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MI Acquires Oval Invincibles for GBP 123 Million in The Hundred
Mumbai Indians’ Owners Expand Global Cricket Empire with Oval Invincibles
Reliance Industries Limited (RIL), the parent company of the Mumbai Indians (MI) in the IPL, has successfully acquired a stake in the Oval Invincibles, a London-based team competing in The Hundred. The acquisition, which saw RIL outbid US tech entrepreneurs and private equity firm CVC Capital, values the team at GBP 123 million.
The deal secures 49% ownership of the franchise for RIL, with an investment of approximately GBP 61 million. It also positions them to eventually obtain a controlling stake if Surrey County, which holds the remaining 51%, chooses to divest in the future.
Competitive Bidding and Strategic Expansion
The Bidding War for Oval Invincibles
The bidding process was highly competitive, with three major entities vying for a stake in the Oval Invincibles:
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Reliance Industries Limited (Mumbai Indians’ owners)
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A group of US tech entrepreneurs
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CVC Capital (owners of Gujarat Titans in the IPL)
After an intense e-auction, RIL emerged victorious, securing its place in The Hundred.
Financial and Structural Details of the Acquisition
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The total valuation of the Oval Invincibles: GBP 123 million
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Reliance Industries Limited’s investment: GBP 61 million (for a 49% stake)
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Potential for full ownership: If Surrey County Cricket Club opts to sell its remaining 51% stake
The Ambani Empire’s Expanding Cricket Portfolio
Mumbai-based Mukesh Ambani, chairman of RIL and Asia’s richest man, has steadily built a global cricket portfolio. MI now has franchises in various leagues worldwide:
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ILT20 (UAE) – MI Emirates
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SA20 (South Africa) – MI Cape Town
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MLC (USA) – MI New York
This acquisition marks Ambani’s first major investment in England’s The Hundred.
The Hundred Franchise Sales – Other Key Deals
In addition to MI’s acquisition, other franchises have also seen new ownership:
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Birmingham Phoenix was acquired by Knighthead Capital, the owners of Birmingham City FC, for a valuation of GBP 82 million.
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London Spirit and Welsh Fire are next in line for auction, with bidding scheduled for Friday.
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The remaining franchises (Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave) will be auctioned next week.
Future Contenders for The Hundred Teams
GMR Group, part-owners of Delhi Capitals (IPL), has already purchased Hampshire County and is expected to bid for Southern Brave. However, the sale will not be automatic, as they will face competition from other investors.
ECB’s Response and Auction Process
The England and Wales Cricket Board (ECB) has refrained from publicly commenting on the acquisition. However, sources confirm that the auction process is being conducted in phases, allowing unsuccessful bidders to compete for remaining teams.
The auction commenced on Thursday at 2:30 PM GMT, with Oval Invincibles being the first team to be sold.
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For official updates on The Hundred and its franchise sales, visit ECB’s official website.
