Mumbai Indians Owners Secure 49% Stake in Oval Invincibles in Landmark Deal

Mumbai Indians‘ owners, Reliance Industries Limited (RIL), have made a significant move in English cricket. The Indian business giant has acquired a 49% stake in Oval Invincibles, the two-time men’s Hundred champions, after winning a virtual auction.

The deal values the franchise at £123 million, meaning RIL will pay just over £60 million for its stake. The agreement is still subject to negotiations with Surrey, the England and Wales Cricket Board (ECB), and financial advisors before being finalized.

RIL Beats Silicon Valley and CVC in Bidding War

Securing the stake wasn’t easy. RIL outbid a Silicon Valley tech consortium—which included top executives from Google, Microsoft, and Adobe—as well as private equity firm CVC.

The Invincibles are the first franchise to be sold in the ECB’s latest round of team privatization. The remaining franchises will follow soon, with strong interest from various investors.

A Partnership Between Two Giants

This acquisition unites two heavyweights in cricket. Mumbai Indians are the most successful IPL franchise, while Surrey is the richest county club in England.

With this move, RIL now owns six teams across different leagues:

• Mumbai Indians – IPL and WPL
• MI Cape Town – SA20
• MI New York – MLC
• MI Emirates – ILT20
• Oval Invincibles – The Hundred

Surrey to Retain Control Over Invincibles

Despite RIL’s major investment, Surrey has no plans to give up majority control.

Club chairman Oli Slipper had already assured members that Surrey will retain the controlling stake in the Invincibles. The club also made it clear to potential investors that this was a “red line” in negotiations.

There have been discussions about renaming the franchise as “Surrey Invincibles”, but RIL could have a say in any rebranding decisions.

What’s Next in The Hundred’s Privatization?

The Invincibles sale is just the beginning. Other teams are also attracting strong investor interest.

• CVC is reportedly eyeing a stake in Birmingham Phoenix.
• The Silicon Valley tech consortium is competing for London Spirit.
• Sanjiv Goenka’s RPSG (owners of Lucknow Super Giants) and Avram Glazer (Manchester United co-owner) are also in the mix.

The ECB expects the sale of Hundred franchises to “future-proof” English cricket for 20-25 years. The revenue generated will be distributed among the 18 first-class counties, MCC, and grassroots cricket.

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