The owners of the Delhi Capitals have agreed a £120 million deal to buy Hampshire in a historic move in which they will become the first county to be owned by an overseas franchise.

Under the terms of an agreement that has been passed to the England and Wales Cricket Board for ratification, the GMR Group is poised to take full ownership of Hampshire and a 51 per cent stake in the Southern Brave, with the option to complete a 100 per cent takeover of the Hundred franchise. The Indian bid for Hampshire was first revealed by Telegraph Sport in January, with both parties hoping it will be finalised before the ECB’s sale of their 49 per cent share of the eight Hundred franchises closes at the end of the year.

The Delhi part-owners are understood to have beaten a second bid from rival Indian Premier League franchise Lucknow Super Giants with an offer which values Hampshire at £120 million, although that price includes the club’s debts of around £60 million. GMR owns 50 per cent of both the Delhi Capitals and their Women’s Premier League franchise, with another Indian conglomerate JSW Group owning the other half.

Hampshire’s value appears to have risen during the negotiating process from a starting point of around £100 million, an increase which reflects the ECB’s decision to gift them a 51 per cent stake in Southern Brave. The high valuation is also down to an impressive international fixture list and the promise of strong ticket sales secured by owner Rod Bransgrove, who is set to be rewarded for his shrewd stewardship of a club he rescued from bankruptcy 24 years ago.

After more than two decades of lobbying the ECB, Bransgrove has finally secured an Ashes Test match for Hampshire in 2027, while the Utilita Bowl will also host an India Test in 2029, another Test the following year and eight England white-ball matches between 2025 and 2031. In addition to buying the club, GMR will also take control of the Utilita Bowl, a Hilton hotel and a golf course all on the same site near Southampton.

The takeover by GMR, which also owns 50 per cent of the Dubai Capitals in the United Arab Emirates’ ILT20 and Seattle Orcas in America’s Major League Cricket, is hugely significant for English cricket as it puts the Indian franchise in a strong position to become the first outright owners of a Hundred team. While a sale process which the ECB has likened to “speed dating” is not due to start until next month, with 51 per cent of the Southern Brave already under their control a full takeover would appear to be a formality.

Hampshire declined to comment when approached by Telegraph Sport.

The ECB has been actively courting Indian investment themselves so is not thought to have any objections to Delhi’s bid. Its main concern in assessing such bids is that the interests of the game’s existing stakeholders are protected, particularly Hampshire’s fellow Southern Brave shareholders, Sussex.

In addition to significant investment the impending takeover opens up the possibility of Hampshire gaining access to some of Delhi Capitals’ players, particularly their youngsters. Whilst the Board of Control for Cricket in India [BCCI] does not currently permit Indians to play in the Hundred, that is likely to change if Delhi buy into the competition. There is nothing to stop Hampshire seeking short-term signings for county cricket. There is considerable confidence at Hampshire that the takeover could put the club in a position to challenge Surrey’s domestic dominance.

In another significant development Rajasthan Royals have reopened talks with Yorkshire about a takeover at Headingley, although that process will take considerably longer to complete as chairman Colin Graves has yet to get the approval from members to take the club private. The demutualisation process needs to be approved by a 75 per cent majority in a ballot involving at least 50 per cent of Yorkshire’s 6000 members.

When announcing his plan to go private in May Graves warned that Yorkshire would be “fighting for their survival” later this year without external investment, but more then two months on the club have yet to schedule a vote. Leeds MP Alex Sobel is campaigning against Graves and has urged members “to hold their nerve and oppose” the proposal.