ECB turns down Lalit Modi offer to buy The Hundred

The England and Wales Cricket Board (ECB) has turned down a lucrative 10-year proposal from former IPL commissioner Lalit Modi for their franchise-based tournament, 'The Hundred'. According to reports, the ECB declined Modi's bid to maintain its positive relations with the Board of Control for Cricket in India (BCCI), a significant stakeholder in the cricketing world.

Modi, who has been residing in London since facing a life ban from the BCCI in 2013, aimed to host 'The Hundred' during the prime English summer, from July 1 to August 15. His representatives, meeting with key ECB figures including Vikram Banerjee and Richard Gould, pitched a decade-long plan to finance and acquire the tournament through private investment. However, the ECB chose not to proceed with negotiations with Modi.

"At that time, Richard Thompson, the ECB's chairman, stated that he would only consider offers amounting to 'a few billion'. Subsequently, the ECB pursued a strategy of selling equity in the teams while retaining ownership of the competition," reported British Daily.

While the ECB values the autonomy of its flagship property, 'The Hundred', it also harbours concerns regarding potential complications arising from a partnership with Modi, fearing it could strain their ties with the influential BCCI. It's pertinent to mention that the ECB had previously received a similar offer from the Bridgepoint Group, valuing the tournament at GBP 400 million for a 75% stake.

Also Read: Lalit Modi proposes restructuring of The Hundred to ECB with minimal IPL involvement

Lalit Modi estimates annual value of USD 100 million for ‘The Hundred’

In a recent interview, Modi had revealed his readiness to bring investors onboard for a 10-team tournament. He had proposed to the ECB a shift from 'The Hundred' to a Twenty20 format, citing its inefficacy. The offer sheet outlined a team purse of USD 10 million per season, nearly INR 83 crore, slightly lower than the IPL's INR 95 crore. Modi estimated the competition's annual value at USD 100 million over ten years.