The Hundred: Birmingham Phoenix investor Tom Wagner has 'confidence' in deal

Birmingham Phoenix's US investor Tom Wagner says he has "every confidence" a deal for the Hundred franchise will be finalised, and he remains "committed" to the purchase.

Sales of shares in the eight teams, worth around £520m, were announced by the England and Wales Cricket Board (ECB) in February.

But an eight-week exclusivity period to agree terms was extended in March, and there remains no clarity on when contracts will be signed.

Wagner's Knighthead Capital agreed to pay £40m for a 49% share in the Phoenix.

And speaking publicly about the reasons behind the delay for the first time, the American told BBC Sport: "What everybody wants is the ability to make The Hundred even more commercially viable and to grow the product.

"It really should see more exposure globally, so I think a number of the conversations are around how that happens and what timeframe, how that moves forward.

"There's a good alignment of interests and, as is the case with any negotiations, there's always a bit of back and forth."

There is no suggestion that any of the deals will fall through, however there is the possibility they will not be completed before this year's edition begins on 5 August.

The ECB confirmed the extension of the exclusivity period more than two months ago.

At the time, the prospective buyers of the two London franchises raised concerns over the competition's participation agreement.

An American consortium of tech billionaires agreed to pay £145m for a 49% stake in Lord's-based London Spirit, while India's richest family - the Ambanis - purchased the same stake in the Oval Invincibles for £60m.

Click here to read article