PM [1]
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Sanjiv Goenka's RPSG Group, the owners of Indian Premier League side Lucknow Super Giants, on Monday won the race to partner Lancashire to run The Hundred franchise, Manchester Originals. RPSG Group came up with the highest bid to secure a 49 per cent stake in the franchise, according to Espncricinfo. RPSG Group, which had made an unsuccessful bid for London Spirit on Friday, finally secured a stake in the Manchester-based Hundred side reportedly for around 116 million pounds (approximately over Rs 1251 crore).
"The two parties (Lancashire and RPSG Group) 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 that they are open to a discussion about selling some of their 51 per cent stake in the Originals if the price is high enough that it enables them to pay down a significant proportion of their bank debt," said the report.
According to the report, Lancashire issued a statement saying they had been looking for a partner, preferably from the IPL, and now that the deal has been secured they foresee an "exciting future" for the side.
"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." The chairman and founder of RPSG Group, Goenka, had bought the Lucknow franchise in the IPL for Rs 7,090 crore in 2021 before buying the Durban franchise in the SA20 in 2022.