Sunrisers Hyderabad have acquired the Northern Superchagers for GBP 100 million, becoming the third IPL franchise to own a team in the Hundred.
Mumbai Indians had bought 49 per cent shares of Oval Invincibles, while Lucknow Super Giants purchased a similar stake in the Manchester Originals for an estimated GBP 107 million.
"We are delighted to be entering into an exclusivity period with the SUN Group, and will be continuing our conversations with them in the coming weeks with a view to setting the Northern Superchargers up for long-term and sustained success," Yorkshire CCC's chief executive officer Sanjay Patel said in a press statement.
Patel said SRH's vision matched with the values pursued by Yorkshire.
"Having been in consultation with them for some time now, it is clear that they are aligned to the values and future direction of the Club and will play a huge part in ensuring we can go on to achieve great success in the coming years.
"It is clearly a huge milestone for Yorkshire CCC, the Northern Superchargers and the Sun Group, but it is worth stressing that there is a lot of detail to be discussed alongside further due diligence and legal processes before a contract can be signed," he added.
This is SRH's second overseas investment after owning the Sunrisers Eastern Cape in the SA20.
Led by Aiden Markram, the Eastern Cape are two-time defending champions in the SA20, and they are on course to add a third successive title after reaching Qualifier 2 of the ongoing edition.
The SEC defeated Joburg Super Kings by 32 runs in the Eliminator on Wednesday to enter the Qualifier 2, where they will face Paarl Royals.
The SRH have also won the IPL once in 2016, when they defeated Royal Challengers Bengaluru by eight runs, and they are currently captained by Pat Cummins of Australia.
The England and Wales Cricket Board (ECB) has so far sold London Spirit, Oval Invincibles, Welsh Fire, Manchester Originals and
Birmingham Phoenix to various bidders while Trent Rockets and Southern Brave are up for sale.
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