ECB Extends Deadline Again as Oval Invincibles, Trent Rockets Deals Remain Pending

The England and Wales Cricket Board (ECB) has extended the deadline for the completion of equity deals involving Oval Invincibles and Trent Rockets, even as it confirmed the successful closure of six other franchise sales in The Hundred.

The ECB remains confident that the two pending agreements are “on track,” despite delays beyond the initially agreed eight-week timeframe. The sales process—part of a landmark equity model for The Hundred—has seen significant financial interest, valuing the competition’s eight teams at nearly £1 billion and injecting more than £500 million directly into English cricket.

In a statement released Wednesday, ECB chair Richard Thompson described the occasion as a “seminal moment” for the sport. “The remaining two [deals] 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,” the board said.

Oval Invincibles: Branding Discussions Ongoing

Oval Invincibles, the first team to be auctioned, is now among the last to finalize its sale. The franchise is set to be operated as a joint venture between Surrey County Cricket Club (51%) and Indian conglomerate Reliance Industries (49%), which also owns the Mumbai Indians and several affiliated global franchises.

While Surrey declined to comment, sources suggest they are confident the deal will be completed by early October. Discussions are ongoing around potential rebranding, with names like "MI London" or "MI Oval" under consideration, though this is not expected to delay the agreement significantly.

The Ambani family, who control Reliance, are expected to attend the fifth Test at The Oval, but their visit is believed to be unrelated to the ongoing negotiations.

Trent Rockets: High-Profile Investors Involved

Trent Rockets' new investors—Cain International (49%) and private equity firm Ares Management—are also awaiting deal completion. Nottinghamshire County Cricket Club will retain the majority 51% stake. Cain’s co-founders, Todd Boehly and Jonathan Goldstein, are part of the consortium that owns Chelsea FC, adding further profile to the ownership.

Nottinghamshire also declined to comment, but the structure of the deal remains consistent with the ECB’s model of county-majority ownership.

Delays Attributed to Legal Complexity

ECB chief executive Richard Gould has cited the extensive legal work and desire for detailed clarity from new investors as key reasons for the delays. “I hate to think how many sets of lawyers are in on this, but that’s what they’re paid to do,” Gould told ESPNcricinfo last month.

Counties Set for Major Windfall

The equity model is expected to provide a financial boost to several counties. Yorkshire, for instance, has sold 100% of Northern Superchargers to the Sun Group, which owns Sunrisers Hyderabad. CEO Sanjay Patel called the deal transformative, saying, “The first priority is clearing our debts.”

New investors will assume operational control of the franchises from October 1. However, the ECB will oversee the running of all eight teams during the 2025 season, scheduled from August 5 to 31.