The RPSG Group owner Sanjiv Goenka who owns Lucknow Super Giants in the IPL, has acquired 49% stakes in the Manchester Originals of The Hundred franchise on Monday.

The franchise is estimated to be valued at around 116 Euros million in the deal, a big step towards Lancashire Cricket to fulfil their ambition to partner with an IPL franchise.

RPSG lost the bidding in the three-hour auction for London Spirit stakes on Friday. The auction was eventually won by a Silicon Valley tech Consortium, which valued the Lord’ s-based franchise at 295 Euros million.

The two parties will now enter into an eight week period of exclusivity in which they will disucuss the exact terms of the deal.

Meanwhile Lancashire have revealed that they are open for a discussion about selling some of 51% stake in the originals if the price is high enough that it enables them to pay down a significant proportion of their bank debt.

The club declined to confirm on Monday night whether RPSG Group is buying anything more than the ECB’s 49% in the Originals, which was understood that Lancashire investors revealed that they are willing to sell upto 70% of the overall shares during talks earlier in the sales process.

“We have been very focused on securing a great partner – ideally from the IPL – and RPSG has been our preferred bidder for some time,” the club said.

“We are delighted by the outcome and look forward to working together to create an exciting future. Together, we have a shared ambition to create a very special cricket team for the people of Manchester and the wider North West region.”

It is revealed that the officials from RPSG Group had visited Emirates Old Trafford, with Lancashire chief executive Daniel Gidney has revealed his desire to work with an IPL franchise.

Lancashire’s initial shortlist also included Mumbai Indians owners Reliance Industries Limited (RIL) who dropped out of the bidding for Originals after securing a stake in Oval Invincibles.

Lancashire have grown their profile in India in recent years with a deliberate strategy that has included men’s and women’s pre season tour and signing Indian international Shreyas Iyer, Washington Sundar and Venkatesh Iyer as overseas players.

“Key items on the agenda will include details of our partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the funds generated,” the club said.

“The investment remains subject to a satisfactory conclusion of the final due diligence and legal processes and a further announcement will be made in due course.”

Sanjiv Goenka also owns Durban Super Giants in the SA20 while Manchester Originals will be Goenka’s third franchise team in global T20 leagues.