GMR Group acquires majority stakes in Hampshire CCC
4 days ago
English County Championship club Hampshire have signed a takeover deal with GMR Group, co-owners of Indian Premier League cricket side Delhi Capitals.
The club have exchanged definitive agreements with GMR as part of a “significant strategic partnership”, making them the first County to be owned by an overseas franchise.
Under the deal, ratified by the England and Wales Cricket Board (ECB), the Indian conglomerate has acquired a majority stake and is expected to complete a 100 percent takeover within two years.
Rod Bransgrove, chairman of Hampshire Sport and Leisure Holdings, said in a statement that the deal was the “fulfilment of a dream”.
“Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalisation of this great sport,” he said.
GMR owns a 50 percent stake in Delhi Capitals, Dubai Capitals and Pretoria Capitals. They have also invested in the US Major League Cricket team – Seattle Orcas.
“Kevin takes an ambassadorial role for GMR and we’ve certainly spoken to him once or twice. He’s been very interested in the potential for this because, obviously, he knows the GMR culture, he knows our culture, and he knows that they’re very well suited to each other. In that respect, yes, he has been involved,” said Bransgrove.
Kiran Kumar Grandhi, corporate chairman of GMR Group, said: “Our vision is to transform sports into a platform that unites people and cultures, drives global excellence, and nurtures the creation of future world champions.”
ECB chief executive Richard Gould said the announcement “demonstrates the global interest in investing in cricket in England and Wales, and underlines the continuing appeal of county cricket”.