Reliance Industries Limited (RIL), the owners of Mumbai Indians (MI) in the IPL, have successfully acquired the Oval Invincibles franchise in The Hundred. They emerged victorious in a three-way bidding contest, competing against US-based tech entrepreneurs and CVC Capital, the private equity firm that owns Gujarat Titans in the IPL.
While the England and Wales Cricket Board (ECB) has declined to comment, reports indicate that the Surrey-based Oval Invincibles have been valued at £123 million. The e-auction determined the sale of a 49% stake, which will cost RIL approximately £61 million.
The owners of Birmingham City have secured the Birmingham Phoenix franchise at a reported £82 million valuation. Knighthead Capital, Birmingham City’s owners, led the acquisition. Phoenix is managed by Warwickshire, which is reluctant to sell its remaining 51% stake.
The Ambanis were keen on acquiring a London-based team and ultimately chose Oval Invincibles. They can secure full ownership if Surrey County sells its 51% stake. The Invincibles won The Hundred in its first two seasons.
Mukesh Ambani Expands MI Empire, Eyes Full Control of Oval Invincibles
Mukesh Ambani, Asia’s richest man and owner of Reliance Industries (RIL), has expanded his Mumbai Indians franchise globally with teams in ILT20, SA20, and MLC. His next move is negotiating with Surrey County for a majority stake in Oval Invincibles.
A spokesperson for the England and Wales Cricket Board (ECB) declined to confirm the development, simply stating, “Not going to comment.” The bidding process commenced at approximately 2:30 PM GMT on Thursday, with Oval Invincibles being the first team up for auction, as previously reported by ‘Cricbuzz’.
The ECB is overseeing the sale in a phased manner, allowing unsuccessful bidders to re-enter the process for the remaining teams. On Friday, the auction will continue with London Spirit and Cardiff-based Welsh Fire. The following week, the bidding will resume for the remaining four franchises: Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave.
Meanwhile, GMR, the co-owners of Delhi Capitals in the IPL, recently acquired Hampshire County, making them a natural contender for Southampton-based Southern Brave. However, it is understood that the team will be sold last, and GMR will have to compete with other investors rather than securing the franchise by default.
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