The England and Wales Cricket Board (ECB) governing body has begun the process to secure investment into the eight teams of The Hundred, its limited-overs cricket competition.

This comes after the ECB brought in advisors to seek private investment into The Hundred in May, and the body has now said it is moving forward with plans to bring in private ownership to its teams.

Financial services giant Deloitte and advisory firm Raine Group are the two firms serving as advisors during the process.

The pair will work collaboratively as financial advisors to secure private investment in the eight city-based teams. Latham & Watkins, and Onside Law, will act as legal co-counsels.

The ECB claims that several potential investors have shown interest, spurring the body to secure the investment.

Vikram Banerjee, ECB director of business operations, said of the process: “Since announcing our intent to launch this process, we’ve received a phenomenal level of interest from a diverse mix of investors globally.

“Our priority over the coming months will be to select partners that share our passion and vision for the future of The Hundred, with expertise to take the competition to the next level. Whether that's through creating unforgettable matchday events, engaging new fans, enhancing international awareness of the competition, or other areas.”

“This marks the most significant private investment opportunity in the history of cricket in our country and there’s never been a better moment for partners to engage with our sport. Cricket’s global appeal continues to soar and in England and Wales we’ve seen engagement with the sport hit record levels.”

It is expected that team owners from India’s Indian Premier League (IPL), the world’s highest profile and most lucrative club cricket competition, will look to acquire stakes in The Hundred sides, with many already owning teams in the other leagues.

The ECB, which currently owns all of the eight teams fully, will reportedly hand 51% of shares in the teams to the county sides who play at The Hundred grounds, for free. The ECB will then look to sell off the remaining 49% to private investors.

With private investment in the teams, The Hundred will join the list of Twenty20 leagues worldwide where teams are privately owned - the SA20 in South Africa, the Caribbean Premier League, the ILT20 in the United Arab Emirates, and most prominently the IPL.

The Hundred, established in 2021, recently completed its fourth season.