Reliance Industries Limited, owned by India's wealthiest Ambani family, has acquired a 49% stake in the England's The Hundred side, Oval Invincibles. The group already owns the Mumbai Indians franchise in the IPL, along with teams in South Africa, the UAE, and the USA. A full valuation of Invincibles was estimated at £120 million, placing Reliance's investment at around £60 million.
RIL won a fiercely contested e-auction, fending off competition from a Silicon Valley tech consortium, comprising the chief executives of Google, Microsoft, and Adobe, as well as private equity giant CVC, the owners of IPL franchise Gujarat Titans, according to a report from ESPNCricinfo.
Mumbai Indians are one of the most successful IPL franchises while Surrey are the richest English county club.
Oval Invincibles, the two-time defending champions in the men's Hundred, became the first team to be sold in the final round of the ECB's sales process. The Invincibles will be the sixth team under RIL's management, following Mumbai Indians (IPL and WPL), MI Emirates (UAE), MI Cape Town (SA), and MI New York (USA).
Meanwhile, Knighthead Capital, the US investment group that counts NFL legend Tom Brady among its backers, has purchased a 49% stake in Birmingham Phoenix. The firm previously entered English sports by investing in Birmingham City Football Club in 2023. Phoenix's valuation stood at approximately £80 million, making the deal worth £40 million.
ECB to retain control of tournament
The ECB is overseeing the wider sales process, with the remaining six franchises set to follow in the coming days. A spokesperson for the governing body confirmed to BBC that the ECB would retain overall control of The Hundred while raising capital to strengthen the domestic game.
{{/usCountry}}The ECB is overseeing the wider sales process, with the remaining six franchises set to follow in the coming days. A spokesperson for the governing body confirmed to BBC that the ECB would retain overall control of The Hundred while raising capital to strengthen the domestic game.
{{/usCountry}}"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.
The ECB aims to finalise all eight sales by next week, with proceeds distributed among first-class counties and the recreational game.
(With inputs from PTI)