Not too long ago Ashis Nandy, an India political and social psychologist, had written, “Cricket is an Indian game that the British accidentally discovered.” He is being proved right as the England and Wales Cricket Board (ECB) is reaping rich rewards from the sale of the franchises of The Hundred.

Just over halfway through the disinvestment process, the expressions being used in England for the response are: Cricket’s Brexit, Reverse Colonisation, Indian Cheques. Only five of the eight teams have been sold and the returns have exceeded the ECB’s expectations.

The ECB had hoped to raise about GBP 350 million from the sale and just over halfway through, they have met the target by selling half the shares of five teams. Potentially, they are in for at least GBP 150 million more and that is a jackpot for the English cricket and counties.

“Often described as Cricket’s Brexit, given how it has split opinion, the Hundred will produce an immediate financial dividend the likes of which the Brexiteers could only dream,” Mike Atherton wrote in The Times. “…the eventual value of the entire tournament could come in at about GBP 800 million.”

The ECB and English cricket are now sitting on a windfall, thanks to the influx of Indian money. It is said that all 19 counties, including the MCC, associated with the ECB will get to earn at least GBP 11-12 million funding from the current booty. Most, if not all, are apparently in the red. The Indian investors may be to the English cricket’s rescue.

The ECB had once said that privatisation notwithstanding, it will ensure that the Hundred is not an all-IPL affair, like SA 20. The reality may be a little different now. Four of the five teams – Oval Invincibles, Welsh Fire, London Spirit and Manchester Originals – have gone to either Indian investors or US-based Indian-origin billionaires. The two or all three remaining sides – Northern Superchargers, Southern Brave and Trent Rockets – are expected to be clinched by the IPL franchises – SunRisers Hyderabad, Delhi Capitals and most likely Kolkata Knight Riders.

“You must be an idiot if you don’t think that India runs the world of cricket. Anyone arguing against that clearly is deluded. So actually, when you see what India is doing for global cricket, the amount of cash that is being injected into now, this last couple of weeks, the English cricket game… It’s amazing for world cricket,” Kevin Pietersen, a former England captain with 104 Tests to his name, said on Tuesday.

“It’s amazing for English cricket (too). I know the guys at the ECB and also my buddies were the ones that took Lords and the amount of money that they are spending just on Lords is, I mean, it’s ridiculous. I don’t think the ECB ever in their wildest imagination thought they were going to be able to accrue that sort of number just from one team.

“So I think it’s brilliant for world cricket. I think it’s amazing what’s happening in English cricket because there’s a lot of the counties in English cricket that are struggling, really, really struggling. And so now with this cash injection it is, of course, amazing. Everybody’s happy. The quality of cricket is spectacular. It’s the way the world is now.”

The big question now is whether the investment will yield any returns. While it’s still too early to say, the general consensus is that it will likely take a considerable amount of time before investors start seeing profits. Pietersen thinks these acquisitions will remain trophy assets for some time.

“I think those are just trophy assets,” the South Africa-born Englishman said. “I mean owning Lords is a major trophy asset. And the Ambanis have The Oval. It is a major trophy asset. GMR now have all of Hampshire. That is a major trophy asset. (Sanjiv) Goenka bought Manchester yesterday. So LSG now Old Trafford. It’s right next to the football stadium in Manchester. It’s a major, major asset. With the amount of money that they’re paying, I think they’re more trophy assets than returns on investments.”

Lancashire county to start talks with LSG

A spokesman for the Lancashire County Cricket Club, which owns Manchester Originals, said it is delighted that LSG owners are on board and they will soon engage in negotiations. “We have been very focused on securing a great partner – ideally from the IPL — and RPSG has been our preferred bidder for some time. We are delighted by the outcome and look forward to working together to create an exciting future. Together, we have a shared ambition to create a very special cricket team for the people of Manchester and the wider North West region.”

It further said, “The Club will now enter into a period of exclusivity with The RPSG Group in order to finalise the investment. We will also host a Members’ Forum at Emirates Old Trafford on Wednesday 12 February to update the Club’s Members on the investment process so far.”

The key items on the agenda will include details of their partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the funds generated.

Sale activity to resume soon

Meanwhile, after three days of intense action, the ECB has paused the auction process. There was no activity on Tuesday, and with three more teams to be auctioned, the ECB has not yet confirmed when the process will resume. It is expected to restart on Wednesday.