Mumbai-based Mukesh Ambani, who owns the RIL conglomerate, is the richest man in Asia. His Mumbai Indians team has subsidiaries in almost all the leagues in the world – IL T20 in UAE (MI Emirates), SA 20 (MI Cape Town) and MLC in the US (MY NY). The Ambani‘s will now have to engage with Surrey county, which owns 51 per cent shares.
It was always apparent that the Ambani’s were interested in one of the London-based teams – Lord’s headquartered London Spirit being the other – and they eventually zeroed in on the Invincibles. They can own the 100 per cent or controlling stake once Surrey county which owns 51 per cent stake, divests with its share. The Invincibles were the winners of The Hundred in the first two seasons.
Ambani family acquires 49 percent stake in The Hundred side Oval Invincibles as MI franchise expands to six teams
Reliance Industries Limited (RIL), the owner of the IPL franchise Mumbai Indians, has reportedly acquired 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 outbid both CVC Capital and a consortium of Silicon Valley entrepreneurs in the bidding process. The winning bid reportedly values the franchise at 123 million pounds, meaning RIL will pay just over 60 million pounds for its 49% stake. Following the acquisition, Oval Invincibles will become the sixth team under RIL’s management, joining Mumbai Indians (IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
Reliance Industries Limited (RIL), the owners of the Mumbai Indians in the IPL, have bagged the Oval Invincible team in The Hundred. They won a three-way bidding race in which tech entrepreneurs from the US and CVC Capital, a private equity firm that owns the Gujarat Titans in the IPL were also involved.
The England and Wales Cricket Board (ECB) would not comment but it is understood that the enterprise value of the Surrey-based South London team in the 100-ball tournament is 123 million GBP. The e-auction, which decided the winner, was for 49 per cent share and it would cost the RIL up to about 61 million GBP.
The owners of Birmingham City, a football team, have bagged the Birmingham Phoenix, reportedly for a valuation of 82 million GBP. Knighthead Capital are the owners of Birmingham City, once a Premier League side. They currently play in the EFL league, a second tier competition in English football. Phoenix are run by Warwickshire and it is understood that the county is not too keen on parting with its 51 per cent share — partly or fully.
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 Ambani’s 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.
“RIL were widely linked with buying a stake in London Spirit, the Hundred team based at Lord’s, but moved their focus towards the Invincibles as the sales process went on,” the report said.
“Host venues were given the option to sell some of the 51% stake that they will be gifted by the ECB as part of the privatization process. However, according to the report Surrey have held firm on their stance that they will retain their controlling shares.”
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.