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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.

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“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.”

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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.”

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Vodafone internet services down for thousands of users

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Vodafone internet services down for thousands of users

Tens of thousands of Vodafone users are reporting problems with their internet

The outages began on Monday afternoon, according to the monitoring website DownDetector, which reported more than 130,000 issues with Vodafone connections.

A spokeswoman for the company said: “We are aware of a major issue on our network currently affecting broadband, 4G and 5G services.

“We appreciate our customers’ patience while we work to resolve this as soon as possible.”

The company has more than 18 million UK customers, with nearly 700,000 of those using Vodafone’s home broadband connection.

Vodafone users vented their frustration on social media.

“It’s like Vodafone has just been wiped off the earth. Not a single thing works,” said one X user.

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Vodafone users were shown an error message when trying to access the internet provider's app
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Vodafone users were shown an error message when trying to access the internet provider’s app

The Vodafone app also appeared to be down for users, with the company’s website briefly going down too.

The ‘network status checker’ on the website was also down, and when Sky News tried to test the customer helpline, it did not ring.

“There’s Vodafone down and then there’s Vodafone wiped off the face of the f***ing planet,” posted another X user.

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Jake Moore, global cybersecurity advisor at ESET, said the outage shows how reliant we are on modern infrastructure like mobile networks.

“Outages will always naturally raise early suspicions of a potential cyber incident, though current evidence points more towards an internal network failure than a confirmed attack,” said Mr Moore.

“The sudden outage, combined with the inability to access customer service lines, mirrors classic symptoms of a distributed denial-of-service (DDoS) attack, where attackers overwhelm the network so the site or systems collapse.

“However, malicious or not, this once again highlights our heavy reliance on digital infrastructure, especially in an age where we increasingly depend on mobile networks for everything,” he said.

“Ultimately, resilience is essential, whether the cause is a direct cyberattack, a supply chain issue or a critical internal error.”

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Lloyds estimates £1.95bn hit from motor finance scandal

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Lloyds estimates £1.95bn hit from motor finance scandal

Lloyds Banking Group has set aside a further £800m to cover estimated costs associated with the car finance mis-selling scandal.

The bank said the sum took its total provision to £1.95bn.

It had been assessing the impact since the Financial Conduct Authority (FCA) revealed last week it was consulting on a compensation scheme, with up to 14.2 million car finance agreements potentially eligible for payouts.

The regulator had previously found that many lenders failed to disclose commission paid to brokers, which could have led to customers paying more than they should have between April 2007 and November 2024.

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Eligible customers could receive an average of £700 each under the proposals.

Lloyds said on Monday that it would be contributing to the consultation to argue a number of points.

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It said: “The Group remains committed to ensuring customers receive appropriate redress where they suffered loss, however the Group does not believe that the proposed redress methodology outlined in the consultation document reflects the actual loss to the customer. Nor does it meet the objective of ensuring that consumers are compensated proportionately and reasonably where harm has been demonstrated.

“In addition, the approach to unfairness in the redress scheme does not align with the legal clarity provided by the recent Supreme Court judgment in Johnson, in which unfairness was assessed on a fact specific basis and against a non-exhaustive list of multiple factors. The Group will make representations to the FCA accordingly.”

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Car finance: ‘Don’t use a claims firm – here’s why’

Shares in Lloyds, which fell last week when the bank warned of a potential “material” increase in its provisions, gained more than 0.5% on Monday.

The estimated compensation figure came in below the sum some financial analysts had predicted.

The shares remain more 50% up in the year to date.

Another listed lender exposed to car loan mis-selling is also expected to raise the amount it has set aside.

Close Brothers, which has a £165m provision currently, saw its shares tumble 7% when it admitted an increase was likely once its analysis of the compensation consultation documents was completed.

Car finance makes up approximately a quarter of its total loan book.

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Farming community responds to rumours of an inheritance tax U-turn

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Farming community responds to rumours of an inheritance tax U-turn

The budget may still be more than six weeks away, but rumours of U-turns and changes are already in full swing.

Over the last few days, there have been multiple reports that those inside Whitehall are considering tweaks to the controversial inheritance tax (IHT) reforms on farms announced this time last year.

Plans to introduce a 20% tax on estates worth more than £1m drew tens of thousands to protest in London, many fearing huge tax bills that would force small farms to sell up for good.

Now there are reports the tax threshold could be increased from £1m to £5m (£10m for a married couple) – a shift that would remove smaller farms from being liable to pay.

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From February: Farmers continue tax protest

Senior figures in farming have long believed a rise could be the solution to save the smaller farms and it would satisfy most.

However under the proposals, the 50% relief on IHT would be removed for farms above the new threshold.

That means bigger farms, responsible for producing a large amount of produce in our supermarkets, could bear the brunt of the tax burden with the Treasury potentially increasing revenues.

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Two senior farming figures told me today that while a threshold increase is welcome, it does nothing to solve an “insolvable” problem.

Read more: What’s the beef with farmers’ inheritance tax?

Big farms have more land to sell, but then they become smaller farms and either produce less, or even divide up, to avoid the tax entirely.

Richard Cornock runs a small dairy farm in south Gloucestershire, which has been in his family since 1822.

Richard Cornock plans to pass his farm on to his son
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Richard Cornock plans to pass his farm on to his son


He hopes to pass it on to his son Harry, who is now 14 and training to become a farm manager.

“I’ve been under so much stress like most farmers worrying about this tax,” he said. “And I really hope they do push the boundaries on the thresholds, because the million pounds they propose at the moment is ridiculous.

“It’s been on my mind the whole time to be honest. I even looked into getting life insurance to insure my life and I can’t get it because I had a heart condition. And that was one way I thought I might be able to cover my kids…”

We paused our chat as he was too upset to continue – an illustration of the stress farmers like him have been under over the last 12 months.

Tens of thousands from the farming community took part in protests in London. Pic: Reuters
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Tens of thousands from the farming community took part in protests in London. Pic: Reuters

The government says it won’t comment on “speculation” about any possible changes, but it has previously defended the IHT reform, saying most estates would not pay and that those who will be liable can spread payments over a decade.

Labour is under pressure to do something to appease the angry farmers, a rural vote that turned from the Conservatives at the last election.

I ask Richard whether any tweak or row back on IHT will restore faith in Labour?

“The damage has been done,” he says.

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