The GMR Group, co-owners of IPL franchise Delhi Capitals, on Monday completed an agreement with Hampshire to buy majority stake in the English county club.
Initially, the GMR Group will hold 53 percent stake in Hampshire, thereby making it the first county team to have an overseas ownership.
In a phased manner through the next 24 months, the Indian conglomerate will acquire 100 percent stake.
"Hampshire Sport & Leisure Holdings Limited, owner of the Utilita Bowl site and Hampshire Cricket, has signed and exchanged definitive agreements with GMR Global Pte Ltd (GGPL), marking the start of a significant strategic partnership," the club said in a statement in its website.
"As part of the agreement, GGPL will initially acquire a majority stake in Hampshire Sport & Leisure Holdings Limited, with the completed acquisition of 100% ownership expected within the next 24 months," the statement added.
Kirankumar Granthi, Corporate Chairman of the GMR Group, said his aim will be to cultivate value creation and providing opportunities to budding talents.
"With this acquisition, along with our investments in the US, Dubai, and India, GMR is focused on engaging and connecting with the global youth. We are committed to financial prudence, value creation, and creating opportunities for young talent.
"Our vision is to transform sports into a platform that unites people and cultures, drives global excellence, and nurtures the creation of future world champions," said Granthi.
Currently, GMR holds a 50 percent stake in the Delhi Capitals (IPL and WPL), the Dubai Capitals (ILT20) and the Pretoria Capitals (SA20).
Additionally, the GMR group has invested in the Seattle Orcas in the Major League Cricket, USA. Under the new ownership structure, Hampshire's existing leadership team will remain in place.
Rod Bransgrove will continue as Group Chairman until at least September 30, 2026, and David Mann will retain his role as the Group CEO.
"This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters. After a thorough selection process, we chose GGPL (the parent company of GMR) as our partners due to their shared values and commitment to our vision.
"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," said Bransgrove.
Richard Gould, ECB Chief Executive Officer, welcomed the acquisition.
"This is an exciting time for Hampshire Cricket. I am pleased to see GGPL's commitment to continuing to develop Hampshire's cricket teams and pathways and enhance facilities at Utilita Bowl, and their respect for the traditions of the game in this country.
"This announcement also demonstrates the global interest in investing in cricket in England and Wales, and underlines the continuing appeal of county cricket," said Gould