Media365
NEW DELHI: The RP-Sanjiv Goenka Group, led by business tycoon Sanjiv Goenka, acquired 70 percent stake in the Manchester Originals cricket franchise for approximately 75 million pounds – valuing the franchise at 107 million pounds – following an auction on Monday. The RPSG Group outbid a US-based private equity firm to land the winning deal. This is the first time a majority stake has been bought by a group in a Hundred franchise.
Manchester Originals, based at the iconic Old Trafford Ground in Manchester, is one of the eight franchises in The Hundred – an 100-ball cricket tournament promoted by the England and Wales Cricket Board (ECB). The team represents the Lancashire county club.
The men’s team of Manchester Originals is led by England’s white-ball skipper Jos Buttler and includes the likes of Phil Salt and Jamie Overton. The women’s team includes top names like England’s Sophie Ecclestone, who captains the side, Australia’s Beth Mooney and South African opening batter Laura Wolvaardt.
The Manchester Originals will be the third franchise-based team owned by the RPSG Group in a cricket league. The group owns the Indian Premier League franchise Lucknow Super Giants and SA20 franchise Durban’s Super Giants.
The sale of stakes in The Hundred franchises is nearing completion. Binding bids opened on January 30. The ECB is offloading a 49 percent stake in each team, while counties have the option to sell part or all of their 51 percent share. RPSG bagging Manchester Originals for a 70 percent stake is the highest in terms of percentage share in a team so far.
The Reliance Group had earlier bought stake in Oval Invincibles and an American consortium had picked stake in the London Spirit team.
