Hampshire have agreed to a takeover by the co-owners of Indian Premier League franchise Delhi Capitals, a move former England captain Kevin Pietersen helped to facilitate.

A deal worth around £120million has been struck between Hampshire and Indian conglomerate GMR, which is set to become the first overseas owner of a county as well as acquiring the club's Utilita Bowl ground.

Pietersen has links to both parties, having represented Hampshire between 2005-10 and the Delhi franchise then known as the Daredevils between 2012-14, while he is a current ambassador with GMR.

He hailed a "historic day" on X upon the announcement of the agreement and Rod Bransgrove, Hampshire chair, said Pietersen, who played 104 Tests for England between 2005 and 2014, had a hand in the deal.

"Kevin takes an ambassadorial role for GMR and we've certainly spoken to him once or twice," Bransgrove said.

"He's been very interested in the potential for this because he knows the GMR culture, he knows our culture and he knows they're very well suited to each other.

"In that respect, yes, he has been involved."

Bransgrove and David Mann will remain as Hampshire chair and chief executive respectively as part of a phased takeover that aims to ensure a smooth transition of power in the next couple of years.

Some of the funds raised from the takeover will be directed towards driving down the club's debt and renovating facilities at their home ground, which will stage an Ashes Test in 2027.

Bransgrove, widely credited with rescuing Hampshire from the brink of bankruptcy in 2000 and rehoming them at the Utilita Bowl, insisted there will otherwise be very little noticeable change.

"It's going to be business as usual for Hampshire, except with the confidence of having GMR behind us," Bransgrove said. "I think this is a landmark occasion in English cricket.

"Having got to the top table of Test match cricket with an Ashes Test in 2027, our major concern now must be to consolidate that position and expand it.

"We've got work to do. Although we're the newest ground, we're 24 years old now and some bits are beginning to crack a bit. There's work to be done in and around the ground.

"Hopefully with GMR behind us, we'll be able to raise the capital to get that work done much more quickly than we normally would have done."

The deal between Hampshire and GMR, which has been given the green light by the England and Wales Cricket Board, does not include the purchase of the Utilita Bowl-based Southern Brave in The Hundred.

Hampshire are due to be handed a 51 per cent holding in their franchise but the remaining stake must fetch a fair market value as part of the ECB's bid to bring in private investment to The Hundred.

Bransgrove downplayed the significance of The Hundred in Hampshire's deal with GMR, saying discussions between the two parties started in advance of the announcement the eight teams would be sold off.

"In summary, the deal is not contingent on getting The Hundred franchise," Bransgrove added.

"There will be a further stage payment in the event that The Hundred franchise is allocated to the Utilita Bowl or Hampshire cricket during the period before final closing."

As well as a 50 per cent stake in Delhi Capitals, GMR also owns shares in the Dubai Capitals and the Pretoria Capitals, as well as investing in US Major League Cricket team the Seattle Orcas.

It will acquire an immediate majority stake at Hampshire before taking 100 per cent control within two years.