New Delhi: Sunrisers Hyderabad has become the third franchise from the Indian Premier League (IPL to invest in England’s ‘The Hundred’ tournament after registering the winning bid to buy the Northern Superchargers franchise.
According to an ESPNcricinfo report, the Sun Group (owners of SRH) has agreed to buy 100% of the franchise. They will buy out the England Cricket Board’s (ECB) 49% stake and Yorkshire’s 51% share. The Superchargers are the first franchise to be sold outright, with host venues retaining a share in the first five sold franchises.
Yorkshire will receive a major financial boost from the sale of a 51% stake as the County Club will keep 80% of revenue from the sale, which will amount to approximately £40m. This move comes due to debts of more than £20m, including a significant £15m owed to a family trust managed by the club’s chairman, Colin Graves. He warned that the club could soon be “fighting for its survival” without restoring financial stability.
Sanjay Patel, Yorkshire’s chief executive and the Hundred’s former managing director said in a statement that they are delighted to be entering into an exclusivity period with the Sun Group. He further stated that they will be continuing their conversations with them in the coming weeks with a view to setting the Northern Superchargers up for long‑term and sustained success.
“Having been in consultation with them for some time now, it is clear that they are aligned to the values and future direction of the club and will play a huge part in ensuring we can go on to achieve great success in the coming years” he added. Sanjay also said that it’s a huge day for Yorkshire, the Northern Superchargers and the Sun Group but still there is a lot of detail to be discussed alongside further due diligence and legal processes before a contract can be signed.
The owners of Sunrisers Hyderabad will take full ownership of Northern Superchargers, boosting the finances of Yorkshire County Cricket Club. Cricket Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
