Hampshire announced on Monday that Indian multinational conglomerate GMR Group had acquired a majority stake of 53% in Hampshire Sport & Leisure Holdings Ltd, with plans for a full acquisition of 100% over the next two years.
During this transition, Rod Bransgrove and David Mann will continue in their roles as chairman and chief executive, respectively. With this sale, Hampshire has become the first English county cricket club to be owned by an overseas investor.
The deal, finalized earlier this year, is valued at nearly £120 million, half of which is attributed to operating debt, while the equity portion is approximately £43 million. The deal also includes a performance-related incentive, with details on its implementation to be discussed and agreed upon by all parties involved shortly.
Hampshire confirmed that the main terms of their agreement with GMR were established a year ago. Hampshire Chairman Bransgrove mentioned that discussions began nearly two years ago. Reports in the English media indicated advanced talks in January, with Bransgrove and Mann as guests of GMR at the ILT20 in February.
The discussions continued throughout the year, including GMR representatives attending England’s T20I against Australia earlier this month, culminating in the public announcement of the deal.
The Indian conglomerate is already heavily involved in cricket around the globe. GMR owns the Dubai Capitals in the UAE’s International League T20 (ILT20), and the India Capitals in Legend League Cricket (LLC), and holds a stake in the Seattle Orcas of Major League Cricket (MLC).
Additionally and most notably, GMR co-owns the Delhi Capitals of the Indian Premier League (IPL) and Delhi Capitals Women along with fellow Indian conglomerate JSW Group in India’s Women’s Premier League (WPL).