Lancashire have secured the IPL partner they wanted to run Manchester Originals as a joint venture, with Sanjiv Goenka's RPSG Group submitting the highest bid for a stake in the Hundred franchise on Monday.

The two parties will now enter into an eight-week period of exclusivity in which they will discuss the exact terms of the deal. Lancashire have previously suggested to members that they are open to a discussion about selling some of their 51% stake in the Originals if the price is high enough that it enables them to pay down a significant proportion of their bank debt.

The club declined to confirm on Monday night whether RPSG Group is buying anything more than the ECB's 49% stake in the Originals, though ESPNcricinfo understands that Lancashire told prospective investors that they were willing to part with up to 70% of the overall shares during talks earlier in the sales process.

Lancashire confirmed the news in a statement on Monday afternoon. "We have been very focused on securing a great partner - ideally from the IPL - and RPSG has been our preferred bidder for some time," the club said.

"We are delighted by the outcome and look forward to working together to create an exciting future. Together, we have a shared ambition to create a very special cricket team for the people of Manchester and the wider North West region."

Goenka, the chairman and founder of business conglomerate RPSG Group, paid INR 7090 crore (680m approx. at the time) to buy the Lucknow IPL franchise in 2021. He bought the Durban franchise in the SA20 the following year, and previously owned Rising Pune Supergiant. RPSG were involved in the 2016 and 2017 IPL seasons, while Chennai Super Kings and Rajasthan Royals were suspended.

Lancashire will hold a members' forum next Wednesday. "Key items on the agenda will include details of our partnership with the RPSG Group, the projected financial outcome for Lancashire Cricket and the potential use of the funds generated," the club said. "The investment remains subject to a satisfactory conclusion of the final due diligence and legal processes and a further announcement will be made in due course."

The deal makes RPSG Group the second IPL owners to buy a stake in a Hundred team, after Reliance. Sun Group, the owners of Sunrisers Hyderabad, are understood to be interested in both Northern Superchargers and Trent Rockets, while GMR Group, the co-owners of Delhi Capitals, are widely expected to secure a stake in Southern Brave, having bought host county Hampshire outright last year.

The sales processes for the Superchargers and Rockets were initially scheduled for Monday but are understood to have been delayed slightly, with some losing bidders from previous sales considering entering the running for another team. The sale of a stake in the Brave will round out the process.