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Knighthead Capital Management Enters Exclusive Negotiations for Birmingham Phoenix Investment

(PRNewsfoto/Knighthead Capital Management, LLC)

News provided by

Knighthead Capital Management, LLC

Feb 05, 2025, 09:00 ET

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BIRMINGHAM, England, Feb. 5, 2025 /PRNewswire/ -- Warwickshire County Cricket Club ("Warwickshire CCC") has formally announced that Knighthead Capital Management, LLC, on behalf of certain of it managed and/or advised entities ("Knighthead") has been selected as the preferred private investor for a minority stake in The Hundred franchise, Birmingham Phoenix. Knighthead was chosen to move forward with exclusive negotiations following an extensive due diligence process and competitive bidding round involving multiple international businesses and individuals.

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

The latest negotiations reinforce Knighthead's expertise in global sports investments and its deep-rooted commitment to Birmingham. With an operational controlling stake in Birmingham City FC and plans to develop a sports quarter, Knighthead continues to expand its footprint and strengthen its investment in the city.

"We were clear from the beginning that we wanted an investor who shared our long-term vision, not just for Birmingham Phoenix but for cricket and the community at large," said Stuart Cain, Chief Executive of Warwickshire County Cricket Club, when speaking about the potential partnership. "Knighthead has demonstrated not only a strong financial commitment but also a deep understanding of what it takes to elevate high-performance sport."

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

The announcement marks another milestone in The Hundred's growth trajectory. Since its inception, the competition has successfully introduced new audiences to cricket, driven commercial revenue, and played a transformational role in advancing the women's game.

Birmingham Phoenix has built a diverse and engaged fan base, with nearly a quarter of attendees at Edgbaston under the age of 16. Additionally, nearly a third of its fans are women, and the club boasts one of the most ethnically diverse crowds in English cricket. Through The Hundred's community initiatives, Birmingham Phoenix has also connected with thousands of people and schoolchildren across the region, reinforcing its role as a central pillar of Birmingham's sports culture.

Further details on the investment will be announced upon completion of the exclusivity period.

About Knighthead Capital Management LLC

Knighthead Capital Management, LLC was co-founded in 2008 by Tom Wagner and Ara Cohen and has grown to become a diversified asset management platform with an experienced team of investment professionals, specializing in fundamental analysis, operational and financial turnarounds and risk management. Knighthead's long-term objective is to generate attractive risk-adjusted returns for its clients while emphasizing the preservation of capital. Knighthead manages assets across a variety of investment vehicles including insurance asset management, real estate lending, and closed and open-ended vehicles.

For Media Inquiries:
Knighthead Capital Management, LLC
Peter McManus, EVP
[email protected]

SOURCE Knighthead Capital Management, LLC

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