Birmingham City owners Knighthead in negotiations over £40m deal
Knighthead Capital Management are set to increase their stake in Birmingham's sports scene with a slice of Birmingham Phoenix.
The American investment firm who purchased Birmingham City in 2023 have struck a deal to buy a 49 percent stake in the Phoenix, a cricket team that competes in The Hundred under the umbrella of Warwickshire. Warwickshire have opted to retain the 51 percent share in the Phoenix gifted to them by the England and Wales Cricket Board (ECB).
Birmingham Phoenix is one of two teams in The Hundred that went up for sale via auction on Thursday. A 49 percent stake in Oval Invincibles was won by Reliance Industries Limited, owned by the multi-billionaire Ambani family as per BBC Sport.
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Phoenix was valued at £80million, putting Knighthead’s 49 percent stake at around the £40m mark. Knighthead have now entered into an eight-week period of exclusivity to finalise the partnership.
Should the deal come to fruition, Knighthead will have stakes in two of the largest sporting institutions in Birmingham. Tom Wagner and his cohorts are invested in regenerating Birmingham and have unveiled plans to build a Sports Quarter in the heart of the city.
Wagner’s vision for the Sports Quarter is to have men’s, women’s and academy facilities under one roof and a stadium that is fit to host non-sporting events. Wagner says Knighthead are willing to invest £2-3 billion to make the Sports Quarter a reality.
