The IPL franchises are involved in controlling the eye on the Major teams

But several IPL Franchise owners have expressed reservations, especially in the management stake, which is related to trust, which is one of the two key factors that determine the success and longevity of any joint venture. It’s no different for the Elders.

“This will be new to anyone coming in, because in all other franchise investments, we are 100% owners,” said the head of the IPL-winning business. “The dynamics of that are very different. Here, it’s going to be a joint venture. There’s the issue of valuation, then there’s the issue of ownership, then there’s operational issues — all these issues come up quickly.”

The official, who declined to be named, said the very fact that there are other partners, whether they have small or large shares, raised a “stumbling block” and a “significant difference” in the way their franchises operate elsewhere. “If it’s 49%, who’s in charge? Would you like to come in as a pure investor? Maybe not. I don’t know the answer to that yet.

“But we’ve been told that control and all those things can be baked into an investor who comes in. I don’t know that there’s going to be a lot of interest in saying, ‘Okay, here’s a check. I’d like to be a passive investor. Let it go as it is and we’ll contribute as much as we can.’ No.”

“The important question is how much does that 49% make of the total amount. If that amount is too big and I’m not sure and I see enough return, I might choose to take a small part to start with.”

A senior IPL official said they are open to small to large stakes

Vikram Banerjee, head of corporate operations at ECB, was made aware of investor concerns during his trip to India during IPL 2024, where he met owners and managers of various franchises.

“For a lot of them, it’s around things like product,” Banerjee said of the regulatory issue. “For a lot of them it’s cricket, and controlling the cricket side of things and so on, the majority pure and simple is important from an equity perspective. So we understand that and we understand where they’re at. And then we build that into the system.

“If you look at our eight teams, there will be a variety that will be in the market, and that clarity will be provided when we go to market in September. And that clarity will provide a range that I believe, at the moment, will have different offerings that will suit all different types and then as the discussions develop, the details will develop in October , November, December.

Among the eight franchises, so far, MCC has announced that it will consider selling part or all of its 51% stake subject to the approval of its membership that will vote on the matter in mid-September. Surrey, which owns another London-based franchise – the Oval Invincibles – said they have no plans to dispose of any of their 51% stake.

Richard Gould, the chief executive of the ECB, did not rule out the possibility that investors could have 100% less than their various needs. “There is definitely an opportunity for people to have 100% ownership. It depends on the ability they can bring both financially and operationally. Those opportunities are there.”

The ECB was clear from the start that the highest bid would not be the winner. Banerjee said that although there is no denying that money is important, the board is also looking for partners who are willing to support the growth of the game at all levels.

Venky Mysore, CEO at Kolkata Knight Riders, the defending IPL champions, said the success of the joint venture is determined by the “chemistry” between the investor and the region in the story of the century. Mysore has been in charge of the Knight Riders since 2011, and has overseen the acquisition and development of teams in the Caribbean Premier League, International League T20 and Major League Cricket.

“Like any joint venture there are legacy issues that will be there for the Hundred, too,” Mysore told ESPNcricinfo earlier this month. “The existing group of shareholders has been around for 100 years and more, and all of a sudden, you have a new investor coming in and joining hands.

“Ultimately in any joint venture, in my experience, it boils down to a chemistry recipe. It’s not a number: it’s not about a sealed bid and ‘here’s a check’ and the highest bid wins. From our point of view and the point of view of our partners. who have talked to us, it’s about that chemistry.

“We speak for ourselves… we think about it for a long time. So something like this [the Hundred], and, you think about it for a long time and say, ‘Okay, it’s a joint venture’. If it has to work, then people, chemistry has to be the biggest deciding factor. And those are the dangers of collaboration in general.”

Not everyone is chasing the big part, though. The CEO of the third IPL team told ESPNcricinfo that as they set foot in the Hundred, and do not fully understand the business model, they would like to buy a small part of the franchise and build on it gradually.

“49% is good enough to start with,” said the CEO. “The important question is how much does 49% make up of the total amount. If that amount is too big and I’m not sure and I see enough returns, I might just take a small portion to start with, and the rider I’ll give to him. He’ll be allowed to take a larger portion every year, or every five years.”