Unwilling to jeopardise its cordial relationship with the omnipotent BCCI, the England and Wales Cricket Board (ECB) has rejected a profitable 10-year buy-out supply of their franchise-based property ‘The Hundred’ from former IPL commissioner Lalit Modi, the Daily Telegraph reported. Modi acquired a life ban from the BCCI in 2013 for “serious misconduct and indiscipline” associated to bids for 2 new IPL franchises in 2010. Modi left India and has been dwelling in London since then. Modi had deliberate the competitors in peak English summer time between July 1-August 15. “Modi’s representatives met with Vikram Banerjee, the England and Wales Cricket Board’s director of operations, who is de facto head of the Hundred, and chief executive Richard Gould to lay out a 10-year offer to buy the Hundred and fund it through private investment. However, the ECB will not be pursuing talks with Modi,” the British each day reported.

The ECB is not able to utterly let go its possession on their flagship property but additionally on the identical time is apprehensive about potential pitfalls of a partnership as “dealing with Modi would jeopardise its relationship with the BCCI.” It have to be famous that the ECB had acquired the same supply from the Bridgepoint Group value GBP 400 million for a 75 per cent stake in ‘The Hundred’.

“At the time, Richard Thompson, the ECB’s chairman, said he would only consider offers of a “few billion” and since then the ECB has pursued a strategy of selling equity in the teams, with the board retaining ownership of the competition,” the newspaper additional reported.

Modi informed Telegraph Sport that “he has lined up investors willing to pump money into a 10-team tournament but told the ECB the Hundred format does not work and should be converted into a Twenty20 competition instead.” The crew purse as per supply sheet would have been USD 10 million per season (roughly INR 83 crore to IPL’s INR 95 Cr).

Modi’s estimated valuation of the competitors was earmarked at USD 100 million a yr over 10 years.

In truth, the previous IPL czar had suggested ECB to not invite greater than two IPL franchises to personal groups.

His mantra was “franchises should be English owned and English run with minimal input from India.” Modi had been in contact with English cricket institution for the previous 18 months and needed to make it second largest league after IPL.

“I would give them a guarantee of a billion dollars,” Modi informed Telegraph Sport.

“A lot of people have been in touch with me interested in backing it and I made a proposal to the ECB but it had a lot of conditions. The Hundred format does not work and there should only be two franchises sold to Indian buyers. It will only work if it is an English competition and not Indo-centric,” he mentioned.

The ECB believes it will probably increase GBP 100 million from promoting fairness (shares).