(Reuters) - Hampshire will become the first English county to be owned by an overseas franchise after signing an acquisition agreement with Indian conglomerate GMR Group, the county championship club said on Monday.
According to the deal, GMR's parent company (GGPL) has agreed on a "phased acquisition" of Hampshire's parent company along with an initial reduction of their debt.
GGPL will initially acquire a majority stake in Hampshire with a complete 100% takeover expected in the next two years.
"This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters," Hampshire Sport & Leisure Holdings Group's Chairman Rod Bransgrove said in a statement.
"After a thorough selection process, we chose GMR as our partners due to their shared values and commitment to our vision. We believe it is a perfect organisation, with the right people, to build on our proud legacy.
"Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalization of this great sport."
Hampshire's existing leadership team will remain intact with Bransgrove continuing as chairman until at least Sept. 30, 2026, and David Mann as CEO, the statement said.
GMR group owns teams in various Twenty-20 leagues, including the Delhi Capitals in the Indian Premier League (IPL) and Women's Premier League (WPL), Dubai Capitals in International League Twenty-20 (ILT20) and Pretoria Capitals in South Africa 20(SA20).
(Reporting by Suramya Kaushik in Bengaluru; Editing by Christian Radnedge)
