Cricket Australia has opened the Big Bash to private investment, although individual state associations will retain the power to decide whether and when to sell stakes in their franchises.

The governing body had originally been keen on a league-wide sale of franchises for the Big Bash League (BBL) and the Women’s Big Bash League (WBBL) but those proposals were opposed by New South Wales and Queensland.

Instead, a “self-determination model” will be adopted by Cricket Australia for the process, which will allow individual states to have the final say.

The decision to sell stakes in Big Bash franchises follows the England and Wales Cricket Board (ECB) decision to sell stakes in The Hundred’s eight teams last year, which generated more than £500m.

The eight franchises were valued collectively at more than £975m.

BBC Sport understands officials from Cricket Australia met with some of the owners of franchises in The Hundred this summer and a number of them have expressed an interest in investing in the Big Bash.

Cricket Australia said the decision was a “landmark step” for the country’s T20 tournament, with bids now being invited to purchase 100% of the licence for the Melbourne Renegades.

The aim is for the Renegades to be playing in the 2027-28 Big Bash under new ownership.

“Pending the result of that process, Cricket Australia will consider taking other clubs to market under a self-determination model that gives each state member the ability to assess the optimal pathway for its own club and community,” the governing body said in a statement.

“The decision to proceed with this self-determination model was made in the best interests of all aspects of Australian cricket.”

The Renegades will be operated by Cricket Australia in a caretaker capacity during the coming season, with their sale not affecting the 2026-27 BBL or WBBL.

Hobart Hurricanes, Melbourne Stars and Perth Scorchers are reportedly keen to bring in private investment but the two Sydney-based sides – Sixers and Thunder – along with Brisbane Heat and Adelaide Strikers are reluctant to commit.

The self-determination model means those states can choose to explore private investment in future.

Cricket Australia plans to retain control over international scheduling, player availability, salary caps and media rights.

It will also hold the power to approve or veto potential investors and set a reserve price for the sale of the Renegades.

Cricket Australia chair Mike Baird said the governing body and state associations were “united in our commitment to investing in and growing the BBL and WBBL” and to “advancing the interests of cricket at every level”.

“By opening the door to private investment in the Big Bash Leagues, Cricket Australia is taking a deliberate step to strengthen and secure the long-term future of the game,” he said.

Baird added that the investment can “accelerate growth” to ensure Cricket Australia can “keep investing in community cricket and grassroots participation, domestic and international pathways and the elite level”.

Cricket Australia also said it was continuing “constructive discussions” with the Australian Cricketers’ Association over an ongoing pay dispute.