ECB rejects Lalit Modi’s offer to buy The Hundred

ECB rejects Lalit Modi’s offer to buy The Hundred.In a recent interview, Lalit Modi expressed his willingness to bring investors on board for a 10-team tournament.

The ECB reject a lucrative 10-year proposal from former IPL commissioner Lalit Modi for its franchise-based event, ‘The Hundred’. According to sources, the ECB rebuffed Modi’s request to maintain positive relations with the BCCI, a major stakeholder in the cricket globe.

Modi, who has been residing in London since receiving a life ban from the BCCI in 2013. Plan to host ‘The Hundred’ during the peak English summer, from July 1 to August 15. His representatives, meeting with important ECB leaders including as Vikram Banerjee and Richard Gould. Offered a decade-long proposal to finance and purchase the event through private investment. However, the ECB elected not to engage in negotiations with Modi.

“At the time, the ECB’s chairman, Richard Thompson, claimed that he would only accept offers for ‘a few billion’. The ECB then follow a policy of selling equity in the teams while maintaining ownership of the competition, according to the British Daily.

While the ECB appreciates the autonomy of its signature property, ‘The Hundred,’ it is also concern about potential issues from a cooperation with Modi, which might affect their relationship with the influential BCCI. It’s worth noting that the ECB had previously received a similar offer from the Bridgepoint Group. Which valued the event at GBP 400 million for a 75% ownership.

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Lalit Modi estimates annual value of USD 100 million for ‘The Hundred’

In a recent interview, Modi expressed his willingness to bring investors on board for a 10-team tournament. He has advocated to the ECB a transition from ‘The Hundred’ to a Twenty20 format, noting its inefficiency. The offer sheet stated a club purse of USD 10 million every season, or about INR 83 crore, somewhat less than the IPL’s INR 95 crore. Modi calculated the competition’s yearly value at $100 million over ten years.

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