Warwickshire County Cricket Club has formally announced that Birmingham City's owners Knighthead Capital Management LLC are the preferred private investor for a minority stake in The Hundred franchise, Birmingham Phoenix.

Knighthead was selected for exclusive negotiations after a thorough due diligence process and competitive bidding round involving several international businesses and individuals. With a controlling interest in Birmingham City FC and plans to develop a sports quarter, Knighthead is expanding its presence and reinforcing its investment in the city.

The New York-based firm, known for its strategic investments in global sports and infrastructure, will now enter an eight-week exclusivity period with the Club and the ECB to finalise legal agreements. Upon completion, Knighthead will acquire a 49% minority ownership stake in Birmingham Phoenix.

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These latest negotiations highlight Knighthead’s expertise in global sports investments and its strong commitment to Birmingham.

Warwickshire CCC Chief Executive Stuart Cain noted a strong synergy between the Club and Knighthead. He added: "We’re both passionate about high performance sport, the communities we serve, and share a clear vision of where we see this partnership going and the benefits it can bring."

"Throughout the process Knighthead demonstrated a strong financial commitment and a deep understanding of what it takes to elevate high-performance sport. They have far-reaching global influence that will help us promote Birmingham Phoenix to cricket and sport fans around the world and a wealth of sports investment experience."

"We’d said at the start of this process that we wanted an investor committed to invest in the region and be with us for the long term, to make a real difference."

was the initial sentiment expressed. "I believe we’ve found that in Knighthead and we look forward to working with them during this exclusivity period."

Tom Wagner, Co-Founder and Co-Managing Member of Knighthead, commented, "We are excited to enter exclusive negotiations with Warwickshire CCC and the ECB to invest in Birmingham Phoenix."

He added, "The Hundred represents a significant growth opportunity, and we look forward to providing our resources and expertise to enhance Birmingham’s status as a world-class sporting destination."

This announcement is a significant step in The Hundred's development. Since its launch, the competition has attracted new fans to cricket, increased commercial revenues, and had a transformative impact on women's cricket.

Birmingham Phoenix has cultivated a diverse and dedicated fan base, with nearly a quarter of those attending matches at Edgbaston being under 16 years old. Furthermore, almost a third of its supporters are female, and the club enjoys one of the most ethnically varied audiences in English cricket.

Through community initiatives associated with The Hundred, Birmingham Phoenix has reached out to thousands across the region, including schoolchildren, further establishing itself as a key component of Birmingham's sporting landscape.

The 2025 season for Birmingham Phoenix is set to kick off this summer with a high-profile match in The Hundred fixture schedule – a heated derby against local rivals Trent Rockets. Both the men's and women's teams will face off at Edgbaston on 8 August for a Friday night double-header under the floodlights.

This marks the first of four home games for the Phoenix, followed by matches against Oval Invincibles on Tuesday 12 August, London Spirit on Sunday 17 August, and Welsh Fire on Friday 22 August.