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

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. They bring unique, unparalleled expertise in building elite brands, fan engagement, platforms and teams. Their commitment, with bids valuing the eight teams at just over £975m, speaks volumes about the bright future they see in The Hundred.

In most cases the partners will work alongside the host club to run their team in The Hundred . But this investment isn't just about financial strength or growth of The Hundred itself; it's given us a golden opportunity to safeguard the future of cricket in England and Wales at all levels.

Upon completion of these deals, which we’re aiming to finalise over the coming weeks following the final legal processes, the stakes being sold would result in more than £520m being injected into the professional and recreational game. That means around £50m for recreational and grassroots cricket, while in the professional game, counties which don't host a team in The Hundred will receive a bigger share from the sale of the ECB's 49% stake in each team than those which do host a team in The Hundred.

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.

At a time when many counties are facing financial challenges, it’s essential this money is spent wisely. That is why we have put in place guard-rails as to how the proceeds for the professional game can be spent.

The overarching principle is that these funds should be used to support the financial sustainability of professional cricket. Money will therefore need to be spent in one of three core investment areas: building reserves, revenue generation or debt reduction.

In the recreational and grassroots game we’ll develop a strategic investment plan focused on providing long-term financial sustainability to the grassroots game and supporting the game in its mission to become the most inclusive team sport in England and Wales.

In its first four years, The Hundred has attracted new fans to cricket, provided a platform to turbocharge women’s cricket, and has raised important revenue for our county clubs and grassroots game.

I understand that The Hundred will always have some critics. But the level of interest we have seen in partnering with us is a testament to its power, and the potential of the competition to captivate fans here and worldwide by taking it to the next level – while providing our county game with a financial lifeline and recapitalising the whole game.

It’s about seeing the world’s best players, playing world-class cricket, electrifying crowds, and building a legacy that will be felt in England, Wales and further afield for generations to come. And it’s about inviting more people in to enjoy and develop a love for cricket – so they can discover other formats of the game too.

Our three overarching principles as we look at what we want this investment to deliver should be – strategic, ambitious and leaving a legacy. We may not get this chance again for at least a generation, and cannot afford to waste this golden opportunity.

I believe this new chapter will mean an even brighter future for the whole of cricket in England and Wales – and the continued growth of the game we all love.