LONDON, United Kingdom (AFP) — Indian Premier League founder Lalit Modi has labelled the Hundred competition a “big fat Ponzi scheme”, accusing English cricket chiefs of unrealistic financial projections.

The England and Wales Cricket Board (ECB) is seeking private investment in the 100-ball-per-side competition, which was launched in 2021.

The Hundred, which involves men’s and women’s teams, has been controversial as it is not mapped onto the traditional county structure, but authorities say it brings much-needed TV revenue into the sport.

A document distributed to investors and seen by Britain’s Daily Telegraph newspaper says domestic TV rights would rise from a projected £54 million ($72 million) in 2025 to £85 million from 2029.

The Telegraph said it is understood that Indian TV rights are projected to climb from £1.3 million to £1.8 million per year from 2026 to 2029, and then rocket to £15 million per year from 2030.

This is despite the fact that Indian players are currently barred from franchise leagues outside of their own country.

Modi, whose IPL has transformed the global cricket economy and spawned other Twenty20 competitions, said projections for the Hundred were far-fetched.

“The ECB’s financial projections for The Hundred, particularly beyond 2026, appear overly optimistic and disconnected from reality,” Modi said on X.

“The international TV rights figures make little sense, given the global competition from other cricket leagues like the IPL.”

The Indian businessman previously offered to buy the Hundred.

“Want to clarify about my billion dollar offer,” he said on X. “It was to buy out the tournament in perpetuity and the idea was to redo it as a T20 tournament. Not another new format the global audience have ZERO idea about.”

He added: “My concern now is that they are trying to lure current @iplt20 owners into this non-starter league and building a hype around it that has no justification or guarantees on numbers. Basically a big fat #ponzischeme.”

A Ponzi scheme is a notorious type of investment that pays early investors with money taken from subsequent investors.