Why private capital could make this the last Ashes series as we know them
This is likely to be the last Ashes as we know it; but not because England might finally win a series down in Australia, or because the format is suddenly about to change.
By the time the iconic bilateral series returns for its 75th iteration in 2027, it will be against the backdrop of a monumental shift in the financial state of cricket.
The last 12 months in the sport will be remembered as the year private equity piled into English short-form competition The Hundred, to the tune of around £500m. It has paved the way for the minnows of the County Championship to clear their debts and plan stadium redevelopments, while the bigger sides can exercise passion projects.
But it’s not just in the land of the Barmy Army where private capital could cause a step change in how we see cricket. Australia’s Twenty20 competition the Big Bash is set to invite investment next year in a move that will mimic the Hundred’s financial injection before the Ashes returns Down Under at the end of the decade.
Where the mega-rich Ambani family – the driving force behind an Indian bid to host the Olympic Games for the first time in 2036 – have invested in the Hundred, a number of tech figures, Chelsea co-owner Todd Boehly, Birmingham City owners Knighthead and IPL teams have followed to the tune of half a billion pounds.
Cricket’s private equity pivot
And while it is as yet unknown who could be interested in the eight Big Bash teams – it is understood that six teams will mimic the Hundred sale process and see a large minority stake sold to investors while two, one in Melbourne and one in Sydney, could be sold off completely – it wouldn’t be a stretch to suggest similar individuals will be hovering around.
What impact does an influx of short-form cash have on Test cricket? Sports industry veteran Steve Martin sees both sides of the argument.
“With more coming into the domestic game you will see, if they use that money well, that translates into better facilities and development programmes,” the MSQ Sport + Entertainment founding partner tells City PM. “We will see much more talent coming through the system which could affect the quality of any Ashes team.
“But on the negative side there’s going to be increased competition for where these players play with money dictating where people go. Even with the Big Bash, you’ve seen it with the IPL and Hundred, some may prioritise that over Test cricket.”
Shifting loyalties
Australian all-rounder Cameron Green, who featured in the wider Ashes squad but was not selected for the opening three Test matches, set an overseas sale record this week in the IPL auction, being picked up for £2.1m by Kolkata Knight Riders. And increasingly we are seeing England players, spearheaded by now-retired all-rounder Moeen Ali, signing white ball-only contracts; chasing the money in seven or eight countries across the year rather than committing to the longer format of the game and wider Test cricket ambitions
Sports finance expert Professor Rob Wilson says “the final Ashes series in Australia before private capital enters the Big Bash represents a major strategic pivot for Australian cricket,” adding that the top teams could be valued at $100m with the “potential full sale of a franchise in Melbourne or Sydney (maybe the MCG-based franchise) unlocking $40-50m per club to be invested in commercial growth, fan experience and engagement, mirroring The Hundred”.
There are concerns with the investment going into short-form competitions and how that impacts the long-form game, however. T20’s behemoth, the Indian Premier League, has seen its brand value fall for a second consecutive year in 2025, while it looks like a number of owners are eyeing exits from franchise ownership – all against a backdrop of the national Test team losing a series 2-0 at home to South Africa.
Reality for the Ashes
“Investment also risks destabilising Cricket Australia’s control of talent, scheduling and competitive balance,” Prof Wilson adds. “I’d also expect a global super league style competition to emerge too, with a calendar allowing players to move across the global club competition network to play in England, India, South Africa, Australia, and the USA.
“If the Ambanis add an Australian side to their expanding global portfolio, the question then becomes whether this signals a more efficient, integrated multi-club ecosystem, or a more concerning concentration of power that narrows cricket’s competitive landscape at the very moment that it needs broadening.”
Some would argue that the opening two Tests of this Ashes series have already proved that cricket is looking less competitive on the five-day front – Australia went 2-0 up within six days’ play.
Throw in £1bn in overseas investment across the Hundred and Big Bash and the teams competing in 2027 and 2029 could be drastically transformed. This could be the last Ashes series as we know it, before money showers cricket’s youngsters, and the result may be something few of us can even comprehend in the long-term.