Khaitan & Co Advised RPSG Sports Ventures on Acquisition of 70% Stake in Manchester Originals
The leading Indian law firm Khaitan & Co advised RPSG Sports Ventures Private Limited (a subsidiary of RPSG Ventures Limited) on its acquisition of a 70% equity stake in Manchester Originals Limited (“Manchester Originals”) from the England and Wales Cricket Board (“ECB”) for a consideration of about GBP 81.2 million.
Manchester Originals owns and operates one of the eight current teams — ‘Manchester Originals’ — that participates in ‘The Hundred’, an annual 100-ball cricket league organised by the ECB.
This strategic acquisition followed a competitive bidding process conducted by the ECB to attract private investment into The Hundred. RPSG Group and seven other investors were declared successful bidders for their respective teams.
RPSG Sports Ventures Private Limited is a subsidiary of RPSG Ventures Limited — both are part of the RP-Sanjiv Goenka Group (“RPSG Group”), a leading Indian conglomerate with a diverse business portfolio spanning IT services, business process services, FMCG including ayurvedic formulations, real estate and sports. The RPSG Group’s existing investments in the sports domain include:
- (i) The iconic football club Mohun Bagan Super Giants;
- (ii) Lucknow Super Giants – the Lucknow franchise of the Indian Premier League (IPL); and
- (iii) Durban Super Giants – the Durban franchise of the South Africa T20 League (SA20).
Khaitan & Co acted as lead counsel for RPSG Sports Ventures Private Limited, advising on all aspects of the transaction — from the initial stages of the ECB bidding process through to completion. The firm’s role included bid strategy and submission, term sheet negotiation, legal due diligence (in collaboration with UK counsel), and drafting and negotiation of multiple transaction documents.
The bid process designed by the ECB required simultaneous preparation and submission of documentation for multiple teams. Bidders had to run parallel bids for more than one team, with each conducted in separate bidding windows to maximise competitive outcomes.
Unlike traditional franchise models where rights are acquired through franchise agreements, this transaction was structured as an M&A deal — the investor acquired an equity stake in an existing company that owns the rights and assets to the team. The home venue owner remains a continuing shareholder in most of these teams.
The Khaitan & Co team was led by Anshuman Mozumdar (Partner) with strategic inputs from Haigreve Khaitan (Partner) and Kartick Maheshwari (Partner), and comprised Althea Pereira (Principal Associate), Aditi Halder (Senior Associate), Amogh Pareek (Associate), Pavitra Khaitan (Associate) and Akshat Shukla (Associate).
Specialist support on regulatory aspects was provided by Sharad Abhyankar (Partner), Mehul Shah (Partner), Moin Ladha (Partner) and Charu Singh (Principal Associate).
Advice on tax matters was provided by Sanjay Sanghvi (Partner, Direct Tax), Arvind Baheti (Executive Director, Indirect Tax), Viraj Doshi (Principal Associate, Direct Tax) and Khushi Kedia (Associate, Indirect Tax).
The insurance aspects were handled by Harsh Khemka (Partner) and Avishek Banerjee (Senior Associate).
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