Counties asked ECB to accept private equity offer for The Hundred

Chair Richard Thompson says a number of first-class counties urged the governing body to accept a reported £400 million bid, though without the full details of the bid

Several first-class counties asked the England and Wales Cricket Board to sanction the reported £400 million private equity offer for a majority share of The Hundred.

ECB chair Richard Thompson confirmed a report by Sky News that an offer had been received for a 75 per cent stake in the 100-ball competition.

The deal was understood to have been submitted by Bridgepoint Group and put together by Allan Leighton, the former CEO of Asda and current chair of the Co-op.

A rapid climb in inflation which has impacted costs means counties are under heavy financial pressure.

And Thompson, the ex-Surrey chair, was unsurprised that some were keen for a deal to be done. "A few, I'd expect that," he told Sky Sports when asked if the counties were keen.

^{The Hundred enjoyed its second edition last summer (Alex Davidson/Getty Images)}

"But they weren't aware of what the offer fully entails and privileged. They didn't have that information. Headlines aren't what they appear to be."

The ECB are not yet clear on the impact the financial crisis will have on the sport and admitted some counties are struggling amid the rise of inflation, which climbed to 11.1 per cent in October.

"We're readying ourselves for it," Thompson added. 

"What we can't allow to happen, is national and first-class counties find themselves in a financial crisis that they can't control or can do little about.

"Utility costs particularly they've gone through the roof. There are some counties that are having some challenges and we're aware of that.

^{Counties are feeling the pinch amid the rise in inflation (Gareth Copley/Getty Images)}

"We work closely with them to ensure we give them all the support we can. The reality is there are some big financial challenges."

The governing body cut 62 jobs as a result of the losses caused by the Covid-19 pandemic and are pledging to make further cuts to their costs over the next 24 months. In a recent review of their finances, a £50 million shortfall was anticipated.

The ECB have long been receptive to outside investment in The Hundred. Upon the end of his stint as ECB chair, Colin Graves floated the idea of third parties buying into the new competition before a ball had even been bowled.

But Thompson says for all the financial benefits, the sport needs to be aware of the sacrifice it would be making.

"We received an unsolicited offer, I'm not going to be drawn on the figure, and based on that story a number of people have come forward that are showing interest," he explained.

"Private equity is now awash in cricket. I'm not surprised by this. Sports rights have never been worth more than they are at the moment, so I would expect more interest.

^{The Strauss review continues to hang over the game (Phil Inglis/Getty Images)}

"To sell a tournament you are selling part of the English summer. We are the only country that plays cricket in the northern hemisphere. If we're selling part of the English summer we've got to be aware of the unintended consequences that could bring about.

"There is no possibility that tournament could be worth what it could really be worth in three, four or five years' time. Whatever we do we're going to do it strategically. We're not going to be opportunistic about this, which we could be. That would be wrong."

Elsewhere, Thompson says the structure of the 2024 season - the first to be dictated by Andrew Strauss' high-performance review - will be known before the start of the next term which gets underway in April.

While 15 of the 17 recommendations to emerge from the review have received support, the counties oppose two measures around the schedule and make-up of domestic competitions.

"Ultimately you can't go into the (20)23 season not knowing what you're playing for in (20)24 so we still need to get a place where that conclusion is drawn," the ECB chair said. "That debate is ongoing."