MCC to Grant 51% Stake in London Spirit, Retains ‘Veto’ Rights on Majority Shareholders
Marylebone Cricket Club (MCC) has announced plans to let its members vote on the club’s growing involvement in the 100-ball cricket format at a special general meeting in September. MCC intends to accept the England and Wales Cricket Board’s (ECB) proposed gift of a 51% stake in the London Spirit franchise and maintain its position as the majority shareholder.
According to MCC’s chief executive, Guy Lavender, the committee fully supports the club’s participation in the tournament, which they believe will help grow the men’s and women’s game. While some host counties may choose to sell part or all of their stake, Lavender stated that MCC’s “initial thinking” is to retain the 51% equity share in London Spirit to maintain control of the franchise.
“We will retain the right of veto on any bidder seeking to become the minority shareholder in London Spirit.”
Importantly, MCC has made it clear that the club will not proceed without the approval of its members. The club will hold a special general meeting in the week starting September 9, where members will vote on accepting the 51% stake in London Spirit. The results will be announced the following week.
Additionally, MCC has stated that it will “retain the right of veto” on any bidder seeking to become the minority shareholder in London Spirit. Lavender emphasized that the decision is not about accepting the highest bidder, but rather finding the right partner with the necessary skills and expertise to help grow the franchise, while also understanding MCC’s history, values, and uniqueness.
The London Spirit franchise is expected to be the most valuable of the Hundred teams due to its association with Lord’s Cricket Ground, the historic home of MCC. As a member-owned club, MCC’s decision to involve its members in this crucial vote sets a potential precedent for other county clubs hosting Hundred teams, as they evaluate their own positions on the competition’s future privatization.
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