On Monday, February 3, Sanjiv Goenka’s RPSG Group made the highest bid for a share in the Hundred franchise. In order to operate Manchester Originals as a joint venture, Lancashire formed an alliance with their Indian Premier League (IPL) partner.
In a three-hour auction on Friday, the RPSG Group, the owner of the IPL team Lucknow Super Giants, engaged in a heated bidding war for a share in London Spirit. Nevertheless, a Silicon Valley tech consortium ultimately defeated them, valuing the Lord’s-based franchise at £295 million.
But now, RPSG Group has acquired a share in the Manchester-based Hundred that is valued at more than £100 million, or over £116 million.
The two sides will now talk about the specifics of the deal during the eight weeks of exclusivity. In the past, Lancashire has indicated to members that they are amenable to a conversation over the sale of a portion of their 51% ownership in the Originals, provided the price is high enough to enable them to settle a significant amount of their bank debt.
The club did not clarify as of Monday night whether RPSG Group is purchasing anything beyond the ECB’s 49% ownership of the Originals. However, during discussions earlier in the sales process, Lancashire informed potential investors that they were willing to give up to 70% of the total shares,
“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time,” the team stated.
“We are thrilled with the result and eager to collaborate to build a bright future. Our goal is to build a unique cricket squad for the people of Manchester and the North West as a whole,” the statement continued.
The founder and chairman of RPSG Group, Sanjiv Goenka, has a lengthy history in the sports industry.
He was the owner of the Rising Pune Supergiants during the 2016 and 2017 IPL seasons. Prior to their dissolution, they placed second in the 2017 competition.
Goenka purchased the Lucknow IPL franchise and dubbed it the Lucknow Super Giants before the 2022 season of the IPL, paying an incredible INR 7090 crore (about £680 million at the time). He purchased the SA20 Durban franchise in 2022.
They are known as the Durban Super Giants. Goenka has made investments in more than only cricket; the RPSG Group has bought the bulk of shares in Mohun Bagan, India’s oldest football side still in play. They decided to remove the prefix and change the team name to Mohun Bagan Super Giant after first changing it to ATK Mohun Bagan.
India
