Hampshire captain Dominic Cork took four wickets but some late-order resistance helped Lancashire share the first-day spoils after an enthralling passage of play at The Rose Bowl.
Former Lancashire stay Cork (4-78) and David Griffiths (3-82) had the visitors and County Championship Division One leaders Lancashire struggling on 196-6, despite a century stand between Karl Brown (96) and Steven Croft (37).
But after Gareth Cross made 28, Kyle Hogg (38) and Saj Mahmood (32) shared an eighth-wicket stand of 68.
They both fell to Kabir Ali (2-79) as Lancashire were bowled out for 328 with the final ball of the first day.
Lancashire had started badly after winning the toss and the in-form Paul Horton was out for just five with the score on six.
Brown batted beautifully, though, as the Red Rose battled on in the face of excellent bowling.
He looked a certain centurion until he gloved one down leg side and Nick Pothas held a smart catch to break his heart.
Tom Smith could only manage 17 on his return to the side but a last-wicket stand of 32 between Read’s Oliver Newby and Gary Keedy took Lancashire to a third batting point before Keedy was trapped leg before by Cork with the final ball of the day.
Play resumes at 11am today with Lancashire looking for early wickets.
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