Cricket Australia shelves BBL privatization plan

Cricket Australia announced Thursday it is shelving its plan to privatize stakes in Big Bash League franchises after New South Wales and Queensland rejected the proposal, prompting the governing body to explore alternative models.

The organization had set a mid-April deadline for its six state member associations to endorse selling up to 49 percent stakes in most of the eight BBL teams, along with 100 percent ownership of one team each in Victoria and New South Wales. Valuations were projected at up to A$200 million per franchise, with the goal of raising as much as A$600 million to bolster the sport's finances and enhance competitiveness in T20 cricket.

New South Wales, which operates the Sydney Sixers and Sydney Thunder, opposed the move, citing risks to the control of Australia's cricket system and proposing instead to increase revenue through wagering partnerships and other streams. Queensland Cricket, controlling the Brisbane Heat, similarly declined after due diligence, expressing concerns over unsustainable player payment increases and reduced investment in grassroots programs. "We will not be moving to the next phase of the sales process," Queensland Cricket stated....