New Delhi: After Mumbai Indians, Lucknow Super Giants (LSG) became the second Indian Premier League (IPL) franchise to buy a stake in a franchise of The Hundred tournament in England. Lucknow Super Giants have agreed a deal to buy a 49% stake in the Manchester Originals franchise in The Hundred. RPSG Group which owns LSG, will pay around £58 million for a 49% stake in the Originals.
They become the second IPL team to partner with a franchise in The Hundred after Mumbai Indians owners bought a 49% stake in the Oval Invincibles for a sum of £60 million. Sanjeev Goenka-led RPSG Group will have a 49% stake in the Originals while Lancashire County will retain a 51% stake in the franchise.
Lucknow Super Giants were reportedly in the race to buy the London Spirit franchise in The Hundred. However, they failed to beat intense competition for the most sought-after franchise. A Silicon Valley consortium led by Nikesh Arora, the CEO of Palo Alto Networks and Times Internet vice chairman Satyan Gajwani bought a 49% stake in the London Spirit for £145 million, valuing the franchise at £295 million, making it the most valued team in The Hundred.
LSG, however, managed to beat bids from the likes of IPL teams Kolkata Knight Riders and Royal Challengers Bengaluru, who were also in contention to buy a stake in the Oval Invincibles. Lancashire chief executive Daniel Gidney said they look forward to working with the RPSG Group in building a great team for the future.
“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time. 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,” Gidney said in a statement.
Lucknow Super Giants owners have agreed a deal to buy 49% stake in The Hundred franchise Manchester Originals. RPSG Group will pay around £58m for 49% stake in the Originals. Cricket Sports News: Latest Cricket News, Cricket Live Score, Sports Breaking News from Sports Today
