Cricket Australia (CA) announced yesterday that private investment would be introduced into the Big Bash League (BBL) from the 2027-28 season, ‌starting with the sale of the Melbourne Renegades Twenty20 franchise.

An earlier CA privatisation proposal, which would have allowed the sale of 49 percent of BBL franchises and 100 percent of a team from those states which have two, was scuppered in April by the cricket boards of New South Wales and Queensland.

“CA will invite bids from private owners for the Renegades with a view to them playing the 2027-28 season under new ownership,” the governing body said in a ⁠statement yesterday, according to a Reuters report from Sydney.

“Pending the result of that process, CA will consider taking other clubs to market under a self-determination model that gives each state member the ability to assess the optimal pathway for its own club and community,” the governing body added.

The Renegades, BBL champions in the 2018-19 season, are owned by Cricket Victoria, which backed CA’s original plan.

CA had hoped to raise up to A$600 million ($432.48 million) from its initial privatisation plan to safeguard the future of the sport, boost its finances and improve its competitiveness in the booming T20 market.

Despite a revenue boost from hosting a lucrative five-Test series against cricket’s financial powerhouse India, CA reported a net deficit of A$11.3 million for the 2024-25 financial year.

“By opening the door to private investment ‌in the ⁠Big Bash Leagues, Cricket Australia is taking a deliberate step to strengthen and secure the long-term future of the game,” CA Chairman Mike Baird said in Tuesday’s statement.

“Importantly, CA and its members will maintain control over the most significant aspects of Australian Cricket operations …,” he added.

Influential figures in Australian cricket have voiced opposition to opening the league to private money, saying it could mean a damaging loss of ⁠local control.

Some of the concerns stemmed from the growing global footprint of Indian Premier League (IPL) franchise owners, who now control or hold stakes in T20 teams in England, South Africa, the United Arab Emirates and the West Indies.

CA Chief Executive Todd Greenberg said in May that ⁠he thought those fears were overblown.

“India are such a huge part of cricket, but we’re not looking to sell the game to India. That’s it, full stop,” he told SEN radio.

Australia Prime Minister Anthony Albanese announced in July that December’s BBL season opener between the Renegades and Perth Scorchers would take place in the Indian city of Chennai.