Synopsis
Sanjiv Goenka's RPSG Group has partnered with Lancashire Cricket Club to manage Manchester Originals, winning a significant stake in the Hundred franchise. This deal marks a notable investment by an IPL owner in international cricket.Key Takeaways
- RPSG Group secures stake in Manchester Originals
- Deal valued at approximately 116 million dollars
- Partnership aims to enhance cricket in Manchester
- Eight-week exclusivity period for finalizing terms
- RPSG's aggressive expansion in cricket continues
New Delhi, Feb 3 (NationPress) Lancashire Cricket Club has successfully partnered with Sanjiv Goenka’s RPSG Group to manage Manchester Originals as a joint venture, with the IPL powerhouse triumphing in the bid for a stake in the Hundred franchise.
As reported by ESPNCricinfo, the RPSG Group — which owns Lucknow Super Giants in the IPL — clinched the deal after presenting the highest bid, valuing the franchise based in Manchester at around 116 million dollars. “We have been very focused on securing a great partner — ideally from the IPL — and RPSG has been our preferred bidder for some time,” stated Lancashire in an official announcement.
“We are thrilled with the outcome and look forward to collaborating to forge a promising future. Together, we aim to establish a remarkable cricket team for the people of Manchester and the broader North West region.”
The RPSG Group, which previously lost to a tech consortium from Silicon Valley in a three-hour auction for a stake in London Spirit (valued at 295 million dollars), wasted no time in seeking an alternative investment. The group will now engage in an eight-week exclusivity period with Lancashire to finalize the terms of the deal.
Lancashire CEO Daniel Gidney had consistently voiced the club’s ambition to partner with an IPL franchise, and RPSG was identified as a leading candidate. The club had earlier negotiated with Reliance Industries Limited (RIL) — owners of the Mumbai Indians — but they withdrew after securing Oval Invincibles last week.
Lancashire has been proactively enhancing 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 aggressively expanding its cricketing presence. It invested Rs 7090 crore (approximately 680 million dollars) to acquire the Lucknow IPL franchise in 2021 and subsequently 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.
This deal positions RPSG Group as the second IPL owner to invest in The Hundred, following Reliance’s stake in Oval Invincibles. Meanwhile, Sun Group (owners of Sunrisers Hyderabad) and GMR Group (co-owners of Delhi Capitals) are actively seeking stakes in Northern Superchargers, Trent Rockets, and Southern Brave.
The sales process for Superchargers and Rockets, initially scheduled for Monday, has been slightly postponed, with some unsuccessful bidders reevaluating new offers for available teams. The sale of a stake in Southern Brave is anticipated to be the concluding transaction in this process.
To promote transparency, Lancashire will host a members’ forum next Wednesday to deliberate on the RPSG partnership, its financial implications, and the prospective utilization of generated funds. “The investment is subject to a satisfactory conclusion of the final due diligence and legal proceedings, and a further announcement will follow in due time,” the club added.
