Sanjay Govil, an American tech entrepreneur, hopes to purchase a BBL club at a 50% stake or 100% outright as he attempts to build a portfolio of T20 franchise teams that "AI cannot replace in the future".
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CA, Cricket Victoria (CV), and their consultant Raine Group, have formally invited expressions of interest in purchasing 100%. Several IPL owners are likely to be involved with hopes of a preferred owner identified by the start of the BBL 2026-27 season on December 12.
Clubs sold at 100% will mean they are owned entirely by the investor who would run their entire operations.
Govil, the owner of Washington Freedom in MLC and co-owner of Welsh Fire, said he was "following the process". "I'm interested in the Renegades, it's on the radar," Govil told Cricinfo. "But I think there are going to be a lot of big players who will be interested.
"I need to focus on what I am capable of doing. I don't want to get into a bidding war."
Govil also has his sights on other franchises, especially Hobart Hurricanes who have several players doubling up with Freedom. Ricky Ponting, Hurricanes' head of strategy and Tasmania's favourite son, has been Freedom's head coach for the past three seasons.
"(Hurricanes)... that's our size of team. If you look at the Welsh Fire and Freedom, we have sort of smaller franchises compared to others," said Montreal-born Govil who grew up in India before making his fortune in the US.
"There are the big boys who want to go after the big teams. I love Hobart, they are a winning team. We can make more impact in those teams."
Cricket Tasmania (CT) are hoping a planned billion-dollar closed-roof stadium, earmarked to be the home ground of Hurricanes from 2031, could be leveraged into a deal with an investor.
Govil is currently funding the development of Freedom's cricket ground in Frederick, about 70km north of Washington DC, which is set to cost in the "tens of millions" and likely to be ready for the 2027 MLC season.
"I absolutely would be interested," Govil said over the prospect of investing in Hurricanes' new ground. "Would have to look at the economics and all that stuff, but I'm all for making sure that we have the best facilities."
While CV are priming for a potential 100% sale of Renegades, some other states - such as CT - are more likely to prefer offering a 49% minority stake to private investors so they can own the other 51% outright. No final decision has been made from states other than CV.
When stakes were sold in The Hundred franchises, Govil secured a 49% in the Welsh Fire which was later raised to 50%.
"I'm not just looking to be an investor. I love actively managing teams," he said. "The teams I have...I have at least 50% or 100% stake. The one thing I know is if you have two data points and you connect them, it's always a straight line."
There has been some trepidation in Australia over privatisation in BBL radically altering the competition, as eventuated in the ECB's Hundred with prominent changes including the Oval Invincibles transforming into MI London after Reliance Industries Limited - owners of Mumbai Indians - secured a 49% stake.
But Govil said he was opposed to rebranding teams, a stance that could make him more appealing to other clubs such as Perth Scorchers. While exploring privatisation, WA Cricket are believed to be determined to retain Scorchers' name and colours given their strong branding in parochial Western Australia.
"I don't believe in change for the sake of it," Govil said. "I always believe that local identity and local culture is very important. I strongly believe that the traditions need to continue.
"I think we need to keep building on the history and the tradition. That's how I see it."
If Govil does end up investing in the BBL, he will have two clubs in cricket powerhouse countries along with another in the ICC's No.1 target market of the US where the value of sport franchises keeps skyrocketing to astronomical values.
Investors have increasingly been pouring capital into sports teams as they seek to secure assets that are seemingly AI-proof.
"Sport is something that AI cannot replace in the future," Govil said. "It's a great asset. It's a great diversification asset. It's fun. It's sports. It's teamwork. It encompasses everything that people enjoy.
"To me, the BBL is probably the number two T20 league in the world. I think it's a great opportunity to get into."