English County Cricket Club Lancashire has confirmed that RP-Sanjiv Goenka Group (RPSG Group), the owners of the Lucknow Super Giants (LSG), have acquired a 70% stake in the Manchester Originals.
The England and Wales Cricket Board (ECB) started the sale of The Hundred franchises last month where RPSG Group had paid £116 million for a minimum of 49% stake in the team.
The ECB’s clause meant that the counties own the majority share(51%) but also allowed the teams to sell that stake to the new owners after deliberating. LCCC has chosen to sell an extra 21% to pay off its debts and remain afloat.
At first, Lancashire shortlisted four bidders with links to IPL franchises. After Reliance, the owners of Mumbai Indians were removed from the list after they won the auction for a stake in Oval Invincibles.
The RPSG Group – who owns Lucknow Super Giants in IPL, compete with Kolkata Knight Riders and Amit Jain, whose bid involved a cricketing partnership with Royal Challengers Bengaluru.
The auction for Originals took place three days after the RPSG Group had missed out on London Spirit in a three-hour bidding war with a Silicon Valley tech consortium.
Lancashire has stressed that the RPSG Group had been their preferred partner for a significant period of time, and RPSG Group chairman Sanjiv Goenka has insisted his commitment to “developing a deep bond” with the club, saying he sees “huge potential” in the partnership.
“We respect the legacy of Lancashire Cricket and we welcome Manchester Originals to our RPSG family. We are committed to developing a deep bond with the players, support team and the whole community at large. We believe in excellence and see a huge potential to deliver good quality cricket for generations to come.”
“We are very excited with this partnership, and we believe this gives us the impetus to chart a new experience for our fanbase. Together with Lancashire Cricket, it is our endeavour to provide an elevated and meaningful experience to everyone who loves cricket,” Shashwat Goenka, vice-chairman of the RPSG Group, said.
Lancashire County Cricket Club (LCCC) has confirmed that after deliberating, they will keep just 30% (worth £81.2 million) of the Manchester Originals.
The investment will also provide Lancashire with additional funds which it will look to invest in cricket infrastructure projects and at Old Trafford to enhance the fan and member experience.
“The investment provides Manchester Originals with a global sporting partner which shares the Originals’ aspiration to become a major part of the sporting landscape in Manchester – one of the world’s leading sports cities – alongside its two famous football clubs,” LCCC said.
