The Lancashire obtained the IPL partner that they wanted to direct Manchester Originals as a joint venture, the RPSG group of Sanjiv Goenka submitting the highest offer for a participation in the Hundred franchise on Monday.
The two parties will now enter an eight -week exclusivity period in which they will discuss the exact terms of the agreement. The Lancashire previously suggested to the members that they were open to a discussion on the sale of part of their 51% participation in the originals if the price is high enough to allow them to reimburse a significant proportion of their bank debt.
The club refused to confirm on Monday evening if the RPSG group buys something other than the 49% participation of the BCE in the Originals, although Espncricinfo understands that the Lancashire told potential investors that they were ready to separate from 70 % of global shares during talks earlier in the sales process.
Lancashire confirmed the news in a statement on Monday afternoon. “We were very focused on securing a large partner – ideally IPL – and RPSG has been our favorite tenderer for some time,” said the club.
“We are delighted with the result and we look forward to working together to create an exciting future. Together, we have a shared ambition to create a very special cricket team for residents of Manchester and the northwest region wider. »»
Goenka, the president and founder of the RPSG business conglomerate group, paid 7090 INR (680 million pounds sterling approximately at the time) to buy the LuckNow IPL franchise in 2021. RPSG was involved in the 2016 and 2017 IPL seasons, while Chennai Super Kings and Rajasthan Royals were suspended.
The Lancashire will hold a member forum next Wednesday. “The key elements of the agenda will include the details of our partnership with the RPSG group, the financial result planned for the Lancashire cricket and the potential use of the funds generated,” said the club. “The investment remains subject to a satisfactory conclusion of the reasonable final diligence and the legal processes and another announcement will be made in good time.”
The agreement makes the RPSG group the second owners of IPL to buy a participation in a hundred teams, after reliance. Sun Group, owners of Sunrisers Hyderabad, would be interested both by northern super-chargers and the Rockets of Trent, while GMR Group, the co-owners of Delhi Capitals, should obtain a participation in Southern Brave, having bought Host County Hampshire last year.
Espncricinfo understands that the RPSG group was opposed to two other competitors on Monday, which caused a live auction. One of them was an investor who concluded a partnership with Royal Challengers Bengaluru, while the identity of the third tenderer could not be confirmed on Monday evening.
The sales processes for super-chargers and rockets were initially scheduled for Monday, but they would have been slightly delayed, certain bidders losing previous sales, considering participating in the race for another team. The sale of participation in The Brave will complete the process.
February 3, 2100 GMT – This story of rupture has been updated several times, in particular to reflect the Lancashire Declaration and note the identity of a losing tenderer.