Delhi Capitals co-owner GMR Group acquires Hampshire County Cricket Club
What's the story
GMR Group, the co-owner of Indian Premier League (IPL) franchise Delhi Capitals, has made a historic acquisition by purchasing a 49% stake in the Hampshire County Cricket Club.
The deal, valued at ₹1,200 crore, is a first between an English county side and an overseas investor.
It also provides GMR with the option to increase their stake to 51% in the future.
Portfolio expansion
GMR Group expands its cricket portfolio
The acquisition significantly expands GMR Group's cricket portfolio, which already has teams in the Indian Premier League (IPL), UAE's ILT20, and USA's Major League Cricket.
As part of the deal, GMR would control several assets including the Utilita Bowl, a Hilton hotel, and an 18-hole golf course near the Hampshire cricket ground.
This strategic move further solidifies their position in global cricket management.
Investment appeal
ECB's call for overseas investment in The Hundred
Earlier this year, the England and Wales Cricket Board (ECB) invited overseas investors to get a stake in The Hundred.
Following this invitation, 18 counties were approached for privatization. However, only Hampshire have successfully secured a deal so far.
Other IPL franchises such as Mumbai Indians, Kolkata Knight Riders, Lucknow Super Giants, and Rajasthan Royals are also reportedly in discussions with other counties.
Format discussions
Potential format change for The Hundred
In another development, the ECB has initiated discussions about potentially changing the format of The Hundred, England's 100-ball competition.
Despite its four-year history, the 100-ball matches have not been as successful as anticipated.
While there are no plans to alter the competition's branding, it could be transformed into T20 matches in the future.
This potential change is being considered in light of increased interest from IPL franchises in owning teams within The Hundred.