RP-Sanjiv Goenka Group (RPSG Group), the owners of the Lucknow Super Giants (LSG), have secured a minimum 49% stake in the Manchester Originals. The England and Wales Cricket Board (ECB) had started the sale of The Hundred franchises on January 30, and LSG has now become the second Indian Premier League (IPL) franchise to procure a team in the English league after Mumbai Indians (MI) bagged the Oval Invincibles.
Manchester Originals to Manchester Super Giants
According to ESPNcricinfo, the Manchester Originals have been valued at around £116 million (Rs 1251 crore). Each of the eight teams would be co-owned by their respective counties and new owners. 51% of the share will remain with the counties, but they can sell a further share or even give complete control to the new owners.
The Lancashire Cricket Club will now sit with RSPG Group (owners of LSG) and strike a deal in the coming eight weeks, which is the period of exclusivity. Lancashire has suggested in the past they are open to selling some of their 51% stake in the Manchester Originals.
Assuming they strike a 49-51 deal, LSG will pay them Rs 650 crore. However, that number can increase if Lancashire is looking to sell some of their holdings.
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Lancashire on LSG buying their Hundred franchise
“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time. 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,” a newly released Lancashire statement read.
“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,” the statement further read.
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