Knighthead Capital founder Tom Wagner says they are looking forward to completing the agreement for Birmingham Phoenix franchise in The Hundred. HUD has said that it remains “absolutely confident” that it will occur shortly. Wagner’s personal pledge to the purchase comes during a time when negotiations are underway to increase the commercial viability of the tournament.
The Hundred, a professional cricket competition in England and Wales, has faced delays as organizers work to improve its marketability and overall appeal. Back in February, the England and Wales Cricket Board (ECB) pulled off quite the coup by announcing the intention to sell equity stakes in eight of teams. Collectively these teams are worth £520 million. Sales proceeds will help fund projects in all 18 of the state’s first-class counties. They will additionally back the Marylebone Cricket Club and other domestic cricket efforts.
Knighthead Capital has agreed to invest £40 million to acquire a 49% stake in Birmingham Phoenix. This decision comes to underscore Wagner’s deep dedication to the franchise. An American consortium of technology billionaires has just bought a 49% stake in London Spirit for £145 million. At the same time, India’s Ambani family purchased 100% of the Oval Invincibles for £60 million.
Wagner noted that “what everybody wants is the ability to make The Hundred even more commercially viable and to grow the product.” Instead, he paints a picture of a tournament that moves to a T20 format. He thinks this change would make a big difference in its popularity, and he’s probably right.
The last television deal in the UK, currently owned by Sky, runs out in 2028. For each cycle thereafter, future television rights for The Hundred will be sold as one package which contains both international and domestic cricket. This smart play will allow them to drive a much larger investment and help guarantee the competition’s sustainability.
Wagner was aware that even the 2025 competition would not see dramatic changes. That’s the case even if a deal is reached before the new start date of August 5.
On a policy level, our interests couldn’t be more aligned. As with any good negotiation, there is often a give and take. During this time, Wagner spoke about the national conversation that continues to grow around these franchise acquisitions.
He stressed that his passion for investing in the Birmingham Phoenix ran much deeper than his ownership stake in Birmingham City Football Club. “We think it’s a fantastic opportunity. It shows our commitment to Birmingham, beyond simply Birmingham City Football Club,” he added.
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