RP-Sanjiv Goenka Group (RPSG Group), the owners of the Lucknow Super Giants (LSG) have secured a minimum 49% stake in the Manchester Originals. The England and Wales Cricket Board (ECB) had started the sale of The Hundred franchises on January 30, and LSG have now become the second Indian Premier League (IPL) franchise after the Mumbai Indians (MI) to procure a team in the English league.
According to the ESPNcricinfo, the Manchester Originals have been valued at around £116 million (Rs 1251 crore). Each of the eight teams would be co-owned by their respective counties and new owners. 51% of the share will remain with the counties but they can sell an further share or even given complete control to the new owners.
The Lancashire Cricket Club will now sit with RSPG Group (owners of LSG) and strike a deal in the coming eight weeks, which is the period of exclusivity. Lancashire have suggested in the past they are open to selling some of their 51% stake in the Manchester Originals.
Assuming they strike a 49-51 deal, LSG will play them Rs 650 crore. However, than number can increase if Lancashire are looking to sell some of their holdings.
“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time. We 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,” a newly released Lancashire statement read.
LSG owner Sanjiv Goenka bags Rs 1251 crore valued Manchester Originals Inside Sport India.
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