Reliance Industries Limited (RIL), the owner of the Mumbai Indians IPL franchise, has reportedly expanded its cricket portfolio by acquiring a massive stake in The Hundred. RIL has secured a 49 per cent ownership of the Oval Invincibles franchise. The Oval Invincibles men's team are the current champions of The Hundred, having won the title twice, while their women's team has also enjoyed considerable success, winning the championship in both 2021 and 2022.
Mumbai Indians owners buy stakes in Oval Invincibles
RIL emerged victorious in the bidding process, outbidding both CVC Capital and a group of Silicon Valley entrepreneurs. The winning bid reportedly valued the Oval Invincibles franchise at an impressive 123 million pounds. This means that RIL will pay just over 60 million pounds for their 49 per cent share of the team.
With this acquisition, the Oval Invincibles join a growing roster of cricket teams under Reliance Industries Limited's (RIL) management. The Invincibles become the sixth team in RIL's cricket portfolio, alongside the Mumbai Indians (in both the IPL and WPL), MI New York (in the MLC), MI Cape Town (in the SA20), and MI Emirates (in the ILT20).
Mukesh Ambani, the Mumbai-based billionaire and head of the RIL conglomerate, was the driving force behind this latest acquisition. Ambani, recognized as Asia's richest man, has been strategically expanding his cricket investments. The Mumbai Indians brand now has a global presence, with subsidiary teams competing in leagues around the world, including the ILT20 in the UAE (MI Emirates), the SA20 in South Africa (MI Cape Town), and Major League Cricket in the US (MI New York).
Rumors had circulated that the Ambanis were interested in acquiring one of the London-based teams in The Hundred, with the Lord's-based London Spirit also being a potential target. However, their focus ultimately settled on the Oval Invincibles. The structure of the ownership allows for the possibility of RIL eventually owning the franchise outright or holding a controlling stake in the future, should Surrey County Cricket Club, the current majority shareholder with a 51 percent stake, decide to sell its shares.
"RIL were widely linked with buying a stake in London Spirit, the Hundred team based at Lord's, but moved their focus towards the Invincibles as the sales process went on. Host venues were given the option to sell some of the 51% stake that they will be gifted by the ECB as part of the privatisation process. However, according to the report Surrey have held firm on their stance that they will retain their controlling shares," the report stated.
The Mumbai Indians, a highly successful franchise in the IPL, and Surrey, the wealthiest county cricket club in England, have joined forces in a significant development for The Hundred. The Oval Invincibles, the two-time reigning champions in the men's Hundred competition, have become the first team to be sold in the final phase of the ECB's ongoing sales process.
The Oval Invincibles franchise has been valued at an impressive 123 million pounds, with RIL's acquisition of a 49% stake costing them just over 60 million pounds.
RIL's successful bid came after a competitive e-auction process. They faced stiff competition from a Silicon Valley tech consortium that included the chief executives of major companies like Google, Microsoft, and Adobe. Private equity giant CVC, owners of the IPL franchise Gujarat Titans, also participated in the bidding but were ultimately outbid by RIL.