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Monday 30 September 2024 10:50 am
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Hampshire Cricket have agreed a sale to GMR Group, which owns Indian Premier League franchise the Delhi Capitals
Hampshire Cricket has confirmed it has agreed a sale to GMR Global Pte Ltd (GGPL), the owners of Indian Premier League side the Delhi Capitals.
The deal, believed to be worth £120m, will see GGPL acquire Hampshire Cricket and the Utilita Bowl but it remains unclear if it will also include a 51 per cent stake in the Hundred franchise Southern Brave.
“This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters,” said chairman Rod Bransgrove.
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“Beyond our team’s accomplishments on the field over the past 24 years, we have transformed our stadium into a premier Test Match and events venue and one of the most exceptional cricket and leisure facilities in the country. We have also been pioneers in the development of women’s cricket and have consistently innovated throughout this relatively short history.
“After a thorough selection process, we chose GGPL as our partners due to their shared values and commitment to our vision. We believe GGPL is the perfect organisation, with the right people, to build on our proud legacy.
“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.”
GGPL’s takeover will see Hampshire join a global portfolio of cricket teams that includes the Delhi Capitals, Dubai Capitals, Pretoria Capitals and Seattle Orcas.
City AM revealed last week that the England and Wales Cricket Board had warned counties which host Hundred franchises that it will not hand them the planned majority share in teams if the ECB believes they have been sold on the cheap.
Hampshire’s announcement said the deal was agreed “a year ago, with the enterprise value set at a fair market valuation. This valuation included all existing assets as well as providing incentives for Hampshire Sport & Leisure Holdings shareholders by way of additional consideration for possible future assets.”
ECB chief executive Richard Gould said: “This is an exciting time for Hampshire Cricket, 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. This announcement also demonstrates the global interest in investing in cricket in England and Wales, and underlines the continuing appeal of county cricket.”
It comes after Indian Premier League founder Lalit Modi last week poured scorn on the ECB’s valuation of stakes in Hundred franchises, which it is in the process of auctioning off via bankers the Raine Group.
“I believe GGPL is in the best position to carry Rod’s legacy forward and continue building on the strong foundation he has established,” said Grandhi Kiran Kumar, chairman of GMR Group.
“With this acquisition, along with our investments in the US, Dubai, and India, GMR is focused on engaging and connecting with the global youth. 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.”
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