Mumbai Indians owners buy stake in The Hundred’s Oval Invincibles: Report

Reliance Industries Limited (RIL), the owner of the IPL franchise Mumbai Indians, has reportedly bought a 49 percent stake in the Oval Invincibles franchise in the Hundred. The Oval Invincibles’ men’s team is the reigning champion of The Hundred, having won the title twice, while their women’s team claimed the championship in both 2021 and 2022.

Reliance Industries managed to outbid both CVC Capital and a consortium of Silicon Valley entrepreneurs in the process. The MI group already has a presence in men’s cricket teams in the United States, South Africa, and the UAE, as well as a team in India’s Women’s Premier League.

The England and Wales Cricket Board (ECB) has refrained from commenting on the development, but reports suggest that the enterprise value of the Surrey-based South London team in the 100-ball tournament stands at approximately 123 million GBP. The e-auction was conducted for a 49 percent share, which translates to a valuation of around 61 million GBP.

Mukesh Ambani, the Mumbai-based billionaire and owner of the Reliance Industries Limited (RIL) conglomerate, spearheaded the acquisition. Ambani, the richest man in Asia, has been expanding his cricket portfolio, with Mumbai Indians’ subsidiaries featuring in leagues around the world, including IL T20 in the UAE (MI Emirates), SA20 in South Africa (MI Cape Town), and Major League Cricket in the US (MI NY).

It was widely speculated that the Ambanis were targeting one of the London-based teams, with Lord’s-based London Spirit also being considered. Ultimately, they focused their attention on the Oval Invincibles, whom they could potentially own outright or in a controlling capacity if Surrey County Cricket Club, which holds a 51 percent stake, decides to divest its share in the future.

An ECB spokesperson declined to comment on the matter, stating, “Not going to comment.”The final auctions for the eight Hundred teams mark the conclusion of a sales process that commenced in September.

The ECB has opted for a phased sale approach, allowing unsuccessful bidders to re-enter the fray for remaining teams. On Friday, the auction will proceed with two more franchises—London Spirit and Cardiff-based Welsh Fire. The process will resume next week with bids for the final four teams: Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave.