Sanjiv Goenka acquires Manchester Originals for £107 million
What's the story
Sanjiv Goenka, the Kolkata-based business tycoon and owner of Lucknow Super Giants and Durban Super Giants, has acquired the Manchester Originals franchise in The Hundred tournament.
As per Cricbuzz, the deal was finalized at a price just over £100 million, £107 million to be precise.
This acquisition is Goenka's third venture into cricket franchises, having owned teams in the Indian Premier League (IPL) and South African T20 league.
Ownership details
Goenka now owns 49% of Manchester Originals
Goenka now owns a 49% stake in the Manchester Originals.
The Lancashire-based team was led by Phil Salt last season in the absence of regular national skipper Jos Buttler.
The acquisition price is nearly half of what London Spirit went for when it was sold to a consortium of US-based tech billionaires for £195 million.
Acquisition competition
Goenka outbid IPL team and tech consortium
The Manchester Originals franchise was bought via e-auction, which means there were several bidders.
Although there was speculation about possible contenders like the Glazer family and CVC Capital, it was learned that neither of them took part in the bidding.
Goenka, instead, had competition from an unknown IPL team and a tech consortium but won the bid in the end.
Sports investments
Goenka's passion for sports and previous acquisitions
Goenka's love for sports is no secret, given that he made a billion-dollar bid for the Lucknow franchise in the IPL auction three years ago.
He also owned Rising Pune SuperGiants, an interim replacement side in the IPL, in the past.
He already has a team in the Indian Super League (ISL) in his portfolio, proving his dedication to investing in different sports franchises.
Club statement
Lancashire club welcomes partnership with RPSG
Confirming Goenka's acquisition of the Manchester Originals, Lancashire released a statement on Monday.
The club expressed satisfaction at having secured a partner from the IPL, saying that "RPSG has been our preferred bidder for some time."
They look forward to working with Goenka to build an exciting future for the team and create a special cricket team for Manchester and the wider North West region.