The Hampshire club and the England and Wales Cricket Board (ECB) are expected to make a formal announcement regarding the acquisition soon.
The acquisition involves a significant financial investment and may enable Hampshire to compete against young players from the Delhi Capitals in league matches such as The Hundred.
Another significant development is that Yorkshire, an English county team, has resumed negotiations with the Rajasthan Royals regarding a potential acquisition of the Headingley-based team.
However, the acquisition would require approval from 6,000 Yorkshire members.
