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It was a historic day for English county cricket as Hampshire became the first county championship club to be owned by an overseas franchise.
Hampshire signed an acquisition agreement with GMR Group, the co-owners of the IPL franchise Delhi Capitals.
GMR's parent company (GGPL) has agreed on a 'phased acquisition' of Hampshire's parent company along with an initial reduction of their debt.
GGPL will initially acquire a majority stake in Hampshire with a complete 100% takeover expected in the next couple of years.
'This is the fulfilment of a dream for me and, I hope, for all Hampshire Cricket supporters,' Hampshire Sport & Leisure Holdings Group Chairman Rod Bransgrove said in a statement.
'After a thorough selection process, we chose GMR as our partners due to their shared values and commitment to our vision. We believe it is a perfect organisation, with the right people, to build on our proud legacy.
'Becoming the first English cricket club to join an international cricket group will open exciting new opportunities as we embrace the globalization of this great sport.'
Hampshire's existing leadership team will remain intact with Bransgrove continuing as chairman until at least September 30, 2026,
Former England captain Kevin Pietersen played a major role in helping broker the landmark deal between GMR Chairman Kiran Kumar Grandhi and Hampshire, said an ESPNCricinfo report.
While Pietersen does not have any active business interest in GMR or Hampshire, he is understood to have introduced the two parties to one another in an informal role.
The England batter, who represented Hampshire from 2005 to 2010, had also played three seasons for Delhi Capitals in the IPL and enjoys a good relationship with Grandhi.
'HISTORIC DAY in English Cricket! Congrats to everyone on this journey. It's only the start... LFG!', Pietersen said on X after the deal was announced by Hampshire.
The GMR group owns teams in various Twenty-20 leagues, including the Delhi Capitals in the IPL and Women's Premier League, Dubai Capitals in International League Twenty-20 and Pretoria Capitals in South Africa 20.
'Kevin takes an ambassadorial role for GMR and we've certainly spoken to him once or twice. He's been very interested in the potential for this because, obviously, he knows the GMR culture, he knows our culture, and he knows that they're very well suited to each other. In that respect, yes, he has been involved,' Bransgrove told ESPNCricinfo.