Birmingham Phoenix Sold to Knighthead Capital in £40 Million Deal

Birmingham Phoenix has become the first franchise in The Hundred to complete its equity sale, with Knighthead Capital, the American investment fund, finalising a £40 million deal for a 49% stake in the team. The transaction was completed on July 15, according to filings made to Companies House.

The sale marks a significant moment in the England and Wales Cricket Board’s (ECB) ongoing commercialisation of The Hundred, as Knighthead becomes the first investor to conclude negotiations in a process that has experienced multiple delays.

Knighthead, based in New York, already holds a majority stake in Birmingham City Football Club, having acquired it two years ago. The Phoenix acquisition sees the investment group extend its growing influence in Birmingham sport, with plans to develop a 'Sports Quarter' in the city—including a proposed 62,000-seat football stadium and enhanced transport links.

The franchise will be operated in partnership with Warwickshire County Cricket Club, who will retain majority ownership and control four of the seven board seats. Warwickshire representatives Mark McCafferty (chair), Stuart Cain (chief executive), Craig Flindall (strategy director), and Adam Lowe (commercial director) will continue as directors.

Knighthead’s co-founder Tom Wagner has joined the Phoenix board alongside Andrew Shannahan and Kyle Kneisly, both of whom are also on Birmingham City's board. While NFL legend Tom Brady holds a minor stake in Knighthead, he will not serve in a directorial capacity.

“This is a great way to expand the exposure of the city to a broader, more global audience,” Wagner said in a recent interview with the BBC, noting the value of the Phoenix in connecting with Birmingham's large South Asian community. “We really, genuinely want to see Birmingham continue to develop and grow.”

Knighthead and Warwickshire will assume full operational control of Birmingham Phoenix after the 2025 season, which runs from August 5 to 31.

The ECB had initially targeted completion of all eight franchise equity deals by early April, but finalising paperwork has taken longer than anticipated. ECB chief executive Richard Gould commented, “It is about the 'what ifs'. I hate to think how many sets of lawyers are in on this, but that’s what they’re paid to do.”

According to ESPNcricinfo sources, several other deals are now either finalised or nearing completion. Four of the seven remaining investors are understood to be owners or co-owners of IPL franchises, while the remaining three—like Knighthead—are based in the United States.

The Hundred's new investment model is expected to reshape the financial and operational landscape of the competition, with franchise partnerships offering global exposure and commercial expansion opportunities ahead of its 2025 season.