Mumbai Indians acquire this England team
Published - 31 Jan 2025, 10:55 AM | Updated - 31 Jan 2025, 11:06 AM
Reliance Industries Limited (RIL), owners of the Mumbai Indians (MI) team, have secured a 49% stake in London’s Oval Invincibles after winning a virtual auction on Thursday. The group expanded its footprint to six cricket teams, adding to its existing franchises in India, South Africa, the UAE, and the USA.
Oval Invincibles’ men's team holds the title of reigning champions in The Hundred. The team has secured two titles in the men's Hundred. Their women’s team also dominated the early seasons, winning in 2021 and 2022. The franchise became the first to be sold in the final stage of the ECB’s sales process.
Mumbai Indians Acquire 49 Percent Stake in The Hundred Team Oval Invincibles
According to Cricbuzz, Reliance Industries Limited outbid CVC Capital and a group of Silicon Valley entrepreneurs to acquire a 49% stake in Oval Invincibles. The franchise is valued at £123 million, and RIL will pay just over £60 million for its share.
Previously managed by Surrey County Cricket Club, the team was the first to be sold. The England and Wales Cricket Board (ECB) has declined to comment and is not expected to confirm the buyers or valuations until next week.
RIL Expands Cricket Portfolio with Oval Invincibles Acquisition
With the purchase of Oval Invincibles, Reliance Industries Limited now has six cricket teams in franchise leagues across the world. They own Mumbai Indians in both the IPL and WPL, MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
Mukesh Ambani, Asia’s richest man and head of RIL, has a broader strategy to expand Mumbai Indians' global footprint. Rumors had circulated that the Ambanis intended to acquire London Spirit but shifted focus to Oval Invincibles during the sales process.
ECB to Retain Control of The Hundred Tournament Amid Franchise Sales
The ECB is managing the sale of The Hundred franchises, with six more teams expected to be sold in the coming days. The governing body will retain overall control of the competition while using the funds to support domestic cricket.
The ECB plans to finalize all eight sales by next week, with the proceeds benefiting first-class counties and grassroots cricket.
"The chance to buy into English cricket was always likely to be enticing for IPL teams. Mumbai Indians, owned by the famous Ambani family, are perhaps the most glamorous of all. It is no surprise the Reliance group have moved for one of the two London Hundred teams, seen as the most lucrative," an industry expert told BBC.
Knighthead Capital, a US investment group backed by NFL star Tom Brady, has acquired a 49% stake in Birmingham Phoenix. The deal is valued at £40 million, with the Phoenix franchise estimated at around £80 million. Knighthead entered English sports by investing in Birmingham City Football Club in 2023.
