There have also been discussions over the sale of future TV rights. The current United Kingdom TV deal, principally held by Sky, expires in 2028. When it is renegotiated, rights for The Hundred will again be sold as a complete package, rather than separated from international and other domestic cricket.
International TV rights, seen as a key area of growth, are piecemeal. Deals for separate competitions or series arise at different intervals.
Wagner added: “I won’t comment on the specific negotiations but what I will say is we’re very excited at the prospect of investing in the Phoenix.
“We’re committed to it, we’re excited by it and I have every confidence we’ll get to closing.”
The Knighthead Group also includes legendary NFL quarterback Tom Brady. They are already owners of Birmingham City, and last week the prospect of a new 62,000-seater stadium as part of a £3 billion ‘Sports Quarter’ took a significant step forward when the government confirmed £2.4bn investment in transport infrastructure.
Wagner, who founded Knighthead, said: “We think it’s a fantastic opportunity. It shows our commitment to Birmingham, beyond simply Birmingham City Football Club.
“We really, genuinely want to see Birmingham continue to develop and grow. The Phoenix is a great way to expand the exposure of the city to a broader, more global audience. It’s also a way for us to tie-in to the substantial south Asian community that is here in Birmingham.”
Proceeds from the sales will be shared among the 18 first-class counties, Marylebone Cricket Club and the domestic game in England and Wales.
The ECB will retain overall control of the competition, but investors could change the name, colours and branding of their teams. The American investor in Welsh Fire has already said he would prefer The Hundred to switch to a T20 format.
Even if deals are completed before the beginning of the 2025 competition, there is little change expected this year. Both the ECB and the investors see it as a transitional season.
