The ECB has announced the latest step in its plans to seek private investment into The Hundred, confirming the advisory team set-up to support the eight teams in finding buyers.

Global merchant bank The Rain Group, and financial services provider, Deloitte, will advise the ECB over the sale of their stake in the teams to private investors. It's understood there has been interest in acquiring the teams from private firms in Europe, the USA and India. The Raine Group, who were instrumental in the sale of 27 per cent of Manchester United to Ineos founder, Jim Ratcliffe, and will be the leading partner in the transaction process, including sourcing partners and negotiating investment terms. Deloitte will provide strategic advice to the ECB.

The ECB is reportedly looking to sell its entire share in each of the eight Hundred sides, which amounts to 49 per cent, with the host counties of the teams retaining a 51 per cent stake. Money raised from the sale will then be split across the domestic game in England and Wales, first class counties, the MCC and the recreational game. The board would, however, retain ownership of the competition, which will enter its fourth season this August.

The new private investors will reportedly receive 80 per cent of broadcast, ticket and sponsorship revenue for The Hundred in return for their investment. Last month, ECB chief executive Richard Gould confirmed the board was "starting to pursue" investment at a team level rather than in the competition itself.

In a statement released this morning (May 30), ECB director of business operations Vikram Banerjee said: “We have identified this moment as the opportunity to take The Hundred to the next level while capitalising on the global interest in the competition to underpin the structure of the whole domestic game.

“The opportunity to engage new global strategic partners will help us unlock the future potential of The Hundred. We will be looking to engage the very best in world sport to grow The Hundred into a competition which can benefit the whole of cricket for years to come.

“With proceeds from any investment going direct to the recreational and the county game, it will support the other parts of cricket which are so cherished by fans and players alike and play an important role in identifying and developing talent.”

Subscribe to the Wisden Cricket YouTube channel for post-match analysis, player interviews, and much more.