GMR acquisition of Southern Brave completed, as ECB finalises deals with strategic partners in The Hundred

The remaining two are set for formal completion at a later date. They remain on track, in line with the ECB having offered investors the option of completing later.

This pivotal moment sees The Hundred become the first UK sports competition to secure franchise partnerships of this scale, drawing on world-class expertise from across global sport, media, technology, andfinance. Each new investor brings a tailored vision and expertise to their team, reflecting the growing commercial and cultural momentum behind The Hundred.

The milestone comes less than a week before the 2025 competition begins and marks a transformativemoment for The Hundred and the future of cricket in England and Wales, with more than £500m of total proceeds when all deals are complete to be shared between professional counties and the grassroots game. This announcement follows the exclusivity period launched earlier this year, during which selected investors entered final-stage negotiations.

In most cases, investors will operate their franchise in The Hundred in partnership with the host club. They will take over operational control from October 1, 2025.

The six deals which have now formally completed are:

• London Spirit – Tech Titans (49%)
• Birmingham Phoenix – Knighthead Capital Management, LLC, on behalf of its investors (“Knighthead”) (49%)
• Manchester Originals – RPSG Group (70%)
• Northern Superchargers – Sun TV Network Limited (100%)
• Southern Brave – GMR Group (49%)
• Welsh Fire – Washington Freedom (50%)

The two deals which remain on track to formally complete later are:

• Oval Invincibles – Reliance Group (49%)
• Trent Rockets – Cain International & Ares Management (49%)

Collectively, the eight partnerships represent a valuation of the teams of over £975 million, with more than£500 million now set to be invested into the English and Welsh cricket ecosystem. This includes a dedicated £50 million commitment to grassroots cricket, ensuring the game continues to thrive at every level, with the remainder distributed to professional counties.

Richard Thompson, ECB Chair, said: “The Hundred has already played a vital role in growing cricket inEngland and Wales — attracting new audiences, elevating the women’s game, and delivering high-quality entertainment. The sheer scale of global interest we've seen throughout this process highlights just how much potential remains to be unlocked.

“With these new partners on board, we’re entering an exciting new phase and a seminal moment for cricket in England and Wales. Their global perspective and track record in elite sport and business will help usreimagine what’s possible — from deepening fan connections to attracting even more world-class players.

“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. This will ensure cricket continues to thrive at all levels across England and Wales for generations to come, supporting our broader ambitions to become thecountry’s most inclusive sport and driving cricket into harder to reach and under-served communities.”

The new partners are investing in The Hundred teams, while the ECB retains full ownership of the competition itself, and with that, control over key areas such as regulations, the length of the window andother matters that have a wider game-wide impact.

A new The Hundred Board will be established, featuring representatives of the ECB and the teams (both investors and host clubs), which will have delegated authority over certain defined matters relating to thestrategic direction and commercial growth of The Hundred, such as The Hundred sponsorship and licensing deals, player salaries and player draft and retention mechanics.

The ECB was advised throughout the process by Deloitte and the Raine Group as co- lead financial advisers, with legal counsel provided by Latham & Watkins and Onside Law LLP.

Kiran Kumar Grandhi, Chairman, GMR Sports, said: “Our investment in Southern Brave marks a significant milestone in GMR’s vision to shape the future of global cricket. We see Hampshire Cricket as a key pillar in that journey. Southern Brave has established a proud legacy in The Hundred, with both its men’s and women’steams performing at the highest level. The tournament has a vibrant and diverse fan base, offering us with an exciting opportunity to engage with new audiences.

“At GMR, we are committed to building on these strong foundations by combining global sporting excellencewith deep infrastructure expertise. Utilita Bowl is a special venue, and the broader cricket ecosystem in Hampshire Cricket, from grassroots initiatives to The Brave, has immense potential. We believe the time is rightto accelerate this momentum and elevate cricket on the South Coast to new heights.”