The owner of Birmingham City FC has completed its investment in another sports team in the city.
Knighthead Capital Management has bought a 49 per cent stake in Birmingham Phoenix, the men's and women's cricket teams which play in The Hundred competition.
The deal has been ratified by the England and Wales Cricket Board (ECB) after Knighthead with the club earlier this year.
Warwickshire County Cricket Club has retained the remaining 51 per cent in Phoenix and the new partnership will officially commence on October 1.
This is the latest investment by Knighthead in Birmingham after it bought out the Blues in 2023 and the Panthers Netball Super League team in March.
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Meanwhile in June, estimated funding worth up to £400 million was confirmed for the construction including Birmingham City's planned new Sports Quarter and stadium on the site of the former Wheels racetrack.
This deal has been announced by the ECB alongside the formal agreement of five others with teams in The Hundred while two more are set for completion at a later date.
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The eight partnerships represent a valuation of the teams of more than £975 million, with more than £500 million now set to be invested into the English and Welsh cricket system once all deals have been finalised.
This includes a dedicated £50 million commitment to grassroots cricket with the remainder distributed to professional counties.
Stuart Cain, chief executive of Warwickshire CCC, said: "The growth of Birmingham Phoenix over the past five years has been phenomenal and this commitment from Knighthead will enable us to take the team to new levels globally.
"It will increase the impact of cricket across the West Midlands and into our region's diverse communities, attracting new followers to the sport.
"It also means we can work with Knighthead's other sports investments in the city to help with their plans for the Sports Quarter, ensuring that the city's burgeoning sports scene continues to grow, creating jobs and opportunities for those that need them the most."
Andrew Shannahan, managing member of Knighthead, added: "We're incredibly proud to deepen our investment in Birmingham through joining The Hundred and putting our support behind Phoenix.
"Knighthead is committed to building something truly special and making an even greater impact across sport and community in this city and cricket will play a vital part of that fabric."