Investors from around the world have poured lavish sums into the game in return for stakes in eight city-based teams which have existed for just four seasons.

An exclusivity period is now taking place, during which terms will be finalised, with the ECB confident that a tranche of deals worth £520million in new investment will soon be signed off.

In total that values the sides at more than £975m, a figure that would once have been inconceivable in domestic cricket.

The proceeds will be fed straight back into the country’s cricket network, with £50m set aside for recreational level and the rest split between the 18 first-class counties and the owners of Lord’s, Marylebone Cricket Club.

Counties who do not have a Hundred team will receive a larger slice, while the hosts were gifted a 51 per cent share in their teams.

Reflecting on the potential impact of the investment, ECB chair Richard Thompson was brimming with enthusiasm.

“In the past few days, we’ve reached a seminal moment for cricket in England and Wales,” he said.

“Four years after The Hundred was launched, we’ve now entered final discussions with eight strategic partners, each ready to invest in the competition’s eight teams and help us take the competition and English and Welsh cricket to a new level – for the benefit of the whole of our game.

“Each of these partners shares a passion for the competition’s success and cricket itself.

“They are global leaders in sport, technology, investment and commerce, aligned in our ambition to continue building The Hundred as a truly world-class sporting spectacle.

“This means vital support for county cricket, growing the women’s game and inspiring even more children – and people of all ages – to pick up a bat and ball.

“Our aim now is to ensure the necessary steps are taken to finalise this process, in order to unlock the transformative impact that these new partners will bring to the competition.

“This will also secure the funding that will go directly to the professional counties and recreational game, underpinning the fabric of our county game and helping futureproof cricket’s growth in England and Wales for generations to come.”

The impending arrival of high-powered, high-value, high-profile partners at London Spirit, Oval Invincibles, Northern Superchargers, Manchester Originals, Trent Rockets, Birmingham Phoenix, Welsh Fire and Southern Brave will bring profound changes – though not immediately.

This summer’s competition is being billed as a year of transition, leaving time for the details of a 2026 reboot to be thrashed out. The ECB has answered a host of key questions, though, laying out its vision for the road ahead.

The governing body has confirmed that while some investors will complete up front, they have five years to pay in full. Investors are also committed to remain involved for the same period – up to 2030.

The introduction of a ninth, and possibly 10th, team is very much on the cards but not until the end of the current broadcast deal in 2028.

“Expansion is a sign of success and that’s what we’re looking at,” said Vikram Banerjee, director of business operations at the ECB.

“I’ll be delighted if it does happen. If the tournament grows and cricket grows across the country then it will be almost a no-brainer.”

Chief executive Richard Gould was cooler on the idea that the tournament could lose its unique selling point as a 100-ball format and fall into line as a T20 league.

“It’s not my expectation. There has been lots of discussions and debates and the format is not one that’s been a raging debate.”

Attracting a much-enhanced international TV deal is a top priority – particularly as investors look for a return on their cash injection – but match times will not be shifting to attract an Indian audience.

“The most important thing for live sport is to have great attendances,” Gould reiterated.

“We want big, vibrant stadiums full of cricket supporters and families coming to watch games.”

There will also be a big drive to attract global superstars and shatter the existing pay bandings, as the influx of private money helps loosen the purse strings.

“We need to make sure the Hundred window attracts the very best players in the world. We know that players’ salaries will increase significantly in future years,” he added.

“That is going to happen because we need to make sure that we are the leaders in a global market during the English summer.”