Hundred sales deadline extended after delay in negotiations

The first edition of The Hundred was held in 2021

The deadline to finalise the sale of The Hundred franchises has been extended by the England and Wales Cricket Board after delays in negotiations.

Multiple sources have told BBC Sport there are no major concerns over the hold-ups, with investors still fully committed to the deals agreed earlier this year which had an initial eight-week exclusivity period.

Delays have centred on the participation agreement, the key legal document between the ECB and the Hundred franchise investors which includes how television rights for the tournament are sold in the future.

It is now hoped the sales process will be concluded by the end of April, but all parties are said to be relaxed about the time frame should the legal process take longer.

As reported by the Daily Telegraph, the prospective buyers of the two London franchises are among those who have raised concerns over the participation agreement.

An American consortium of tech billionaires agreed to pay £145m for a 49% stake in Lord's-based London Spirit, while India's richest family - the Ambanis - purchased the same stake in the Oval Invincibles for £60m.

However, one investor told BBC Sport they would be "flabbergasted" if any of those who had agreed to buy a franchise would consider pulling out at this stage.

The overall valuation of the sales of The Hundred franchises came to more than £950m.

The total money raised to be shared among the 18 counties, Marylebone Cricket Club (MCC) and domestic game is more than £500m.

The ECB is retaining control of The Hundred competition, but sold stakes in the teams to provide a cash injection to the game in this country.

From the total money raised, 10% will go straight to the recreational game. Proceeds from the 49% sales will be divided between the 18 first-class counties and the MCC.

Little change is expected to The Hundred for the forthcoming season, which is seen by both the ECB and the new investors as a transitional year.