Investors will agree a minimum five-year period for which they are attached to their Hundred team. Some are paying their money up front, while others are staggering payments over a maximum five-year period.

One return on the investment will be a split of 80% of future broadcast deals, with The Hundred set to be sold separately from the rest of cricket played in England and Wales.

In terms of broadcast rights, Gould said the overseas TV market is “very important”, especially as almost all of the Hundred investment has come from India and the USA. On the question of whether the competition would change to a T20 format in order to fall in line with other major franchise leagues, Gould said it was “not a raging debate”.

As well as bringing money into the game, the ECB hopes the investment will improve the quality and profile of the men’s Hundred through increased player salaries.

In 2023, the Independent Commission for Equity in Cricket recommended equal salaries for men and women in The Hundred by 2025, which will not be met.

This year, the highest men’s salary bracket of £200,000 is £135,000 higher than the top women’s of £65,000, while at the bottom of the seven pay bands there is a £21,000 difference between the £31,000 of the men and £10,000 of the women.

On Wednesday, incoming Professional Cricketers’ Association chair Oliver Hannon-Dalby called the disparity “not fair” and “not right”.

When asked if the investment would being salary parity, Gould said: “I think it will help to accelerate the process. There are market conditions in play that will ultimately affect how these things play out.

“We want to commercialise the women’s game and bring it up to the same level as the men’s game. Perhaps we should be even more ambitious than that.”