Mumbai Indians’ parent company, Reliance Industries Limited (RIL), has successfully acquired a 49% stake in Oval Invincibles, emerging victorious in a virtual auction held on Thursday as The Hundred franchise went up for bidding.
The deal, valuing the franchise at £123 million, marks another strategic move by RIL in global cricket and reinforces its growing influence in franchise leagues worldwide. This latest acquisition makes Oval Invincibles the sixth team under RIL’s management, joining an international portfolio that includes Mumbai Indians in the IPL and WPL, MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
With this acquisition, RIL further solidifies its dominance in global franchise cricket. Spanning from India to the United States, South Africa, and now England, the Mumbai Indians ownership group continues to build a formidable sporting empire, reshaping the landscape of modern T20 leagues.
Despite selling a significant minority stake, Surrey County Cricket Club remains committed to retaining a controlling interest in the franchise. Club chairman Oli Slipper reassured Surrey members last month that the club “must and will retain the controlling stake” in the Invincibles.
In a parallel development, US-based hedge fund Knighthead Capital has reportedly secured the bid for Birmingham Phoenix. The investment firm, which also owns Birmingham City Football Club, aims to develop a ‘sports quarter’ in the city, marking its first major foray into cricket. CVC Capital—owners of IPL franchise Gujarat Titans—also participated in the bidding process but failed to secure stakes in either Oval Invincibles or Birmingham Phoenix.
The bidding process for London Spirit’s 49% stake is scheduled for today. A high-profile tech consortium featuring executives from Google, Microsoft, and Adobe is in contention. However, they face stiff competition from RPSG Group (owners of Lucknow Super Giants), Manchester United co-owner Avram Glazer, and Cain International.
On the same day, a minority stake in Welsh Fire is also up for grabs. Further sales next week, including shares in Manchester Originals, Northern Superchargers, and Trent Rockets, will follow.
The England and Wales Cricket Board (ECB) remains tight-lipped about valuations and official bidder confirmations but views this privatization process as a long-term financial boost for county cricket. Revenue generated from the sale of Hundred franchises will be distributed among the 18 first-class counties, MCC, and grassroots cricket in England and Wales.