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Vitality County Championship runners-up Hampshire have entered into a “phased acquisition” with the part-owners of Indian Premier League (IPL) side Delhi Capitals.
The club have exchanged definitive agreements with GMR Global Pte Ltd (GGPL) as part of a “significant strategic partnership” - making them the first county to be owned by an overseas franchise. Under the agreement, Indian conglomerate GMR is expected to complete a full takeover within two years.
Hampshire majority shareholder Rod Bransgrove stood down as chair last year and it was reported in January that “detailed negotiations” were taking place with new investors.
The deal will see a reduction in the debt ofHampshire Sport & Leisure Holdings, which owns Hampshire Cricket and the Utilita Bowl.
GGPL will provide “a material injection of capital to reduce the leveraging of the Hampshire Sport & Leisure Holdings Group”.
A club statement added: “GGPL has committed to furthering the development of Hampshire‘s cricket teams and pathways, as well as enhancing the multi-sports and leisure facilities at the Utilita Bowl, including the stadium, hotel, and golf course.
“GGPL also emphasises the importance of respecting the traditions and culture of the game in England and Wales.”
Bransgrove and CEO David Mann will work with GGPL “to develop short, medium, and long-term strategies for the consistent growth of the club and its operations”.
Bransgrove said: “This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters.
“Beyond our team’s accomplishments on the field over the past 24 years, we have transformed our stadium into a premier Test match and events venue and one of the most exceptional cricket and leisure facilities in the country.
“We have also been pioneers in the development of women’s cricket and have consistently innovated throughout this relatively short history.
“After a thorough selection process, we chose GGPL as our partners due to their shared values and commitment to our vision.
“We believe GGPL is the perfect organisation, with the right people, to build on our proud legacy.
“Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalization of this great sport.”
As well as a 50 per cent stake in Delhi Capitals, GMR also owns shares in the Dubai Capitals and the Pretoria Capitals, as well as investing in US Major League Cricket team the Seattle Orcas.
