opportunity to bring private investment into Australian cricket over the next decade.
However, the new owner will have to build the team’s brand and fan base from scratch. The Hobart Hurricanes and Perth Scorchers are expected to be next, but private investors will reportedly be limited to 49 percent stakes. IPL owners usually prefer controlling stakes in overseas leagues.
Cricket Australia Wants to Retain Control Over Big Bash Operations
Cricket Australia chairman Mike Baird has made it clear that the governing body will retain control over key areas of Australian cricket. Speaking about the investment model, Baird said:
According to Cricbuzz, Cricket New South Wales also opposes private investment in the Big Bash League. The disagreement has added to the challenges around the proposed ownership model, while IPL investors continue to assess the commercial terms.
Player Availability and Travel Add to IPL Owners’ Concerns
The availability of Australian stars is a major concern for potential investors. The Big Bash League usually runs alongside Australia’s international season, unlike the IPL, where franchises have greater certainty over the availability of leading Indian players.
Overseas player availability is another concern. The BBL competes with leagues in South Africa, the UAE and Bangladesh, while Australia’s higher taxes could make those tournaments more attractive to international players.
Potential investors are also looking at Cricket Australia’s media rights deal and the influence of the Australian Cricketers Association. CA is currently three years into a seven-year broadcast agreement. Most BBL teams are reportedly profitable, which could attract investors.
Also read: Cricket Australia begins BBL privatisation process with Melbourne Renegades license sale
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