Picture Credit: X

Picture Credit: X

Days after the Mumbai Indians owners, Reliance Industries Limited (RIL) bought 49 per cent stake in London’s Oval Invincibles, Lucknow Super Giants’ owner, Sanjiv Goenka’s RPSG Group has become the second entity to secure stakes in England’s The Hundred competition. On Monday, February 3, the head of the RPSG group, Sanjiv Goenka bought stakes in The Hundred’s franchise, Manchester Originals.

Reportedly, the RPSG Group submitted the highest bid, which takes the value of Manchester Originals franchise to be around 116 million pounds. This comes after they earlier failed to secure acquire a stake in the franchise, London Spirit.

Sanjiv Goenka’s RPSG Group secure stake in Manchester Originals in The Hundred competition

Notably, this bid came after the Lancashire-based franchise wanted an Indian Premier League (IPL) buyer for the Manchester Originals. The cricket club was open to selling 51 per cent of their stake in the franchise, in order to fulfill their bank debts, and have finally got one with the RPSG Group acquiring the majority stake.

"We have been very focused on securing a great partner - ideally from the IPL - and RPSG has been our preferred bidder for some time," the Lancashire cricket club confirmed, as quoted by ESPNCricinfo. "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," it added.

After the official confirmation, the parties will enter into eight weeks of exclusivity to discuss the deal at length. "Key items on the agenda will include details of our partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the funds generated," the club added. "The investment remains subject to a satisfactory conclusion of the final due diligence and legal processes and a further announcement will be made in due course," it further stated.

With the RPSG Group acquiring a share in the Hundred cricket competition, they now have a third team in cricket competitions across, including the Lucknow Super Giants (LSG) in IPL and the Durban Super Giants in SA20.