‘Every Confidence’: Wagner Still Backing $50.8m Birmingham Phoenix Stake

American investor Tom Wagner says he is committed to acquiring a 49% stake in the Birmingham Phoenix and has every confidence that the deal will eventually be finalised, despite ongoing delays. 

Wagner’s investment firm, Knighthead Capital, agreed to pay £40 million for the shares as part of the England and Wales Cricket Board’s (ECB) wider strategy to raise around £520 million through partial sales of its eight Hundred franchises.

Although an eight-week exclusivity window was extended in March, contracts for the Phoenix sale and others have yet to be signed. Speaking publicly for the first time about the delay, Wagner told BBC Sport: “What everybody wants is the ability to make The Hundred even more commercially viable and to grow the product. It really should see more exposure globally.”

He continued, “There’s a good alignment of interests and, as is the case with any negotiations, there’s always a bit of back and forth.”

Wagner’s comments come amid broader changes in The Hundred’s commercial landscape. In addition to Knighthead’s offer, a U.S.-based tech consortium agreed to pay £145 million for a share in London Spirit, while the Ambani family of India purchased a similar stake in the Oval Invincibles for £60 million. However, legal and logistical concerns, particularly over participation agreements, have slowed the process.

Wagner emphasized the strategic importance of the investment: “We think it’s a fantastic opportunity. It shows our commitment to Birmingham, beyond simply Birmingham City Football Club.”

Knighthead, which also includes NFL legend Tom Brady, is leading the city’s £3 billion “Sports Quarter” development, which includes a proposed 62,000-seat stadium. “The Phoenix is a great way to expand the exposure of the city to a broader, more global audience,” Wagner added.

The ECB will maintain control over competition rules, but investors will influence team branding.