The England and Wales Cricket Board’s Hundred auction has come to an end, with stakes in all eight teams now sold.

The result is a staggering overall valuation, thought to exceed £950million. Of that, around £500m is set to be channelled back into the domestic game.

Here the PA news agency tries to answer some of the key questions.

How well have the auctions gone?

In sheer cash terms, the results have been startling. Late last year the ECB were briefing that it may not sell all eight teams if the deals did not measure up and weeks ago a basement estimate of around £350million was being bandied around as a total valuation for the sides.

That has been comprehensively blown out of the water. The attraction of buying a say in the heart of the English summer has proved more lucrative than anybody expected.

Who are the successful bidders?

The deals that have been done, pending finalisation, are understood to be as follows:

London Spirit: Cricket Investor Holdings Ltd (Silicon Valley consortium) – £145m for 49 per cent
Northern Superchargers: Sun Group (Sunrisers Hyderabad) – £100.5m for 100 per cent.
Oval Invincibles: Reliance Industries Ltd (Mumbai Indians) – £60m for 49 per cent
Manchester Originals: RPSG (Lucknow Super Giants) – £80m for 70 per cent
Southern Brave: GMR (Hampshire/Delhi Capitals) – £50m for 49 per cent
Birmingham Phoenix: Knighthead Capital (Birmingham City) – £40m for 49 per cent
Welsh Fire: Sanjay Govil (Washington Freedom) – £40m for 49 per cent
Trent Rockets: (Cain International/Ares Capital) – £40m for 49 per cent.

What happens to the money?

Proceeds from the minority 49 per cent holdings will include a windfall for recreational cricket – initially proposed to be a 10 per cent cut. The remainder will be shared 19 ways (all 18 first-class counties and the MCC), with non-hosts getting a larger split after the first £275m. The host counties who have sold their 51 per cent stake will bank 80 per cent of that.

ECB chief executive Richard Gould has said he hopes the influx can bankroll the domestic game for the next 25 years. Now his counterparts up and down the country have a chance to pay down debts, invest in infrastructure and set themselves up for the future.

But wise decisions must follow. Money evaporates quickly in sport and the family silver can only be sold once.

What have the investors got to show for it?

That, perhaps, remains to be seen. Each team currently hosts four double headers a season, with a maximum of 10 game days a year including the eliminator and final. Whether that is ultimately expanded to take up a larger portion of the calendar is likely to be a point of debate.

Expect some name changes, with owners keen for brand synchronicity with their other franchises, and an increased likelihood of player sharing between stables. It seems unlikely that vast profits can be turned from ticketing and merchandise but future broadcast deals – including into the lucrative Indian market – offer serious growth potential.

How different are things going to look in the Hundred this summer?

Not a lot, in all likelihood. The timing of the process means most of the plans for the 2025 season are in place, with salary bands, squad retentions, ticketing and coaching appointments already fixed.

Beyond that, expect a reset for 2026. The new financial backing is likely to see wages rise and a concerted push to bring A-list overseas talent. Backroom teams could also change as investors look to install trusted lieutenants from their existing T20 portfolios. Team colours, identities and names could also be up for negotiation, testing whatever thin allegiances have been formed over the initial years of the competition.

Will this end the debates around the Hundred?

Highly unlikely. While the scale of the windfall will go a long way to placating those with bills to pay there is hardy seam of traditionalists who are committed critics. It seems impossible that will change.

Meanwhile, rumours continue to swirl that one of the most contentious features – the 100-ball model that gives the competition its name – will eventually be cut adrift in favour of a return to T20. Whether or not that happens, those who feel aggrieved at the way the county structure and T20 Blast have been treated will continue to bear a grudge.