The England and Wales Cricket Board (ECB) has taken another step towards selling some or all of its 49% share in the eight Hundred franchises. They have appointed the US-based merchant bank Raine Group, which worked on the recent sales of Chelsea and Manchester United, to “source partners” as they seek to monetise the controversial competition before the start of its fourth season in July.

An estimated £500m could be raised by the sales, triggering a financial flood that after years of famine would boost county finances as well as benefiting the MCC and the recreational game. “The ambition is to seek partners with the expertise to help us take the competition to the next level, while ensuring any investment benefits the whole of the game,” the ECB said.

Raine specialise in the sale of media assets, including sports teams, and are also involved in the process to sell the Telegraph and the Spectator. As well as identifying potential investors, they will work alongside Deloitte as the ECB’s financial advisers through the process. Latham & Watkins, a legal firm that was also involved in the Chelsea and Manchester United deals, will act as co-counsel.

“We have identified this moment as the opportunity to take The Hundred to the next level while capitalising on the global interest in the competition to underpin the structure of the whole domestic game,” said Vikram Banerjee, the ECB’s director of business operations. “The opportunity to engage new global strategic partners will help us unlock the future potential of The Hundred. We will be looking to engage the very best in world sport to grow The Hundred into a competition which can benefit the whole of cricket for years to come.

“With proceeds from any investment going direct to the recreational and the county game, it will support the other parts of cricket which are so cherished by fans and players alike and play an important role in identifying and developing talent.”