GMR Group inks £43 million deal to acquire Hampshire Cricket team
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.
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