The ECB said it had initial interest from more than 100 potential buyers, a number that has gradually been whittled down to around 15 bidders.

Between two and four bidders have been shortlisted for each franchise. Some investors are on the shortlist for more than one franchise, so if they miss out on their first choice, they may be successful elsewhere.

Links to the IPL are inevitable, given the investment already made in leagues across the world. The co-owners of Delhi Capitals finalised a takeover of county club Hampshire in September and, as a result, are on course to secure sole ownership of Southern Brave.

Lancashire have been open about their desire to partner Manchester Originals alongside an IPL team, with the owners of the Mumbai Indians and the Lucknow Super Giants thought to be in the running, alongside US investors.

However, the ECB has been keen to secure investment from a range of sources and some Hundred franchises are keen to avoid an IPL link, primarily to guard against interference in cricketing matters.

Oval Invincibles, for example, could be partnered with a consortium of Silicon Valley entrepreneurs, or the private investment firm CVC, which is thought to have made it through to the final round of the auction. BBC Sport has also learned that Birmingham City FC owners Knighthead Capital – a private equity firm led by Blues chairman and owner Tom Wagner – are in contention to secure a stake in Birmingham Phoenix.

Todd Boehly, a shareholder in Chelsea, and members of the Glazer family, co-owners of Manchester United, are reportedly among those interested in acquiring a stake in London Spirit.

“We are looking to create the blend of the best eight partners that can help the tournament grow and also use this process to raise funds that will create financially sustainable gain for a generation to come,” said Banerjee.

“We’ve got a real variety in our shortlist. It’s a really exciting moment. I do think this will help the whole game grow at quite a rate.”

There has been some controversy, however. In September, IPL founder Lalit Modi leaked financial projections linked to the sale on social media, including predictions about future deals for TV rights which he called “disconnected from reality… dangerously overambitious and unsustainable”.

On Tuesday, the ECB responded to a report claiming that some prospective investors were frustrated with the sales process, defending it as “thorough and rigorous” in a statement.

The governing body also insisted that host venues had decided on shortlists of potential partners “based on who they would like to work with, not making purely financial decisions”.