According to a report in ESPNCricinfo, The RPSG Group \u2014 which owns Lucknow Super Giants in the IPL \u2014 secured the deal after submitting the highest bid, valuing the Manchester-based franchise at approximately 116 million dollar. \u201cWe have been very focused on securing a great partner \u2014 ideally from the IPL \u2014 and RPSG has been our preferred bidder for some time,\u201d Lancashire said in an official statement.<\/p>\r\n\r\n
\u201cWe 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.\u201d<\/p>\r\n\r\n
The RPSG Group, which previously lost out to a Silicon Valley tech consortium in a three-hour auction for a stake in London Spirit (which was valued at 295 million dollars), wasted no time in securing an alternative investment. The group will now enter an eight-week exclusivity period with Lancashire to finalize the deal\u2019s terms.<\/p>\r\n\r\n
Lancashire CEO Daniel Gidney had long expressed the club\u2019s desire to partner with an IPL franchise, and RPSG was seen as a top contender. The club had previously engaged with Reliance Industries Limited (RIL) \u2014 owners of Mumbai Indians \u2014 but they dropped out after securing Oval Invincibles last week.<\/p>\r\n\r\n
Lancashire has been actively growing 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.<\/p>\r\n\r\n
The RPSG Group, led by Sanjiv Goenka, has been expanding its cricketing footprint aggressively. It paid Rs 7090 crore (680m dollars approx.) to buy the Lucknow IPL franchise in 2021, and later 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.<\/p>\r\n\r\n
The deal makes RPSG Group the second IPL owner to invest in The Hundred, following Reliance\u2019s stake in Oval Invincibles. Meanwhile, Sun Group (Sunrisers Hyderabad owners) and GMR Group (Delhi Capitals co-owners) are actively pursuing stakes in Northern Superchargers, Trent Rockets, and Southern Brave.<\/p>\r\n\r\n
The sales process for Superchargers and Rockets, initially planned for Monday, has been slightly delayed, with some losing bidders considering new offers for available teams. The sale of a stake in Southern Brave is expected to be the final transaction in this process.<\/p>\r\n\r\n
The deal makes RPSG Group the second IPL owner to invest in The Hundred, following Reliance\u2019s stake in Oval Invincibles. Meanwhile, Sun Group (Sunrisers Hyderabad owners) and GMR Group (Delhi Capitals co-owners) are actively pursuing stakes in Northern Superchargers, Trent Rockets, and Southern Brave.<\/p>\r\n\r\n
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