The Indian multinational behind the Indian Premier League’s Delhi Capitals has become the first overseas owner of an English county after taking a majority stake in Hampshire.
The historic £120m deal, which has been approved by the England and Wales Cricket Board, will see GMR Group take an immediate majority stake in Hampshire with the aim of completing a 100% takeover in the next two years.
However, the deal does not include the full purchase of Southern Brave, the Hundred team who play at the Utilita Bowl. While Hampshire have a 51% stake in the franchise, GMR will have to pay what the ECB considers a fair market value for the remaining 49% stake under the governing body’s ongoing sell off.
“This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters,” said Rod Bransgrove, the club’s majority shareholder, who will continue as group chair for at least two years.
“Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalisation of this great sport.”
Hampshire are one of three counties, along with Northamptonshire and Durham, who are not member-owned, leaving Bransgrove free to sell without input from fans.
The deal also comes with an immediate but undisclosed cash injection to reduce Hampshire’s debt and improve facilities at the stadium, the adjoining hotel and golf course.
Grandhi Kiran Kumar, corporate chairman of GMR Group, said he was delighted Hampshire had joined a sporting portfolio that includes a 50% stake in the IPL’s Delhi Capitals, the Dubai Capitals in the UEA’s ILT20, and the Seattle Orcas in Major League Cricket.
“With this acquisition, along with our investments in the US, Dubai, and India, GMR is focused on engaging and connecting with the global youth,” he said.
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“We are committed to financial prudence, value creation, and creating opportunities for young talent. Our vision is to transform sports into a platform that unites people and cultures, drives global excellence, and nurtures the creation of future world champions.”
The move was also welcomed by the ECB’s chief executive officer, Richard Gould. “This is an exciting time for Hampshire, and I’d like to welcome GGPL to cricket in England and Wales.
“I am pleased to see their commitment to continuing to develop Hampshire’s cricket teams and pathways and enhance facilities at Utilita Bowl, and their respect for the traditions of the game in this country.”
Source: www.theguardian.com