GMR Group have, as expected, secured a stake in Southern Brave to conclude the ECB’s process of selling equity in the Hundred. GMR, co-owners of IPL team Delhi Capitals, were already the majority shareholders of host county Hampshire, having bought out former owner Rod Bransgrove last year.
GMR Group, an Indian infrastructure conglomerate, owns teams in a number of T20 leagues around the world, including Delhi Capitals in the IPL and WPL, Dubai Capitals in the ILT20, Pretoria Capitals in the SA20 and Seattle Orcas in MLC.
It brings the number of Hundred teams bought into by IPL owners to four, after Northern Superchargers (Sun Group), Manchester Originals (RPSG Group) and Oval Invincibles (Reliance). The ECB’s hopes for a spread of investment from around the world had already been realised by deals for Birmingham Phoenix (Knighthead Capital), Welsh Fire (Sanjay Govil), London Spirit (Silicon Valley consortium) and Trent Rockets (Cain International).
With more than £450 million raised and a total valuation approaching £1 billion, the Hundred equity sale has exceeded initial expectations and is set to deliver a signifcant windfall to the English game.
GMR had become the first overseas owners of an English county when they agreed a deal for Bransgrove’s majority shareholding last September. The acquisition did not guarantee a stake in Southern Brave, however, with a mechanism requiring GMR to pay fair market value for 49% of Brave before the ECB would sanction the remaining 51% being transferred to Hampshire.
