ECB confirm deals with final two to be completed soon
Proceeds to be shared between counties and grassroots
The ECB has announced that deals for six of the eight Hundred franchises have been completed, with a total windfall of £520m expected once paperwork for the final two teams is finalised later this year.
The sales process was completed in February, when eight parties entered into an exclusivity period having agreed deals which valued the teams at a combined £975m. Work has been ongoing to formalise the sales over the last five months, with the process described as being “in the final straight” as long ago as April, with signatures at that point expected “very, very soon”.
But the complexity of the legal arrangements – one county executive said 73 different contracts had to be agreed and signed off before the sale of a minority stake in their one franchise could be completed – and the new investors’ desire to have as much control as possible over the competition’s future combined to delay the announcement.
