One of the world’s biggest financial investors has waded into the auction of English cricket’s Hundred competition, amid signs that the process will generate a bigger-than-expected windfall for the sport.
Sky News has learnt that Ares Management, which has lent substantial sums to Chelsea Football Club, the McLaren Formula One team and Rugby Australia, has submitted an offer for a sizeable stake in the Oval Invincibles franchise.
Ares, which has more than $460bn (£355bn) of assets under management, is a leading player in global alternative investments and has an increasingly prolific presence in the international sports arena.
Although many of its other sports deals have involved it providing debt financing, its bid for a stake in the Oval Invincibles is an equity-led proposal, according to people close to the Hundred process.
Sources told Sky News that the England and Wales Cricket Board (ECB) and its advisers at Raine Group have this week whittled down the original list of roughly 100 offers to “several dozen”.
It was unclear on Friday whether Ares was bidding in partnership with someone, how large a stake in the London-based franchise it was trying to buy, and whether it had made it through to the next phase of the process.
Many of the proposals involve the same bidders submitting an interest in more than one Hundred franchise.
One insider said that India’s Ambani family, one of the world’s richest business dynasties, had indicated interest in “the majority” of the eight teams.
Other bidders said to be interested include Jonathan Goldstein, the businessman who owns the Prezzo casual dining chain, who is also courting one of the London franchises.
The Glazer family, who continue to own a major stake in Manchester United FC, and RedBird Capital are also reported to have shown interest.
