Lancashire have secured the IPL partner they wanted to run Manchester Originals as a joint venture, with Sanjiv Goenka’s RPSG Group submitting the highest bid for a stake in the Hundred franchise on Monday.RPSG Group, who own Lucknow Super Giants, were the losing bidders in a three-hour auction for a stake in London Spirit on Friday, which was eventually won by a Silicon Valley tech consortium valuing the Lord’s-based franchise at £295 million. But RPSG Group have now secured a stake which values the Manchester-based Hundred team at above £100m, understood to be around £116m.The two parties will now enter into an eight-week period of exclusivity in which they will discuss the exact terms of the deal. Lancashire have previously suggested to members that they are open to a discussion about selling some of their 51% stake in Originals if the price is high enough that it enables them to pay down a significant proportion of their bank debt.Related
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Lancashire want IPL link for Manchester Originals
The club declined to confirm on Monday night* whether RPSG Group are buying anything more than the ECB’s 49% stake in the Originals, though ESPNcricinfo understands that Lancashire told prospective investors that they were willing to part with up to 70% of the overall shares during talks earlier in the sales process.Lancashire confirmed the news in a statement on Monday afternoon. “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 club said.“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.”ESPNcricinfo first revealed last August that officials from RPSG Group had visited Emirates Old Trafford, with Lancashire chief executive Daniel Gidney making clear in an interview his desire to work with an IPL franchise. Lancashire’s initial shortlist also included Mumbai Indians owners Reliance Industries Limited (RIL), who dropped out of the bidding for Originals after securing a stake in Oval Invincibles last week.Lancashire have actively grown their profile in India in recent years with a deliberate strategy that has included men’s and women’s pre-season tours and signing Indian internationals Shreyas Iyer, Washington Sundar and Venkatesh Iyer as overseas players. They are set to return to India next month as part of a pre-season tour.Sanjiv Goenka, pictured celebrating with Marcus Stoinis, is the chairman and founder of RPSG Group•Sportzpics
Goenka, the chairman and founder of business conglomerate RPSG Group, paid INR 7090 crore (£680m approx. at the time) to buy the Lucknow IPL franchise in 2021. He bought the Durban franchise in the SA20 the following year, and previously owned Rising Pune Supergiant. RPSG were involved in the 2016 and 2017 IPL seasons, while Chennai Super Kings and Rajasthan Royals were suspended.Lancashire will hold a members’ forum next Wednesday. “Key items on the agenda will include details of our partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the funds generated,” the club said. “The investment remains subject to a satisfactory conclusion of the final due diligence and legal processes and a further announcement will be made in due course.”The deal makes RPSG Group the second IPL owners to buy a stake in a Hundred team, after Reliance. Sun Group, the owners of Sunrisers Hyderabad, are understood to be interested in both Northern Superchargers and Trent Rockets, while GMR Group, the co-owners of Delhi Capitals, are widely expected to secure a stake in Southern Brave, having bought host county Hampshire outright last year.ESPNcricinfo understands that RPSG Group were pitted against two other competitors on Monday, prompting a live auction. One of these was an investor who has struck a partnership with Royal Challengers Bengaluru, while the identity of the third bidder could not be confirmed on Monday night.The sales processes for Superchargers and Rockets were initially scheduled for Monday but are understood to have been delayed slightly, with some losing bidders from previous sales considering entering the running for another team. The sale of a stake in Brave will round out the process.*2100 GMT – This story was updated to reflect Lancashire’s statement and to note the identity of one losing bidder