Infrastructure conglomerate GMR Group has signed a definitive agreement to acquire UK's Hampshire Sport & Leisure Holdings Ltd (HSLHL), owner of Hampshire Cricket and Utilita Bowl stadium, in a landmark deal that marks the first instance of a county cricket team being acquired by an overseas company.
Financial details of the transaction were not disclosed. People close to the matter pegged the total deal value at £43 million (Rs 483 crore). Initially, GMR will buy a 53% stake along with performance-linked incentives. The balance 47% will be acquired over a two-year period.
The people said the acquisition is unlike other deals in the space as it also includes associated infrastructure in the form of Utilita Bowl, featuring a cricket stadium, hotel complex, and golf course.
GMR will also utilise its infrastructure prowess to execute a masterplan for the development of Utilita Bowl. The deal also provides incentives for HSLHL shareholders by way of additional consideration for possible future assets.
The acquisition has been done through GMR Global Pte Ltd (GGPL), which aims to invest in global sports assets through its overseas platform under the GMR Group. The deal will also help HSLHL reduce debt, setting the stage for long-term growth and financial sustainability.
The acquisition will deepen GMR's involvement in cricket, which includes the Delhi Capitals franchise in the Indian Premier League and Women's Premier League, the Dubai Capitals (ILT20) and the Pretoria Capitals (SA20) besides investments in the Seattle Orcas team in Major League Cricket, US.
Apart from cricket, GMR Sports also owns franchises in the Pro Kabaddi League and Ultimate Kho Kho League.
The GMR-Hampshire deal comes at a time when the England Cricket Board is looking to attract investments from Indian corporate houses, particularly those invested in the IPL, for The Hundred.
Under the new ownership structure, HSLHL founder Rod Bransgrove will continue as Group Chairman until at least September 30, 2026, while David Mann will retain his role as Group CEO.
Bransgrove said HSLHL decided to partner GGPL after a thorough selection process since the two companies have a shared vision to develop cricket in Hampshire.
"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 globalisation of this great sport," he added.
Grandhi Kirankumar, corporate chairman of GMR Group, said GGPL is in the best position to carry Rod's legacy forward. “With this acquisition, along with our investments in the US, Dubai, and India, GMR is focused on engaging and connecting with the global youth."
Financial details of the transaction were not disclosed. People close to the matter pegged the total deal value at £43 million (Rs 483 crore). Initially, GMR will buy a 53% stake along with performance-linked incentives. The balance 47% will be acquired over a two-year period.
The people said the acquisition is unlike other deals in the space as it also includes associated infrastructure in the form of Utilita Bowl, featuring a cricket stadium, hotel complex, and golf course.
GMR will also utilise its infrastructure prowess to execute a masterplan for the development of Utilita Bowl. The deal also provides incentives for HSLHL shareholders by way of additional consideration for possible future assets.
The acquisition has been done through GMR Global Pte Ltd (GGPL), which aims to invest in global sports assets through its overseas platform under the GMR Group. The deal will also help HSLHL reduce debt, setting the stage for long-term growth and financial sustainability.
The acquisition will deepen GMR's involvement in cricket, which includes the Delhi Capitals franchise in the Indian Premier League and Women's Premier League, the Dubai Capitals (ILT20) and the Pretoria Capitals (SA20) besides investments in the Seattle Orcas team in Major League Cricket, US.
Apart from cricket, GMR Sports also owns franchises in the Pro Kabaddi League and Ultimate Kho Kho League.
The GMR-Hampshire deal comes at a time when the England Cricket Board is looking to attract investments from Indian corporate houses, particularly those invested in the IPL, for The Hundred.
Under the new ownership structure, HSLHL founder Rod Bransgrove will continue as Group Chairman until at least September 30, 2026, while David Mann will retain his role as Group CEO.
Bransgrove said HSLHL decided to partner GGPL after a thorough selection process since the two companies have a shared vision to develop cricket in Hampshire.
"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 globalisation of this great sport," he added.
Grandhi Kirankumar, corporate chairman of GMR Group, said GGPL is in the best position to carry Rod's legacy forward. “With this acquisition, along with our investments in the US, Dubai, and India, GMR is focused on engaging and connecting with the global youth."
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