Blues owner secures bid to acquire Birmingham Phoenix

The owners of Birmingham City FC have agreed to acquire a 49% stake in the Birmingham Phoenix team, on the first day of bids for The Hundred franchise.

Birmingham Phoenix was valued at around £80m, meaning Tom Wagner’s Knighthead Capital offered £40m for 49% of the team.

The England and Wales Cricket Board (ECB) opened the process to secure private investment into the eight teams in The Hundred. It’s working with the host County Cricket Clubs on finding prospective partners on what will be the most significant private investment in UK cricket.

It had a target of raising £350m which would be distributed to county clubs and invested into the grassroots game.

Private equity firm CVC Capital Partners were outbid by Knighthead in the auction for Phoenix and also lost out to Reliance Industries, owners of Mumbai Indians for Oval Invincibles.

Oval Invicibles was valued at £120m, meaning the 49% deal was valued at £60m for Reliance, chaired by Mukesh Ambani, India’s wealthiest person.

Both Knighthead and Reliance will now enter into eight weeks of talks with Warwickshire and Surrey respectively, alongside the ECB to secure the deal.

The auction for London Spirit and Welsh Fire is taking place today (January 31) with the remaining teams of Manchester Originals, Northern Superchargers, Trent Rockets and Southern Brave due to follow next week.

Richard Parker, Mayor of the West Midlands said on X: “Knighthead Capital’s stake purchase of Birmingham Phoenix further demonstrates their commitment to the West Midlands.

“They will have my support to help them deliver their vision.”