Hampshire Cricket has revealed that it has agreed to sell to GMR Global Pte Ltd (GGPL), the proprietors of Delhi Capitals in the Indian Premier League. The agreement, thought to be worth £120 million, will see GGPL acquire Hampshire Cricket and the Utilita Bowl, but it is unknown whether it will also include a 51% ownership in the Hundred franchise Southern Brave.
Following GGPL’s acquisition of Hampshire, the club will join a global portfolio of cricket clubs that includes the Delhi Capitals, Dubai Capitals, Pretoria Capitals, and Seattle Orcas. Last week, City AM reported that the England and Wales Cricket Board had informed counties that host Hundred franchises that they would not receive the intended majority stake in teams if the ECB believed they had been sold cheaply.
Hampshire Ownership Sale
The principal owner of Hampshire initially proposed selling his 60% ownership of the business. Grandhi was informed of a potential investment opportunity in Hampshire during the World Test Championship final between Australia and India in June 2023, which was held at The Oval. GMR began to take the chance seriously as the months passed.
Although the deal’s cricket component was tempting, GMR, whose primary business is still infrastructure, was just as drawn to the Utilita Bowl’s five-star Hilton hotel and golf course, if not more so. The parent company of the GMR Group, GGPL, will initially own a 53% share in Hampshire Sport & Leisure Holdings Ltd., the parent company of Hampshire. Within the next 24 months, a 100% acquisition is anticipated.
The entire transaction, which was finalized earlier this year, is estimated to be worth close to £120 million, of which operating debt makes up half. The deal’s equity component is valued at £43 million. GMR is an Indian infrastructure conglomerate that owns clubs in multiple T20 tournaments, including the Delhi Capitals in the IPL and WPL. The agreement also includes an incentive component that is linked to the performance component; however, all parties will need to work together to determine exactly how it will operate in due course.
Leadership Transition at Hampshire
The Southern Brave, the Hundred team that plays at Hampshire’s Utilita Bowl, are the clear favorites to win full ownership, but the procedure does not ensure it. The ECB is now selling the eight hundred teams’ shares, and as part of that sale, 51% of the holdings will be passed to the host counties—Hampshire, in this case—but there is a mechanism in place that requires GMR to pay fair market value for the remaining 49% of the stakes before that transfer.
Grandhi stated on Monday that he had Southern Brave acquired as part of his plan. “We will evaluate as we go forward,” Grandhi said. “Certainly, we are happy to work with ECB. We are certainly very keen and open.” Following his decision to sell his 60% ownership in the company, Rob Bransgrove, the former chairman of Hampshire, made GMR Group the club’s majority shareholder.
Summing it Up
David Mann will still serve as group CEO, and Bransgrove will stay on as group chairman until at least September 30, 2026. Although GMR Group has concentrated on the infrastructure industry, it made its first significant athletic venture in 2008 when it acquired Delhi Daredevils. In 2018, GMR sold Jindal South West (JSW), a powerful commercial entity in India, a 50% ownership share in the Delhi franchise. In cricket, the GMR Group also holds a share in Seattle Orcas in the MLC and the Dubai Capitals franchise in the UAE’s ILT20.
For More Great Content
Craving top-tier content that covers it all? From electrifying sports highlights and insider entertainment news to expert gaming tips and sharp betting advice, we’ve got you covered. Dive into our curated articles to stay ahead of the game with the latest sports action, uncover the hottest trends in entertainment, and get the lowdown on gaming strategies that could level up your play. Plus, our betting advice will sharpen your edge and boost your chances of winning big. Whether you’re looking to stay updated or gain a competitive edge, our content is your go-to source for all things exciting and relevant. Don’t miss out—explore now and power up your knowledge! Follow us on Twitter/X @TotalApexSports, to stay informed.
