The competition 'will play a vital role in the future of our sport,' according to the England and Wales Cricket Board, which plans to offer ownership shares in the eight Hundred teams later this year.
The allocation of the estimated hundreds of millions of dollars in proceeds from the sales has been agreed upon between the European Central Bank (ECB) and the eighteen first-class countries.
The ECB will sell the remaining 49% of each team, leaving the eight hosts of the teams with a 51% interest that they are free to sell or maintain.
The ECB has chosen the Raine Group and Deloitte to advise on the sales scheduled for the autumn.
Previously, counties had until May 10th to signal their support for the ECB's 51-49 plan.
Following the approval of a 'direction of travel,' a financial distribution agreement has been concluded.
The Marylebone Cricket Club (MCC), the recreational game, and the eighteen first-class counties will split the proceeds from the sale of the 49% interests on each side.
It can be sold in its entirety or kept by the eight hosts who acquire 51% ownership. They will notify the ECB of their choice, and the sale of those shares will likewise be managed centrally.
The eight teams are Edgbaston (Warwickshire/Birmingham Phoenix), Trent Bridge (Nottinghamshire/Trent Rockets), Old Trafford (Lancashire/Manchester Originals), Edgbaston (Warwickshire/Birmingham Phoenix), Southampton (Hampshire/Southern Brave), Cardiff (Glamorgan/Welsh Fire), The Oval (Surrey/Oval Invincibles), and Headingley (Yorkshire/Northern Superchargers).
The competition, which started in 2021, will continue to be owned by the European Central Bank. Until at least the conclusion of the current broadcast cycle in 2028, there is no sign that The Hundred will grow beyond its current eight teams.
Vikram Banerjee, director of commercial operations at the ECB, stated: 'We have recognised this as the chance to elevate The Hundred and use the worldwide attention towards the tournament to strengthen the foundation of the entire local game.
'We will be able to realise The Hundred's full potential in the future with the chance to work with additional international strategic partners. To develop The Hundred into a competition that will benefit all of cricket for years to come, we will be reaching out to the greatest in international sports.
'Investments that directly benefit the county and recreational games will support cricket's other aspects, which are highly valued by players and fans alike and are crucial in spotting and nurturing talent.'
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