The 2026 season of The Hundred marked a defining turning point for England and Wales’ innovative 100-ball cricket competition. After years of central control by the England and Wales Cricket Board (ECB), private investors took full operational charge of the eight franchises. This shift, completed through deals finalised in 2025, injected more than £500 million into the wider game and valued the teams collectively at over £975 million. The question on many cricket fans’ minds remains clear: what has been the real impact of new owners on The Hundred?
Early evidence from the just-concluded campaign reveals a competition in transition. Some franchises embraced bold rebrands linked to Indian Premier League powerhouses, while others prioritised continuity. Crowd figures dipped slightly, yet merchandise demand surged in places and the player market evolved rapidly. Television exposure expanded, particularly in India, and the long-term financial foundation for counties and grassroots cricket looks stronger. The full story of new ownership is still unfolding, but the first year has already delivered measurable change.
The Ownership Revolution That Transformed The Hundred
Private investment arrived after the ECB sold stakes in all eight teams. Four franchises attracted Indian investors with existing IPL connections, while the remaining four drew American-backed groups. Reliance Industries, owners of Mumbai Indians, took a 49 percent stake in the former Oval Invincibles, now rebranded MI London, with Surrey retaining majority control. The Sun Group acquired 100 percent of the Northern Superchargers, renaming them Sunrisers Leeds. RPSG Group secured 70 percent of Manchester Originals, which became Manchester Super Giants. GMR Group, linked to Delhi Capitals, bought into Southern Brave.
On the American side, a consortium of tech entrepreneurs known as Tech Titans invested heavily in London Spirit, paying £145 million for a 49 percent share and making it the most valuable franchise. Knighthead Capital Management, also owners of Birmingham City Football Club, partnered with Warwickshire for Birmingham Phoenix. Cain International, associated with Chelsea co-owner Todd Boehly, and Ares Management took stakes in Trent Rockets. Washington Freedom owner Sanjay Govil acquired half of Welsh Fire.
These partners assumed operational control from October 2025. They gained responsibility for sponsorships, ticket pricing, merchandise and local marketing while the ECB retained overall ownership of the competition itself, along with key regulatory powers. The influx of capital has already supported professional counties and directed at least £50 million toward recreational cricket. Tournament director Vikram Banerjee has described the scale of operational change as impossible to overstate, yet expressed satisfaction with the delivery of the 2026 season.
Rebrands, Identity Shifts and Fan Reactions
Three teams underwent complete visual overhauls. MI London, Sunrisers Leeds and Manchester Super Giants adopted colours, logos and names that echo their IPL counterparts. These changes generated mixed reactions. At Headingley and Old Trafford, where the transformations were most pronounced, ticket sales declined. Lancashire chief executive Daniel Gidney, who sits on the Manchester Super Giants board, acknowledged the need for boldness, arguing that standing still was not an option in a competitive global landscape.
Other franchises took a different path. Trent Rockets kept their name, colours and much of their coaching staff. Peter Moores and Chris Read continued in key roles, and the team reached both the men’s and women’s finals. London Spirit refreshed its kit with nods to MCC colours and saw strong merchandise performance; replica shirts priced at £55 sold out for both 2026 and 2027. The number of MCC members attending Spirit fixtures doubled year on year.
Birmingham Phoenix deliberately protected its identity. Warwickshire insisted on retaining operational control of cricket and the Phoenix brand, partnering with Knighthead on terms that aligned with long-term city regeneration plans rather than maximum short-term cash. England midfielder Jude Bellingham later took a small stake, adding a high-profile local connection.
These differing approaches highlight a central tension. New owners brought global branding expertise and capital, yet some risked eroding the local attachments built over the competition’s first five years. Early data suggests that continuity has helped retain existing supporters, while radical change aims at longer-term growth through association with established international brands.
On-Field Quality, Player Market and Commercial Metrics
Attendances and Fan Engagement
Overall ticket sales fell by just over five percent, from approximately 580,000 in 2025 to 550,000 in 2026. The ECB had anticipated some inconsistency given the scale of change and noted that previous peak years coincided with major international series. Heatwaves during the summer also played a role. Nevertheless, the demographic profile remains encouraging. At Sophia Gardens, home of Welsh Fire, 46 percent of ticket buyers were new to the ground, 30 percent were female and 46 percent purchased family tickets. Glamorgan chair Mark Rhydderch-Roberts emphasised that attracting a younger and more diverse audience remains the competition’s most important achievement.
Player Recruitment and Salaries
New ownership accelerated changes to the player market. An auction system replaced the previous draft for the 2026 season, and salary pots rose significantly. Men’s team budgets increased by around 45 percent and women’s by 100 percent. Top earners commanded higher fees, with some reports placing individual deals well above previous ceilings. Squads became more fluid; only about one-fifth of men’s players remained with the same franchise compared with more than half the previous year. London Spirit experienced the greatest turnover. The presence of IPL-linked owners also raised expectations of stronger overseas talent and better coordination with other global leagues.
Merchandise and hospitality revenues showed promise even where attendances softened. Net revenue at some venues held steady or rose despite lower volumes, suggesting that new pricing strategies and premium offerings are beginning to take effect.
Broader Benefits for English and Welsh Cricket
Beyond the eight franchises, the ownership sales have strengthened the wider ecosystem. Professional counties received substantial distributions that helped reduce debt and build reserves. Non-host counties, which sold smaller stakes or none at all, still benefited from the overall proceeds. Grassroots funding of at least £50 million supports participation programmes and facilities across the country.
Broadcast exposure has also expanded. In India the tournament moved to a more prominent platform on JioStar, the same home as the IPL, potentially unlocking larger future audiences and commercial opportunities. Sky Sports reported strong viewership growth in previous seasons, and free-to-air coverage on the BBC continues to introduce new fans to the sport.
The new governance structure gives investors significant voice on the board that oversees The Hundred. While the ECB retains safeguards over core elements such as the short window, dual-gender presentation and iconic venues, the owners will influence commercial strategy, future expansion discussions and rights negotiations after current broadcast deals expire.
Looking Ahead: Challenges and Opportunities
The first full season under new ownership has delivered both disruption and progress. Attendances need recovery, brand recognition for the rebranded teams requires time, and the balance between global ambition and local identity remains delicate. Yet the financial injection has secured greater stability for the domestic game, elevated player earnings and opened pathways to international audiences that the ECB alone could not have unlocked.
Success will ultimately be measured by sustained growth in attendance, television reach, sponsorship value and the health of the county and recreational structures that feed the talent pipeline. The 2026 campaign has shown that private capital can accelerate change. Whether that change deepens cricket’s roots in England and Wales or primarily serves franchise valuations will depend on the decisions owners and the ECB make together in the seasons ahead.
For now, The Hundred stands as a clearer commercial proposition with stronger international links than at any point in its short history. The impact of new owners is already visible on the field, in the stands and across the balance sheets of English cricket. The next chapters will determine how lasting that transformation becomes.
