Glamorgan's CEO has disclosed that Hollywood actors Ryan Reynolds and Rob McElhenney are in talks to potentially invest in Welsh Fire, the Cardiff-based team competing in The Hundred tournament.
Since their acquisition of Wrexham AFC in November 2020, Reynolds and McElhenney have successfully driven the club to two consecutive promotions, elevating it to the third tier of English football. They seem to be looking for more opportunities to invest in Welsh sports.
Recently, the England and Wales Cricket Board (ECB) initiated efforts to attract private investment for The Hundred. The American investment bank Raine has begun distributing prospectuses to potential investors, with Vikram Banerjee, the ECB's director of business operations, indicating a "phenomenal level of interest" from a wide range of investors.
Welsh Fire is projected to be the most affordable franchise, valued at around £30 million, as its home ground, Sophia Gardens, has the smallest capacity in the tournament. While the returns from initial investments will benefit all counties, Glamorgan will hold a 51% controlling share in Welsh Fire.
In recent months, Glamorgan has been in discussions with various interested groups, including the owners of the Pakistan Super League franchise Multan Sultans. However, the potential involvement of Reynolds and McElhenney stands out, with CEO Dan Cherry describing it as "an exciting proposition."
Cherry shared with ESPNcricinfo: "This is definitely a viable option. We have reached out, although we haven’t received substantial feedback yet. They will surely be part of our ongoing discussions. We are assessing all bids, and any offer from Reynolds and McElhenney is particularly intriguing, especially given the considerable influence they have demonstrated at Wrexham."
Many IPL franchises are anticipated to pursue shares in The Hundred teams, but the ECB is cautious about adopting models akin to the SA20, which consists solely of IPL-owned franchises. Reports also suggest that private equity firms like CVC and RedBird Capital are interested, while Ineos, known for its substantial investments in sports such as Manchester United, is expected to stay out of this investment round.
Glamorgan views the relatively low valuation of Welsh Fire as an attractive investment opportunity, especially since costs across The Hundred are fairly uniform due to a salary cap. A significant portion of the financial backing is expected to come from the equitable distribution of central broadcast revenue.
Cherry remarked, "We see a fantastic opportunity to represent Wales and deliver great value. Cardiff is a vibrant city with major events happening regularly, making it an appealing area for investment. We take pride in being the only Welsh first-class county, and hosting England matches at Sophia Gardens is a key aspect of our identity. When we engage with potential partners, it's essential to uphold our Welsh heritage and history."
He emphasised that Glamorgan is "very open-minded" about investment opportunities and is not anxious to rush into a deal, as they plan to maintain their 51% stake in Welsh Fire. "We want to ensure that we make the right decision for the club and the sport. Our aim is to find a partner who can truly enhance our operations and support our journey without overshadowing us," he explained.
With new leadership under head coach Grant Bradburn, the club faces a crucial Metro Bank One-Day Cup final against Somerset this Sunday. Cherry, in his first full season as CEO, expresses optimism regarding Glamorgan's improved financial standing, which will enable them to better contribute to the growth of cricket in Wales, while also striving for sporting success.
"We haven’t met our aspirations on the field over the last 15-20 years and have struggled to develop players for England while spending considerable time in Division Two. The opportunity to be part of the change is incredibly exciting," he stated. "Having overcome financial challenges, we are now in a much stronger position to focus on enhancing our cricketing efforts, which will be my primary focus in the coming years."