A third IPL franchise owner has emerged victorious in the ongoing Hundred sale with the Sun Group, owners of Sunrisers Hyderabad, making the highest bid to buy a stake in Northern Superchargers, whose host county is Yorkshire.

ESPNcricinfo understands that the Sun Group have agreed to buy 100% of the franchise: both the ECB's 49% stake, and Yorkshire's 51% share. The Superchargers are the first team to be sold outright, with host venues retaining a share in the first five franchises sold.

The Sun Group's valuation of Superchargers was 100 million, with two other parties understood to have been involved in the auction. Both Yorkshire and Sun Group have to finalise the agreement within eight weeks of the end of the Hundred sale.

The Superchargers will be the third T20 franchise team in the Sun Group's portfolio. They acquired Sunrisers Hyderabad in 2012, who went on to win the IPL in 2016 and finished as runners-up last year. In 2023, they added Sunrisers Eastern Cape, who have won the SA20 title in its first two editions.

The Sun Group is owned by Kalanithi Maran, an Indian media baron, who successfully bid for the IPL franchise after the BCCI terminated the ownership contract of the previous Hyderabad-based team, Deccan Chargers, in 2012.

Sanjay Patel, Yorkshire's chief executive and the Hundred's former managing director, said in a statement: "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."

"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. Today 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."

The Superchargers are yet to win the Hundred in either the men's or the women's competition, with both teams finishing fourth in 2024. Their men's team is coached by Andrew Flintoff and captained by Harry Brook, while the women's team recently appointed Lisa Keightley as Dani Hazell's successor. Mickey Arthur has also taken over as their new director of cricket this year.

Warwickshire confirmed that Knighthead are their preferred investor on Wednesday. Chief executive Stuart Cain said: "We'd said at the start of this process that we wanted an investor committed to invest in the region and be with us for the long term, to make a real difference. I believe we've found that in Knighthead and we look forward to working with them during this exclusivity period."

The total valuation of the six franchises so far is close to 800m, with Trent Rockets and Southern Brave yet to be sold.

Feb 5, 1800 GMT - This story was updated several times, including to add Yorkshire's comments.