The RP-Sanjiv Goenka Group, headed by Sanjiv Goenka, secured the ownership rights of Manchester Originals, a franchise in The Hundred league in England. The RPSG Group acquired 70 per cent stake in the franchise, making them the first majority stakeholders yet in a Hundred side. With the enterprise value of Manchester Originals set at £106 million, the RPSG Group forked out £75 million to own the majority stake.
The break-up is as follows – 49 per cent stake is from the ECB, while Lancashire decided to sell 21 per cent of their 51 per cent stake in the Originals. The two parties – the RPSG Group and Manchester Originals – will now enter into a period of exclusivity during which they will finalise the exact terms of the deal.
The RPSG Group, that already owns Lucknow Super Giants in the IPL and Durban Super Giants in the SA20 league in South Africa, outbid a US-based private equity firm to own the majority stake in Manchester Originals. The side will boast the likes of England white-ball captain Jos Buttler, Phil Salt and Jamie Overton. The women’s team includes Sophie Ecclestone, Beth Mooney and Laura Wolvaardt.
Manchester Originals represent the Lancashire County Cricket Club in The Hundred – a 100-ball cricket tournament, involving eight franchises, which is promoted by the ECB.
After the RPSG Group’s winning bid on Monday, Lancashire issued a statement, saying: “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.”
Manchester Originals became the second Hundred franchise to go under an Indian ownership. The Reliance Group had earlier bought stakes in Oval Invincibles.