The Hundred's sales process is approaching completion, with the ECB inviting prospective investors in the eight franchises to submit final bids over the next two weeks, starting with two teams - Oval Invincibles and Birmingham Phoenix - as soon as Thursday (January 30).

On Sunday, the ECB shared the formula for the final round of bids with the group of investors who were shortlisted by the eight host venues for 49% stakes in their franchise. A live, virtual auction process will be held for the franchises where more than two investors remain in the process. For those where only two parties remain, both will submit sealed bids.

ESPNcricinfo has learned that two-time men's Hundred winners Invincibles and Phoenix will be the first two franchises to go on sale, as part of the ECB's third and final round of the bidding process. As per the schedule, the final round of bidding will be conducted online between January 30 and February 10.

It is understood that the Invincibles and Phoenix bids will be held at separate times, but both on the same day. London Spirit and Welsh Fire will be put up for bidding on Friday (January 31). Manchester Originals, Northern Superchargers and Trent Rockets are slated for Monday, February 3, while Southern Brave are listed as the last franchise up for bidding, on February 10.

How will the winning bid be decided?

In its latest communication to the shortlisted investors, the ECB is understood to have said it was "revising" the approach in the final round to pick the winning bid for franchises where there are more than two investors in the fray. In such a case, a live auction will be conducted to pick the winner.

The investors will make incremental bids online, but, importantly, the starting bid, the ECB said, will be above the "agreed" floor price or reserve price. The winning bidder will emerge once the rival investors drop out. For franchises with only two investors on the shortlist, each will need to make a sealed bid with the winner determined based on the highest entry value.

Successful bidders at this final stage will enter into a period of exclusivity with their respective host venue. Both parties will negotiate long-form agreements with the ECB, a process which is likely to take several weeks. Even if deals are completed before the Hundred starts in August, the 2025 season is expected to be a transitional year with no changes to team names or kits, for example.

The ECB added that the roster for the sale of the teams was sequenced in such a manner that both the investor and the host county were best placed to land their "preferred partner".

Manchester United co-owner eyes London Spirit

ESPNcricinfo understands that Lancer Capital, owned by Manchester United co-owner Avram Glazer, is on the shortlist for a stake in the Spirit. Glazer made his first successful foray in the T20 franchise circuit when he bought Desert Vipers in the UAE-based ILT20 in 2021, having previously missed out on an IPL franchise when the league expanded.

Glazer will be vying for a 49% stake in Spirit with Sanjiv Goenka's RPSG Group, which owns Lucknow Super Giants in the IPL, and a consortium of global tech giants including the chief executives of Google and Microsoft. Cain International, who have also been linked with a bid for a stake in the Spirit, were contacted for comment.

ESPNcricinfo has also learned that Capri Global Holdings, an India-based non-banking financial company, is on the shortlist for Welsh Fire. The company owns Sharjah Warriorz in ILT20 and the UP Warriorz in the WPL. Meanwhile, Chennai Super Kings, who had originally shown interest in the process, have since opted out.

Additional reporting by Matt Roller