Six teams in English cricket’s controversial Hundred competition have now been sold to private investors, with deals for the Oval Invincibles and Trent Rockets still to be formally completed.

The ECB expects a windfall of nearly £1-billion (R24-billion) from an auction of Hundred franchises, with the fifth edition of the 100 balls per side tournament due to start next week.

Global investors, including four groups with links to the cash-rich IPL, have sunk vast sums of money into the competition’s eight city-based teams.

The 100-balls-a-side format, which features men’s and women’s sides, was launched to great fanfare in 2021.

It has proved controversial, with many county cricket fans angry at the way the tournament deprives their clubs of key players at the height of the season.

The Hundred has also squeezed a marquee five-match Test series such as England’s ongoing clash with India into a congested seven-week schedule so it can have much of August to itself.

But the ECB is confident that £520-million of new investment will eventually work its way into the game following a franchise auction earlier this year.

The ECB confirmed on Wednesday the sale of stakes in six teams has now been completed, but the 49% share of Oval Invincibles to Reliance Group, the creation of the wealthy Mumbai-based Ambani family, the owners of the IPL’s Mumbai Indians – has still to be finalised.

And the joint takeover of the Trent Rockets by Cain International and Ares Management has yet to be completed as well, although the ECB said Wednesday that both deals “remain on track”.

But purchases for the London Spirit, Birmingham Phoenix, Manchester Originals, Northern Superchargers, Southern Brave and Welsh Fire have now been completed.

“The Hundred has already played a vital role in growing cricket in England and Wales – attracting new audiences, elevating the women’s game and delivering high-quality entertainment,” ECB chairman Richard Thompson said on Wednesday. “Crucially, this investment will not only fuel the competition’s growth, but also channel transformative levels of funding into our professional counties and grassroots game.”

Three IPL ownership groups, out of a proposed four, have completed their takeovers, with the Sun Group taking full acquisition of the Northern Superchargers.

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