Sunrisers Hyderabad owners buy Northern Superchargers outright
Owners of Sunrisers Hyderabad Indian Premier League (IPL) team have purchased 100 per cent of Northern Superchargers in the Hundred.
It is the latest sale in a series of eight auctions in which the England and Wales Cricket Board are flogging off 49 per cent of each team.
The deal between Indian media conglomerate Sun Group – owners of the IPL team – and Northern Superchargers and Yorkshire County Cricket Club values the franchise at £100m and edges the total combined valuation of the eight teams towards £1bn – way beyond early expectations for the auctions.
Yorkshire follow Lancashire in selling some of their 51 per cent stake in their franchise, but the Headingley county became the first to give up all of their stake in return for a significant boost to their coffers.
Yorkshire are seeking a new naming rights deal for their stadium, which has been home to some iconic sporting moments in recent times, as they welcome Sunrisers Hyderabad owners the Sun Group.
India-based streaming platform Clean Slate had a deal with the club until 2023 but were reportedly late in paying the contract.
Hundred bidding resumes
Bidding was halted for Northern Superchargers, as well as Trent Rockets and Southern Brave, on Tuesday to allow for unsuccessful bidders in the other five franchises to reassess options and submit bids for the final three teams.
But Sun Group were always favourites for Northern Superchargers, while Southern Brave are likely to be purchased by the GMR Group, who own the associated county Hampshire and IPL team Delhi Capitals.
The deal is the third between a Hundred franchise and an IPL group after Mumbai Indians owners the Ambanis took a stake in Oval Invincibles and Lucknow Super Giants owners RPSG Group purchased 71 per cent of Manchester Originals.
Elsewhere a tech consortium led by former SoftBank executive Nikesh Arora purchased a stake in Lord’s-based London Spirit that valued the franchise at nearly £300m.
Birmingham Phoenix’s 49 per cent stake was sold to Birmingham City FC owners Knighthead Capital in a deal that valued the Edgbaston franchise at £80m, while the owners of Major League Cricket side Washington Freedom paid the same for a 49 per cent stake in Welsh Fire.