County Championship runners-up Hampshire have entered right into a “phased acquisition” with the part-owners of Indian Premier League facet Delhi Capitals.
The membership have exchanged definitive agreements with GMR World Pte Ltd (GGPL) as a part of a “significant strategic partnership” – making them the primary county to be owned by an abroad franchise.
Underneath the settlement, Indian conglomerate GMR is predicted to finish a full takeover inside two years.
Hampshire majority shareholder Rod Bransgrove stood down as chair final yr and it was reported in January that “detailed negotiations” have been happening with new traders.
The deal will see a discount within the debt of Hampshire Sport & Leisure Holdings, which owns Hampshire Cricket and the Utilita Bowl.
GGPL will present “a material injection of capital to reduce the leveraging of the Hampshire Sport & Leisure Holdings Group.”
A membership assertion added: “GGPL has dedicated to furthering the event of Hampshire’s cricket groups and pathways, in addition to enhancing the multi-sports and leisure services on the Utilita Bowl, together with the stadium, lodge, and golf course.
“GGPL also emphasises the importance of respecting the traditions and culture of the game in England and Wales.”
Bransgrove and CEO David Mann will work with GGPL “to develop short, medium, and long-term strategies for the consistent growth of the club and its operations”.
Bransgrove stated: “This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters.
“Past our staff’s accomplishments on the sphere over the previous 24 years, we’ve reworked our stadium right into a premier Take a look at match and occasions venue and one of the vital distinctive cricket and leisure services within the nation.
“We have also been pioneers in the development of women’s cricket and have consistently innovated throughout this relatively short history.
“After an intensive choice course of, we selected GGPL as our companions attributable to their shared values and dedication to our imaginative and prescient.
“We believe GGPL is the perfect organisation, with the right people, to build on our proud legacy.
“Changing into the primary English cricket membership to hitch a world cricket group will open thrilling new alternatives as we embrace the globalization of this nice sport.”
As well as a 50 per cent stake in Delhi Capitals, GMR also owns shares in the Dubai Capitals and the Pretoria Capitals, as well as investing in US Major League Cricket team the Seattle Orcas.
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