Cricket Australia is moving to the next phase of its BBL privatisation plan, testing the market value of selected teams despite two states vehemently opposing the proposal. The first test will be for three BBL sides - the Melbourne Renegades, Perth Scorchers and the Hobart Hurricanes - gauging how much interest from private investors there is. New South Wales and Queensland last week dismissed the plan outright. What CA Proposes to Sell Confusion has surrounded the detail of what CA intends to sell. It owns all eight Big Bash League sides while state associations run each franchise on a 30-year deal. These deals are now at the midpoint. With this deal being finalised between the two parties, states can sell between 49 per cent and 75 per cent of their respective teams to outside investors. For second franchises for Victoria and NSW there could be 100 percent divestment. With a 49 percent stake the state would have complete ownership rather than operating on a lease and retain a portion of the total amount of cash it raises. The state would not only receive cash support but they would no longer have a stake operating on a lease. Revenues moving forward, however, would be shared with the investors. Investors will not be granted control of the cricket: even with over a 50 percent share the role of the private investors would be one with a vote along with the other franchises, not to have an over-riding majority. Also Read | Cricket Australia Reconsiders BBL Privatisation Plan After States Fail to Reach Consensus Market Testing and Expected Value This step is only to test the market by soliciting indicative non-binding bids and valuations from prospective investors for each team. It is estimated that the individual team values would range from $80 million to $180 million (AUD), depending on size and stake. This process is analogous to what was executed by the England and Wales Cricket Board when selling off portions of their 'The Hundred' competition, raising a total of $1.846 billion (AUD). Trent Rockets and Birmingham Phoenix sold 49% stakes of their respective franchises for about $70 million (AUD) each. A few teams with higher market attraction and appeal achieved higher valuation, such as London Spirit whose bid value could be increased because it is partnered with the famous Lords Cricket Ground; and Northern Superchargers which was sold as 100% stake before being re-branded and achieving better valuation. Interest from IPL team owners is also expected. Sunrisers Hyderabad, Kolkata Knight Riders, and Delhi Capitals are among few IPL team owners which already hold investment interests in many leagues in various countries around the world. Why Have NSW and Queensland Both Objected? The plans have been met with objections from both New South Wales and Queensland, though for distinct reasons: New South Wales has argued for an alternative self-funding model instead of private investment. Cricket NSW wrote to its members: "There are many line items, including broadcast, ticketing and commercial partnerships, to be optimised within our sport. Cricket NSW is not seeking to strengthen ties to wagering operators via advertising, sponsorships or increased betting offerings to fund the game. This is aligned to our belief that the enjoyment of sport should not be predicated on wagering on it." The letter further read: "Australian Cricket, like other sports, currently receives income from wagering. Cricket NSW has asked Cricket Australia whether it is currently receiving fair value for its product fees." Cricket Australia responded it has no plans to boost revenue from wagering and believes its current method is already balanced. Queensland's objection comes from a different angle, arguing for no strong need to raise player salaries through the influx of private money. One reason of this sale is indeed to increase BBL player salaries to compete with rival leagues such as SA20 and ILT20. Also Read | Adam Gilchrist Reveals One Big Issue $800m BBL Sale Won’t Solve Concerns Over Control and IPL Influence Other people are also concerned about the increasing influence of IPL owners over world leagues. Some teams in The Hundred were re-branded when the investors backing them bought stakes in the clubs. Issues have been raised about what influence these investors will have on playing rules and decisions. However there has been no evidence that the new model of BBL ownership has impacted on English domestic structure or international fixtures to date. There is a belief that the Australian system is currently financially sound and there is no immediate need to change things, believing that the league was performing well enough with only some top Australian players not involved. What Happens Next Through the market testing Cricket Australia will determine what their teams are actually worth and who will be interested in buying them. Those states that are in favor of the concept will then vote to progress with sales depending on the level of the bids. These are Victoria, Western Australia and Tasmania. There are issues regarding the sharing of revenue if certain teams sell at an earlier and lower rate than other teams later on at a higher rate. Some states withdrew at an earlier stage to get some breathing room, while some feel the market testing would have revealed the true picture. The following months will decide the fate of the BBL and its structure.