The owners of Lucknow Super Giants have agreed a stake in Manchester Originals, extending the Indian Premier League’s footprint in the Hundred.
RPSG Group had failed in acquiring a stake in London Spirit last week but tabled a winning bid on Monday, with the Originals earning a full valuation understood to be around £116m. While Lancashire, the host county, have announced RPSG’s successful bid it remains unclear whether a controlling stake has been acquired, with the club yet to confirm details. Reports claim that a 70% stake has been agreed, 49% from the England and Wales Cricket Board with the rest from the county side.
Related: Brendon McCullum urges England to be bolder when facing spin in India
“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time,” read a statement from Lancashire. “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.”
RPSG’s successful bid comes after the owners of the Mumbai Indians landed a 49% share in Oval Invincibles on the opening day of the Hundred auction last week, worth around £60m. Northern Superchargers, Trent Rockets and Southern Brave remain on offer, with the sale of the Brave set to bring about further IPL involvement. GMR Group, the co-owners of Delhi Capitals, bought a majority stake in Hampshire last year.
Hundred ownership will extend RPSG’s presence across short-form tournaments; aside from the Lucknow Super Giants, the Indian conglomerate owns Durban’s Super Giants who play in the SA20. Sanjiv Goenka, RPSG’s chairman, has taken on a public role in running the Lucknow side and was present alongside Rishabh Pant when the India wicketkeeper was unveiled as the franchise’s new captain last month. With the possibility of a controlling stake in the Originals, Goenka could well become a familiar sight at Old Trafford.
Lancashire and RPSG will enter a period of exclusivity before the deal is finalised. The club have announced that a members’ forum will be held next week regarding the sale. The statement added: “Key items on the agenda will include details of our partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the 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.”
