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Cricket Australia is ready to explore a potential expansion of the Big Bash League to 10 teams if controversial plans to sell off some of the existing franchises are approved.<\/p>\n
The Cricket Australia Board meet on Wednesday determined to pursue a hybrid model under which some of the current franchises are sold after their initial proposal for wholesale privatisation was rejected by the states<\/a> in April.<\/p>\n On that occasion New South Wales and Queensland combined to block Cricket<\/a> Australia\u2019s plans, with South Australia subsequently proposing an alternative model whereby the eight BBL clubs would be given the option to sell off stakes without any compulsion.<\/p>\n Cricket Australia is understood to have made significant progress in gaining support for the alternative plan since that point, although may not put it to a board vote this week.<\/p>\n Following board approval, the backing of four of the six states would be required to kickstart the sale process, with Victoria, Western Australia and Tasmania strongly in favour.<\/p>\n Cricket Australia has already appointed US bank Raine Group to run the sale and is continuing to test market conditions, with Big Bash officials holding talks with several Indian Premier League and Hundred owners during a trip to England last month.<\/p>\n As a result of those discussions Cricket Australia is more convinced than ever that there is serious interest from existing investors about buying into the Big Bash, with initial analysis conducted by Raine believed to initiate valuations of up to $200m.<\/p>\n The level of interest had led to internal discussions about a future expansion, although they remain at an early stage and Cricket Australia has yet to identify new markets.<\/p>\n The England and Wales Cricket Board raised almost $1bn by selling stakes in the eight Hundred franchises last year, with four of them being bought by existing IPL owners.<\/p>\n
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