Hampshire have become the first English county cricket side to have foreign ownership after the GMR Group, joint owners of Indian Premier League (IPL) team Delhi Capitals, today concluded its takeover of the team.
GMR signed and exchanged definitive agreements with Hampshire Sport & Leisure Holdings Limited, owner of Hampshire Cricket and the Utilita Bowl stadium, with both parties stating that this marks “the start of a significant strategic partnership.”
As part of the agreement, GMR 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.
This acquisition is “designed to strengthen the financial position of Hampshire Sport & Leisure Holdings Limited, including Hampshire Cricket, and will include a material injection of capital to reduce the leveraging of the Hampshire Sport & Leisure Holdings Group.”
The principal terms and conditions of this agreement were formally agreed upon by the parties a year ago, with the enterprise value set at “a fair market valuation” believed to be £120 million ($152.8 million), which includes Hampshire's current debt of £60 million.
This valuation included all existing assets “as well as providing incentives for Hampshire Sport & Leisure Holdings shareholders by way of additional consideration for possible future assets.”
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 group chief executive.
Together, they will work with GMR to “develop short, medium, and long-term strategies for the consistent growth of the club and its operations.”
Bransgrove said: “After a thorough selection process, we chose GMR as our partners due to their shared values and commitment to our vision. We believe GMR is the perfect organization, 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 globalization of this great sport.
“Beyond our team’s accomplishments on the field over the past 24 years, we have transformed our stadium into a premier test match and events venue and one of the most exceptional cricket and leisure facilities in the country.”
GMR has committed to enhancing the multi-sports and leisure facilities at the Utilita Bowl, including the stadium, hotel, and golf course.
The Utilita Bowl is now a regular host of major England matches and is set to stage its first-ever Ashes test - from the iconic quadrennial series against Australia - in 2027.
While the England and Wales Cricket Board (ECB) governing body is looking to sell off potentially majority stakes in teams from the short-format Hundred domestic competition, the sale of a county club such as Hampshire to overseas investors was not necessarily expected.
GMR Group has run the Delhi Capitals as 50% owners since the team’s launch in February 2008. The group also owns stakes in various other Twenty20 franchises around the world, including a team in India’s Women’s Premier League, the Pretoria Capitals from South Africa, the Dubai Capitals in the UAE, and the Seattle Orcas from Major League Cricket in the US.
The firm's bid for Hampshire reportedly came out on top over a rival submission from the owners of the IPL's Lucknow Super Giants.
The deal would put Hampshire as the first of English professional cricket’s 18 county clubs to be owned by an overseas group. The team has been run by majority shareholder Bransgrove since 2000.
However, Bransgrove last year announced his intention to stand down from the role, after 23 years in charge.
Grandhi Kiran Kumar, corporate chairman of GMR Group, said: “What initially attracted me to Hampshire was the way it was run by Rod Bransgrove, whose leadership ethos closely mirrors that of the GMR Group. I believe GMR is in the best position to carry Rod's legacy forward and continue building on the strong foundation he has established.
“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.”
