Oval Invincibles becomes sixth franchise to be owned by Mumbai Indians.
Indian Premier League (IPL) heavyweights Mumbai Indians (MI) owners Reliance Industries (RIL) have splurged a whopping amount of 123 million pounds to acquire a 49% stake in The Hundred franchise Oval Invincibles, if reports are to be believed.
The Invincibles are the two-time defending champions in the men’s Hundred and were the first team to be sold in the final round of the ECB’s auction process.
RIL is now set to enter an exclusive negotiation phase, during which it will finalise agreements with Surrey, the ECB, and their financial advisors before completing the acquisition.
The successful bid reportedly values the entire franchise at £123 million, indicating that RIL will invest slightly over £60 million for its 49% share. While the ECB has refrained from commenting, it is unlikely that the winning bidders or franchise valuations will be officially announced until next week. Surrey has also declined to provide any statements.
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The deal brings together two heavyweight forces in their respective leagues – Mumbai Indians, regarded as the most influential IPL franchise and Surrey, the wealthiest county cricket club in England.
Notably, the Invincibles will now become the sixth team to be operated by RIL, joining Mumbai Indians (in both IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
RIL, owned by the Ambani family, was initially linked to acquiring a stake in London Spirit, the Hundred team based out of Lord’s. However, as the sales process progressed, their attention shifted toward the Invincibles.
Mumbai Indians reportedly successfully outbid competitors, including a Silicon Valley tech consortium – comprising the CEOs of Google, Microsoft, and Adobe as well as private equity firm CVC.
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