Hundred investors force ECB onto sticky wicket over revised £975m deal

Published

2 months ago

April 13, 2025

admin

A £975m deal to transform the finances of English cricket risks facing further demands for revision over proposals including one allowing the sport’s governing body to cancel The Hundred tournament in seven years time.

Sky News has obtained a revised document sent this weekend by the England and Wales Cricket Board (ECB) to prospective investors in the eight Hundred franchises – who include some of the world’s most powerful technology company executives.

The document outlines a series of changes to the ECB’s original proposals, in an attempt to persuade the competition’s new shareholders – who have collectively agreed to stump up £520m for their team stakes – to sign binding contracts within weeks.

In recent weeks, the ECB has come under pressure from many of the investors to revise proposals relating to media and sponsorship rights, future expansion of The Hundred, and governance of the tournament.

The sale of the ECB’s 49% stakes in the eight Hundred teams, including Trent Rockets and Oval Invincibles, was hailed as a landmark moment for the sport, paving the way for a vast injection of cash into English cricket at county and grassroots level.

However, one senior cricket insider cast doubt on the ECB’s timetable for signing binding agreements, scheduled for 29 April, amid continuing dissatisfaction from some stakeholders.

Another sticking point for the investors may be the inclusion of a clause that the ECB has the right to unilaterally terminate the Hundred competition after seven years.

“What happens in year eight?”, said one on Sunday.

“These investors have agreed to pay hundreds of millions of pounds with no guarantee of terminal value.”

Among the new backers of The Hundred – which is broadcast by Sky Sports, which shares a parent company with Sky News – are the Chelsea FC co-owner Todd Boehly, the billionaire Indian Ambani family and a group of tech executives including the chief executives of Google and Microsoft.

According to the document, the existing Hundred committee will be scrapped by a new body, The Hundred Board (HB), on which the ECB would cede control and hold just a third of the overall voting rights.

The HB would consist of 20 members, with four from the ECB and two from each team – but with the ECB members each carrying double voting rights.

“The HB Agreement now protects teams from future changes, meaning [the] ECB can no longer unilaterally amend the decision-making and other powers of the HB.

“Instead, any variation to the HB Agreement will require approval from a majority of investor members of the HB, two-thirds of all members of the HB, and the ECB board,” the document said.

One of the ECB’s board members will become chair of the HB, according to the document, while the governing body will also appoint the Hundred’s managing director on a minimum five-year contract.

A source close to one of the new investors questioned that arrangement on Sunday, arguing that such an arrangement risked “embedding failure” in the event of unhappiness at the competition’s administration.

The document also sets out several matters, including UK media rights arrangements for the period after 2029, which would be subject to so-called “triple trigger voting” requiring an “affirmative vote from a majority of Investor Members of the HB, two-thirds of all members of the HB and the ECB board”.

Also included on the triple-trigger list are: changes to league expansion criteria; the distribution of league expansion proceeds to ECB and The Hundred stakeholders; Material increases in payments from The Hundred and its teams to hosts and the broader ECB county ecosystem; and changes to the HB Agreement, or changes to the Framework Agreement that materially adversely affect teams.

“For the 2029 [media rights] cycle, the default position is the UK media rights will be sold on a bundled basis, with a floor valuation of £51m per year for The Hundred,” the document said.

“For each subsequent cycle, the default shifts to an unbundled sale of rights between The Hundred and the ECB’s broader UK media right package.

“For the 2029 cycle, ECB will request that UK rights bidders provide an itemized pricing allocation for The Hundred and non-Hundred rights to provide transparency on value of The Hundred.”

The ECB document said it would only permit expansion of The Hundred in 2029 or later, and that it could only admit teams which have a purpose-built permanent stadium that does not host another franchise.

A revenue formula to protect distribution to existing teams would also be established, while new teams would be required to demonstrate that “they unlock a new fan base and complementary ticket sales”.

According to the document, the ECB has “developed a revised set of termination events that protects the ECB and other teams in extreme scenarios, also providing further protection for teams for events outside of their control:

• ECB will not unilaterally terminate The Hundred for seven years

• The ECB Member Resolution termination event has been removed

• ECB has clarified that it will not terminate the competition based on a breach by one or a select few clubs

• Termination for force majeure has been extended to require disruption over two consecutive seasons of The Hundred

• ECB’s right to terminate for “financial reasons” has been clarified to only apply in scenarios where ECB is experiencing financial challenges due to cash losses generated by The Hundred.”

“In the unlikely event the ECB decides to end its involvement in The Hundred, the ECB is committed to providing teams with an opportunity to maintain the competition independently, including using reasonable endeavours to make players, venues and a suitable playing window available to the competition,” the document states.

The ECB said it would also commit to “not launch or sanction a competing professional league for a period of 4 years”.

The ECB has also revised a set of sponsorship and player appearance proposals as part of its revised agreement.

In an effort to ensure a swift resolution to the process, the ECB told investors that those who do not sign and complete their stake purchases simultaneously would forego their right to an additional dividend.

For all investors, the governing body would provide “a £1 liability cap on all Business Warranties (given on a knowledge qualified basis) and Tax Claims”.

“The ECB will provide fundamental warranties only and will provide no other indemnities or warranties.”

An ECB spokesman declined to comment on the document on Sunday, but pointed to comments made recently by Richard Gould, the governing body’s chief executive.

“We’re just trying to work out how to maximise value from sponsorships, tickets sales and broadcast revenues,” he said.

“They’re investing a lot of money into our game and we want to make sure that pays dividends.

“We’ve got brilliant supporters for our UK domestic market through Sky, but there are probably significant opportunities in the overseas broadcast market and that’s very much something that they’re focused on but there are differences in the markets.

“We need to make sure we’ve got something which is fit for purpose across the global markets, not just a UK market.”

Business

Ministers to kick off hunt for successor to Ofcom chair Lord Grade

Published

2 days ago

May 31, 2025

admin

Ministers to kick off hunt for successor to Ofcom chair Lord Grade

Ministers are to kick off the hunt for a new chair of the communications regulator as Lord Grade of Yarmouth prepares to bow out after a single term at the helm.

Sky News has learnt that the Department for Science, Innovation and Technology (DSIT) – which now leads oversight of Ofcom in Whitehall – is drawing up proposals to launch a recruitment process in the coming months.

Lord Grade, the veteran broadcast executive who held senior posts at the BBC, ITV and Channel 4, has served as Ofcom chair since May 2022.

His four-year term is not due to end for another 11 months, and there was no suggestion this weekend that he would leave the role ahead of that point.

Insiders said, however, that there was little prospect of him seeking to be reappointed for a second term in the job.

The now non-affiliated peer’s appointment to the post in 2022 came after a controversial recruitment process and was signed off by Nadine Dorries, the then Tory culture secretary.

Responsibility for Ofcom board appointments has switched since then from the Department for Culture, Media and Sport.

Peter Kyle, the science secretary, authorised the recruitment of Tamara Ingram, an advertising industry stalwart, as Ofcom’s deputy chair, last November.

The search for a new Ofcom chair will come after a significant extension of its remit to encompass areas such as online harms.

Both DCMS, which has responsibility for the media industry, and the Department for Business and Trade also have substantial engagement with Ofcom.

As well as a role in appointing directors to the board of state-owned Channel 4, which is hunting both a chair and chief executive, Ofcom regulates companies such as Royal Mail, as well as the BBC.

This week, the watchdog said it was pursuing action against the formerly publicly owned postal services company over its failure to hit statutory delivery targets.

Ofcom also regulates the UK telecoms industry, making it one of the largest economic regulators in Britain.

Mr Kyle said this week that Ofcom should also prepare to be given regulatory oversight of the fast-growing data centre industry.

One of the tasks of Lord Grade’s successor is likely to be long-term executive leadership succession planning.

Dame Melanie Dawes, Ofcom’s chief executive, has held the role since 2020, although there is no indication that she intends to step down in the short term.

It was unclear this weekend whether any of Ofcom’s existing board members might seek to take over from Lord Grade.

Its slate of non-executive directors includes recently appointed Lord Allan of Hallam, a former MP, and Ben Verwaayen, the former BT Group chief executive.

Mr Verwaayen is due to step down from the Ofcom board at the end of the year.

The hunt for Ofcom’s next chair will come amid a push led by Sir Keir Starmer and Rachel Reeves to shake up Britain’s economic regulators as they seek ways to remove red tape from the private sector.

DSIT has been contacted for comment, while Ofcom declined to comment.

Business

‘Absolutely gutted’: £16,500 Glastonbury packages won’t be fulfilled after company goes bust

Published

3 days ago

May 30, 2025

admin

'Absolutely gutted': £16,500 Glastonbury packages won't be fulfilled after company goes bust

Glastonbury ticket holders have been left thousands of pounds out of pocket after a luxury glamping company went bust.

Festival-goers who booked their tickets and accommodation with Yurtel have been told the company can no longer fulfil its orders and has ceased trading with immediate effect.

Money: Read all the latest news here

Some had spent more than £16,500 through Yurtel, with hospitality packages starting at £10,000.

In an email, Yurtel said it was unable to provide customers with any refunds, advising them to go through a third party to claim back the money once the liquidation process had started.

To add insult to injury, customers found out that Yurtel had failed to purchase the tickets for the 25 -29 June festival that they thought had been booked as part of their packages.

In a letter to customers, Yurtel’s founder Mickey Luke said: “I am deeply sorry that you have received this devastating news and am writing to apologise.

“Yurtel is a hospitality business who pride themselves on looking after our customers, delivering a unique product and striving to create a better client experience year on year. Due to a culmination of factors over the past years, we have failed to be able to continue to do so and are heartbroken.”

The Money blog has contacted Yurtel to see if the business has anything to add.

Several people have also reported that they were unable to pay by credit card at the time of booking, with the company instead asking for a bank transfer.

This means they are unable to use chargeback to get a refund. You can read more about that here…

‘I feel really ripped off’

One of those customers was Lydia, who told Money she was “absolutely gutted” after spending thousands.

This year’s festival was “really important” to her as she was forced to miss out last year despite having tickets due to a health issue that left her needing an operation.

“We tried to get Glastonbury tickets through the normal kind of route and couldn’t get them,” the accountant said.

She ended up booking with Yurtel in November, sending over all the funds a month later.

“It’s super expensive. It was really, really important to us. Last year was gutting with the surgery and the whole situation around that was very traumatic, so it was a very special thing to then get the opportunity to go this year. It’s really gutting,” she said.

“I feel really ripped off and I’m really disappointed in the festival, to be honest. I think that response is just pretty rubbish.”

Yurtel did not pay for festival tickets, Glastonbury says

Glastonbury said Yurtel was one of a small number of campsites local to the festival site – Worthy Farm – with limited access to purchase hospitality tickets for their guests in certain circumstances.

But, it had not paid for any tickets for the 2025 festival before going into liquidation, and so no tickets were secured for its guests, it added. Every year, Glastonbury’s website says that ticketing firm See Tickets is the only official source for buying tickets for the festival.

“As such we have no records of their bookings and are unable to take any responsibility for the services and the facilities they offer,” the festival said.

“Anyone who has paid Yurtel for a package including Glastonbury 2025 tickets will need to pursue any potential recompense available from them via the liquidation process as outlined in their communication to you.

“We are not able to incur the cost or responsibility of their loss or replacement.”

Instead, the festival has urged Yurtel customers to contact Yurtel@btguk.com to confirm their consent for personal data and details of their party to be shared with Glastonbury.

“We will then be able to provide details of alternative potential sources for those customers to purchase tickets and accommodation for this year’s festival,” the festival added.

‘Only option’ on offer is ‘pretty weak’

Lydia said she agreed for her details to be passed on to Glastonbury, and the festival has told her the only option is to pay for the tickets again from another provider.

“They are not giving us the opportunity to buy the tickets at face value. We would then have to go again and spend another stupidly unreasonable amount of money to be able to go. It’s pretty disappointing,” she added.

“It’s pretty weak that the only option they’re giving people who’ve already lost out on huge amounts of money is to go and spend huge amounts more money.”

It’s left her feeling like she won’t go to the festival this year – and she’s not hopeful about getting her money back.

She said: “To be honest, I just don’t think I can afford it.

“It’s already so much money wasted, and I’m not at all optimistic we’ll get anything back.”

Business

Federal judges rule Trump tariffs can stay in place for now – as president rages at trade court’s ‘country threatening decision’

Published

3 days ago

May 30, 2025

admin

Federal judges rule Trump tariffs can stay in place for now - as president rages at trade court's 'country threatening decision'

A federal appeals court has ruled that Donald Trump’s sweeping international tariffs can remain in place for now, a day after three judges ruled the president exceeded his authority.

The Court of Appeals for the Federal Circuit (CAFC) has allowed the president to temporarily continue collecting tariffs under emergency legislation while it considers the government’s appeal.

It comes after the Court of International Trade blocked the additional taxes on foreign-made goods after its three-judge panel ruled that the Constitution gives Congress the power to levy taxes and tariffs – not the president.

The judges also ruled Mr Trump exceeded his authority by invoking the 1977 International Emergency Economic Powers Act.

The CAFC said the lower trade court and the Trump administration must respond by 5 June and 9 June, respectively.

Trump calls trade court ‘backroom hustlers’

Posting on Truth Social, Mr Trump said the trade court’s ruling was a “horrible, Country threatening decision,” and said he hopes the Supreme Court would reverse it “QUICKLY and DECISIVELY”.

After calling into question the appointment of the three judges, and suggesting the ruling was based on “purely a hatred of ‘TRUMP’,” he added: “Backroom ‘hustlers’ must not be allowed to destroy our Nation!

“The horrific decision stated that I would have to get the approval of Congress for these Tariffs. In other words, hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion as to what to charge other Countries that are treating us unfairly.

“If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same!”

The US president unveiled the controversial measures on “Liberation Day” in April, which included a 10% tariff on UK imports and caused aggressive sell-offs in the stock market.

Mr Trump argued he invoked the decades-old law to collect international tariffs because it was a “national emergency”.

Tariffs ‘direct threat’ to business – Schwab

The trade court ruling marked the latest legal challenge to the tariffs, and related to a case brought on behalf of five small businesses that import goods from other countries.

Jeffrey Schwab, senior counsel for the Liberty Justice Center – a nonprofit representing the five firms – said the appeal court would ultimately agree that the tariffs posed “a direct threat to the very survival of these businesses”.

US treasury secretary Scott Bessent also told Fox News on Thursday that the initial ruling had not interfered with trade deal negotiations with partners.

He said that countries “are coming to us in good faith” and “we’ve seen no change in their attitude in the past 48 hours,” before saying he would meet with a Japanese delegation in Washington on Friday.