The Marylebone Cricket Club will hold a special general meeting (SGM) in September, seeking the approval of its members for a proposal put forward by the England and Wales Cricket Board on the MCC’s involvement in The Hundred.
The call for an SGM vote comes in the wake of the MCC accepting in principal the ECB’s proposal that eight county clubs that will form the original franchises in The Hundred will hold a 51% majority stake in their respective teams. The remaining 49% stake in each franchise will be offered to private investors.
On May 30, the ECB confirmed its intention to attract private investment for The Hundred’s eight ‘host’ teams – comprising seven counties and the MCC – and appointed the Raine Group and Deloitte as advisors. The proposed model aims to infuse fresh capital into the competition and enhance its growth prospects.
Guy Lavender, MCC’s chief executive, communicated the committee’s support for the proposal to the club members. “Subject to the satisfactory conclusion of negotiations between the various parties, we are firmly of the view that MCC should accept ECB’s offer of the 51% equity share in the London Spirit franchise and participate fully in a tournament which will grow the men’s and women’s game,” Lavender wrote.
While some hosts may choose to sell part or all of their stakes, Lavender noted that MCC’s initial stance is to retain its 51% share. “We wish to retain control of the franchise and believe the tournament will grow over time,” he explained. “Pragmatically, we will need to keep that position under review both through the initial sales phase and in the future.”
Despite the club’s support for the ECB’s proposals, the MCC has made it clear that members’ approval is crucial. Consultations with members will continue over the coming weeks, leading up to the SGM on September 9, where the vote will take place. The results are expected to be announced a week later.
The MCC will retain the right to veto any potential minority shareholder for the London Spirit – the name given for its team in The Hundred. “This decision is not about accepting the highest bidder,” Lavender clarified. “It is about finding the right partner who has the skills and expertise to help us grow the franchise, whilst also recognizing and understanding the history, values, and uniqueness of MCC.”
London Spirit, associated with Lord’s, is expected to be the most valuable franchise in The Hundred. Andrew Umbers, co-founder of Oakwell Sports Advisory, highlighted this on the Unofficial Partner podcast.
“Those MCC members are sitting on a bit of a goldmine,” Umbers remarked. “With the scarcity premium of the two London teams, jeez, it’s [worth] a lot. I’m sure Reliance and the Ambani family are going to be really interested in one of the big two in London.”
The other counties hosting teams in The Hundred are also evaluating their positions. These include Surrey (Oval Invincibles), Hampshire (Southern Brave), Glamorgan (Welsh Fire), Warwickshire (Birmingham Phoenix), Nottinghamshire (Trent Rockets), Lancashire (Manchester Originals), and Yorkshire (Northern Superchargers).
