The Hundred has signed its final two franchise agreements, completing the move to the England and Wales Cricket Board’s (ECB) new ownership model. The most major development is the rebranding of the Oval Invincibles as MI London beginning with the 2026 season, following Reliance’s acquisition of a 49% share in the franchise.
The ECB has previously indicated its intention to bring private investment into The Hundred in order to improve long-term sustainability and provide fresh financial resources for the sport. Six franchise transactions were finalized in July, leaving just the Oval Invincibles and Trent Rockets outstanding. With Reliance and Cain & Ares now finalizing their respective deals, all eight teams in The Hundred now have strategic partners. According to the ECB, the overall value of the franchises exceeds GBP 975 million, with over GBP 500 million expected to come into English and Welsh cricket, including a specific GBP 50 million investment in grassroots development.
The Oval Invincibles deal was secured thanks to collaboration between RSBVL and Surrey County Cricket Club. Under the proposal, Surrey will have a 51% stake and Reliance will hold 49%. With the purchase complete, the men’s and women’s teams will both be rebranded as MI London from next year’s edition of The Hundred. The new name falls in line with Reliance’s wider global cricketing spectrum, which also includes clubs such as MI Cape Town and MI New York.
Trent Rockets also completes the investment process
Trent Rockets also concluded their investment process earlier, with Nottinghamshire CCC teaming with Cain & Ares on a 51-49 basis. The ECB said that, with all eight agreements completed, each franchise will now be operated by a newly created TeamCo comprised of the host venue and private investors. These TeamCos will take over operational control of the teams while continuing to collaborate closely with their respective county clubs.
The ECB noted that the increase in private investment will assist to expand competition and improve the overall cricketing ecology. Vikram Banerjee, Managing Director of The Hundred, stated that completing all eight deals is an important step toward elevating the competition.
He praised the new partners as world-class, emphasizing that the goal now is to make the 2026 season the finest ever. The funds from these collaborations will be spread throughout professional counties, with the goal of strengthening cricket at all levels.
The eight teams have completed partnerships with Knighthead for Birmingham Phoenix, Tech Titans for London Spirit, RPSG Group for Manchester Originals, Sun TV Network for Northern Superchargers, Reliance for MI London, GMR Group for Southern Brave, and Cain & Ares for Trent Rockets. The percentage distribution between county clubs and investors varies, although the majority follow a 51-49 model.
