Reliance Industries Limited (RIL), the owner of Mumbai Indians, has acquired a 49% stake in London’s Oval Invincibles following a virtual auction on Thursday.
The Surrey-based team was the first to be sold in the England and Wales Cricket Board (ECB) equity sale. Mumbai Indians secured the Oval franchise with the winning bid in a live three-way auction.
According to Sky News, the winning bid valued the entire Oval Invincibles franchise at approximately £125 million, meaning RIL paid around £61 million for the 49% stake. MI triumphed over tech billionaires from companies like Google and Microsoft in securing the franchise for The Hundred.
As a result, the Mumbai Indians will now have significant influence over the governance of the Oval Invincibles. The men’s team, led by England all-rounder Sam Curran, also includes players like Gus Atkinson, who is currently with the England T20 side in India.
The Oval Invincibles becomes the sixth team in global T20 leagues operated by RIL, joining Mumbai Indians (IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
Meanwhile, the highest bid in the ECB auction is expected to go to The London Spirit franchise, which could fetch over £140 million, with the MCC controlling that team. RIL had been expected to bid for London Spirit, but they opted for Oval Invincibles instead. The ECB is set to sell stakes in the remaining seven teams over the next week, with a formal announcement to follow once the process is complete.
On Friday, the ECB will auction two other counties: London Spirit and Cardiff-based Welsh Fire. The auction has attracted high-profile bidders, including Todd Boehly’s consortium, the Glazer family, and the Sanjeev Goenka-owned RPSG Group.
Investors can only own a stake in one of the eight teams, which include Welsh Fire, Southern Brave, and Northern Superchargers. The windfall from these sales is expected to provide long-term financial benefits to the counties, helping to ensure their sustainability for the next 20-25 years.
The auction is being conducted by Raine Group, the same firm that managed the sale of significant stakes in Manchester United and Chelsea.
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Name of Author: Cricexec Staff
