The Indian Premier League (IPL) franchise Delhi Capitals has agreed to a £120 million (Rs. 42.5 Crore) deal to buy the English county club, Hampshire, fending off interest from IPL rivals, Lucknow Super Giants.
This acquisition marks a historic moment as Hampshire becomes the first County side to be owned by an overseas franchise. The Delhi Capitals’ parent company, GMR Group, will take full ownership of Hampshire under the terms of the agreement, which have been submitted to the England and Wales Cricket Board (ECB).
In addition to the acquisition of Hampshire, GMR Group will also obtain a 51 percent stake in The Hundred franchise, Southern Brave, with an option to complete 100 percent ownership in the future.
The discussions about such acquisitions have been ongoing, with reports in January suggesting that the ECB was exploring the possibility of offering 50 percent stakes in several Hundred teams and allowing counties to sell their shares.
Former Hampshire chairman Rod Bransgrove, who stepped down last year after a 23-year tenure, held over 60 percent of the shares. Hampshire, along with Northamptonshire and Durham, is one of the three counties not owned by members, giving Bransgrove the option to sell his stakes independently.
This mega acquisition by Delhi Capitals includes absorbing the Hampshire county club’s debts of around £60 million (Rs. 21.3 Crore). Despite interest from Lucknow Super Giants, the Delhi Capitals emerged successful in securing the deal.
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it's not 42.5 Cr
Rather it should be 42.5 Arab