Hampshire is set to become the first English county cricket club to be owned by an overseas franchise after entering into a “phased acquisition” with the part-owner of Indian Premier League team Delhi Capitals.

The deal was described by Hampshire, a county in the south of England, as “the start of a significant strategic partnership” with GMR Global Pte Ltd that will see the Indian conglomerate initially buy a majority stake before likely taking 100% ownership “within the next 24 months.”

“Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalisation of this great sport,” said Hampshire majority shareholder Rod Bransgrove, who stood down as chairman last year amid reports he was in negotiations with a new investor.

As well as a 50% stake in Delhi Capitals, GMR also owns shares in the fellow cricket teams Dubai Capitals and the Pretoria Capitals, as well as investing in the Seattle Orcas in Major League Cricket in the US.

Hampshire is a two-time English county champion which won the country’s top Twenty20 competition — the Blast — in 2022. The team plays at the Rose Bowl, which has hosted England tests and limited-overs internationals.

Hampshire said GMR “has committed to furthering the development of Hampshire’s cricket teams and pathways” and has underlined the importance of “respecting the traditions and culture of the game in England and Wales.”

“This is the fulfilment of a dream for me,” Bransgrove said, “and, I hope, for all Hampshire Cricket supporters.”

Richard Gould, chief executive of the England and Wales Cricket Board, said the deal “demonstrates the global interest in investing in cricket in England and Wales, and underlines the continuing appeal of county cricket.”