CVC Capital Partners, a prominent private equity firm, has reportedly submitted a bid for the Oval Invincibles, one of the franchises in the Hundred cricket tournament. This move comes as the England and Wales Cricket Board (ECB) is asking the eight teams to shortlist three or four preferred bidders for the next phase of the auction.

The ECB is in the process of selling its 49 percent stakes in each of the eight franchises, while the host counties will subsequently decide how much of their 51 percent stakes they wish to sell. CVC has established a significant presence in the sports sector in the UK, with investments in various sports leagues, including the Guinness Six Nations and Premiership Rugby. Their portfolio also extends internationally, featuring the Indian Premier League's Gujarat Titans and interests in organizations like the Women’s Tennis Association and LaLiga.

In addition to CVC's interest, reports indicate that the Ambani family, owners of the Mumbai Indians, are also keen on acquiring the Oval-based franchise. Other notable bidders for different franchises include the Glazer family of Manchester United and Chelsea’s Todd Boehly, alongside various tech companies interested in the London Spirit franchise at Lord’s.

The ECB stands to gain over £500 million from the sale of its stakes in franchises located in cities such as London, Birmingham, Manchester, Leeds, Southampton, Nottingham, and Cardiff. Given that the Hundred is still a relatively new tournament, the high valuations being reported for some franchises—over £100 million for London Spirit—are seen as a positive outcome for the ECB.

Counties without a Hundred franchise will not benefit directly from the sale of stakes but will receive funds from a central pool created by the ECB's stake sales. This arrangement aims to ensure that all counties share in the financial benefits of the tournament's growth, even if they do not host a franchise.