(MENAFN- IANS) New Delhi, Aug 2 (IANS) Delhi Capitals' co-oners have agreed to buy a majority stake in English county side Hampshire worth 120 million pounds (which stands at Rd 1278 crores), says a report.
If approved, it will mark the first-ever time a county club in England will be owned by an overseas franchise.
"Under the terms of an agreement that has been passed to the England and Wales cricket Board for ratification, the GMR Group is poised to take full ownership of Hampshire and a 51 per cent stake in the Southern Brave, with the option to complete a 100 per cent takeover of the Hundred franchise,” said a report in The Telegraph.
It added that GMR Group is understood to have beaten a second bid from rival Indian Premier League franchise (IPL) Lucknow Super Giants. The development comes ahead of the England and Wales Cricket Board (ECB) set to sell stakes in the eight Hundred teams, where the board is willing to sell 49% of shares.
Apart from holding 50% stake in DC sides in IPL and Women's Premier League (WPL), the GMR Group also has stakes in Dubai Capitals, the UAE-based franchise team competing in the ILT20, and Seattle Orcas, who recently participated in season two of the Major Cricket League (MLC).
Once the deal to acquire Hampshire is done, GMR Group will also gain control of the Utilita Bowl (Southampton Bowl cricket stadium), a Hilton hotel (alongside the stadium) and a golf course – all present at the same site. The venue is slated to host England Test matches in 2027, 2029 and 2030, as well as eight white-ball international games from 2025 to 2031.
“The ECB has been actively courting Indian investment themselves so is not thought to have any objections to Delhi's bid. Its main concern in assessing such bids is that the interests of the game's existing stakeholders are protected, particularly Hampshire's fellow Southern Brave shareholders, Sussex,” further said the report.
It has also mentioned about the takeover of Hampshire also opening up the possibility of the club gaining access to some of Delhi Capitals' young players for domestic tournaments. As of now, the Board of Control for Cricket in India (BCCI) does not currently permit current India men's cricketers to play in the Hundred or any other overseas competitions, though they can sign the players for short-term county contracts.
The report also added that the Rajasthan Royals (RR) have restarted discussions with Yorkshire about a potential takeover of the Headingley-based club, whose chairman is Colin Graves. But 6,000 Yorkshire members will need to vote for the potential deal to go ahead via a ballot system, with the majority to approve the deal standing at 75%.
MENAFN02082024000231011071ID1108509939
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.