Cricket Australia (CA) is considering the possibility of allowing private investment in the Big Bash League (BBL) after an example of English cricket, which recently acquired $ 2 billion through the sale of team share in hundred. An independent review recommended that the CA should find out to sell minority ownership bets.
Cricket Australia’s move aims to promote its financial reserves, targeting more than $ 100 million to sell bets in BBL teams. States like New South Wales, Victoria and Queensland are facing financial challenges, which are not earning direct revenue from their domestic plains.
Meanwhile, the Sydney Cricket Ground (SCG) has been identified as the need for major upgradation to increase viewing experience and adjust future drop-in pitches.
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Cricket Australia considers major BBL overhaul after recommendation
According to Sydney Morning Herald, Cricket Australia is considering a major change in its business model that can reopen the Big Bash League landscape after a recommendation from the Boston Consulting Group.
If the board opt for private investors to sell minority bets in BBL teams, it will mark the most transformative change in Australian cricket since the World Series Cricket of Kerry Packer in 1977.
Major T20 Leagues such as IPL, South Africa’s SA20, and UAE’s ILT20s already owned corporate institutions and have attracted interest from global technical firms and private equity. In contrast, Cricket Australia has maintained the complete ownership of BBL teams and opposed the first personal investment.
Cricket Australia opposed personal ownership due to BBL-Test season clash
Cricket Australia has avoided the personal ownership of BBL teams due to scheduling conflicts. The BBL is during the home test season. However, private investors will probably push to a separate window that allows Australia’s test players to participate completely.
Such reshuffle of the summer cricket calendar can disrupt broadcast agreements. Boston Consulting Group recently presented a review, CA Chair Mike Beard and State Chairs through a video conference, recommended to sell minority bets in BBL teams.
This step can help raise funds to offer the league to offer more competitive salary, making it a more attractive destination for top international talents that currently favor high-paying leagues.
Transfer of thunder and rangeds to Singapore or New Zealand under discussion
The report said that Cricket Australia is being requested to delay the Big Bash League as long as it does not secure private investment by selling bets in its existing teams. While CA officials are still considering the proposal, discussions have also come out about the possible overhaul of the league structure.
The ideas being considered include current franchises, Sydney Thunders and Melbourne Renegade in new markets such as Singapore or New Zealand. Canberra has also expressed interest, strongly supported by the President of the Cricket Act, Greg Bormer.
The inspiration behind these changes is to revive the BBL, which has lost prominence for the more attractive T20 leagues in South Africa and UAE. An alternative approach is being discussed, rather than selling new club licenses instead of selling shares in existing teams.
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