New Delhi, Feb 3 (IANS) Lancashire Cricket Club has successfully partnered with Sanjiv Goenka’s RPSG Group to run Manchester Originals as a joint venture, with the IPL powerhouse winning the bid for a stake in the Hundred franchise.
According to a report in ESPNCricinfo, The RPSG Group — which owns Lucknow Super Giants in the IPL — secured the deal after submitting the highest bid, valuing the Manchester-based franchise at approximately 116 million dollar. “We have been very focused on securing a great partner — ideally from the IPL — and RPSG has been our preferred bidder for some time,” Lancashire said in an official statement.
“We are delighted by the outcome and look forward to working together to create an exciting future. Together, we have a shared ambition to create a very special cricket team for the people of Manchester and the wider North West region.”
The RPSG Group, which previously lost out to a Silicon Valley tech consortium in a three-hour auction for a stake in London Spirit (which was valued at 295 million dollars), wasted no time in securing an alternative investment. The group will now enter an eight-week exclusivity period with Lancashire to finalize the deal’s terms.
Lancashire CEO Daniel Gidney had long expressed the club’s desire to partner with an IPL franchise, and RPSG was seen as a top contender. The club had previously engaged with Reliance Industries Limited (RIL) — owners of Mumbai Indians — but they dropped out after securing Oval Invincibles last week.
Lancashire has been actively growing its profile in India, having conducted pre-season tours and signed Indian international players like Shreyas Iyer, Washington Sundar, and Venkatesh Iyer as overseas players.
The RPSG Group, led by Sanjiv Goenka, has been expanding its cricketing footprint aggressively. It paid Rs 7090 crore (680m dollars approx.) to buy the Lucknow IPL franchise in 2021, and later purchased the Durban franchise in SA20. The group also previously owned Rising Pune Supergiant during the 2016 and 2017 IPL seasons, while Chennai Super Kings and Rajasthan Royals were suspended.
The deal makes RPSG Group the second IPL owner to invest in The Hundred, following Reliance’s stake in Oval Invincibles. Meanwhile, Sun Group (Sunrisers Hyderabad owners) and GMR Group (Delhi Capitals co-owners) are actively pursuing stakes in Northern Superchargers, Trent Rockets, and Southern Brave.
The sales process for Superchargers and Rockets, initially planned for Monday, has been slightly delayed, with some losing bidders considering new offers for available teams. The sale of a stake in Southern Brave is expected to be the final transaction in this process.
To ensure transparency, Lancashire will hold a members’ forum next Wednesday to discuss the RPSG partnership, its financial impact, and the potential use of funds generated. “The investment remains subject to a satisfactory conclusion of the final due diligence and legal processes, and a further announcement will be made in due course,” the club added.
–IANS
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