Goenka had previously lost the bid for London Spirit.
Sanjiv Goenka-owned Lucknow Super Giants (LSG) has acquired a 49% stake in The Hundred franchise, Manchester Originals. After Mumbai Indians (MI), LSG became the second Indian Premier League (IPL) team to splurge in the ongoing sales of The Hundred franchises.
LSG will now join hands with Lancashire in the joint venture, with the franchise valued at £116m (INR 1251 crores). According to the 49-51 deal, LSG is expected to play INR 650 crores.
Reportedly, Goenka previously fought hard to secure London Spirit but was eventually outbid in a three-hour auction by a Silicon Valley Tech consortium, valuing the franchise at £295 million.
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Manchester Originals will be Goenka’s third franchise team in global T20 leagues, after LSG in IPL and Durban Super Giants in SA20.
Following the development, a statement from Lancashire read, “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.”
Notably, the Lancashire Cricket Club management will coordinate with the RSPG Group (owners of LSG) and strike a deal in the coming eight weeks, which is the period of exclusivity. Lancashire has suggested in the past they are open to selling some of their 51% stake in the Manchester Originals.
In case that happens and the English county is looking to sell some of their holdings, the INR 650 crores paid by the Indian franchise can increase accordingly.
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