MCC Members Vote to Accept 51% Stake in London Spirit
An MCC spokesperson stated that the club's Hundred steering group will collaborate with the ECB throughout the sales process. They emphasized that the MCC retains the authority to exercise a veto regarding any potential investment partners if deemed necessary.
Members of the Marylebone Cricket Club (MCC) have overwhelmingly voted in favor of acquiring a 51% share in the London Spirit franchise, ahead of the upcoming sale of franchises in The Hundred tournament. The decision was made during a Special General Meeting, where 81.12% of the 6,037 valid votes cast supported the move to take a controlling interest in the team.
This vote comes as part of the England and Wales Cricket Board's (ECB) initiative to sell stakes in the eight franchises that participate in The Hundred. Under the current framework, each host team, including London Spirit, can retain a 51% stake while the remaining 49% is up for sale by the ECB.
An MCC spokesperson stated that the club's Hundred steering group will collaborate with the ECB throughout the sales process. They emphasized that the MCC retains the authority to exercise a veto regarding any potential investment partners if deemed necessary.
Earlier this year, the ECB appointed the Raine Group and Deloitte to provide guidance on the franchise sales, which are intended to generate revenue for cricket's grassroots initiatives. Funds raised from the sale of the 49% stakes will be distributed among the 18 first-class counties, the MCC, and the broader recreational game, furthering the development of cricket across the country.
With this significant move, the MCC is poised to play a vital role in shaping the future of The Hundred and enhancing cricket's reach and sustainability.
