Mumbai Indians' owners, Reliance Industries Limited (RIL), have successfully acquired a 49% stake in Oval Invincibles after emerging as the highest bidder in a virtual auction held on Thursday. RIL now enters an exclusivity period to finalize agreements with Surrey, the ECB, and financial advisors before completing the purchase.
This acquisition marks the first sale of a team under the ECB’s equity sale process. Reports suggest that Knighthead Capital, a US-based hedge fund, won the bid for Birmingham Phoenix, expanding their sports investments in the city.
Knighthead, which acquired Birmingham City Football Club in 2023, is actively developing a new 'sports quarter' and is now making its debut in cricket.
RIL's bid values the entire Invincibles franchise at £123 million, meaning their 49% stake is estimated at just over £60 million. The ECB, along with Surrey and Warwickshire, has chosen not to comment, and official announcements regarding successful bidders and valuations are expected next week.
Strong Competition for Ownership
Some reports suggests that RIL outbid a Silicon Valley tech consortium (comprising executives from Google, Microsoft, and Adobe) and private equity firm CVC. Oval Invincibles, a dominant force in The Hundred, have claimed two consecutive titles in both the men’s and women’s tournaments.
This deal brings together two powerhouses Mumbai Indians, widely considered the most influential IPL franchise, and Surrey, the wealthiest county club in England. Oval Invincibles will become the sixth cricket team under RIL's umbrella, joining Mumbai Indians (IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).
While RIL was initially linked to a potential investment in London Spirit, their focus shifted to Oval Invincibles as the sales process progressed. Under the ECB’s privatisation model, host venues were given the opportunity to sell a portion of their 51% stake, but Surrey has maintained their controlling share.
Surrey chairman Oli Slipper confirmed that the club is committed to retaining control and has been transparent about this with potential investors. Slipper has previously suggested renaming the team to 'Surrey Invincibles,' though RIL may influence future branding decisions.
More Teams Up for Sale
CVC, which owns the Gujarat Titans in the IPL, was also in contention for Birmingham Phoenix but appears to have missed out on the initial sales. The Silicon Valley consortium is now competing for a 49% stake in London Spirit alongside RPSG (owners of Lucknow Super Giants), Manchester United co-owner Avram Glazer, and Cain International. Meanwhile, a minority stake in Welsh Fire is also up for sale.
The ECB anticipates that the revenue generated from stake sales in The Hundred will help secure the future of county cricket for the next 20-25 years. The funds will be distributed among the 18 first-class counties, MCC, and grassroots cricket in England and Wales.
The upcoming fifth season of The Hundred in 2025 is expected to maintain a similar format to previous editions, with the ECB treating it as a transitional year. The schedule, announced on Wednesday, confirms that the tournament will run from August 5-31, ensuring it does not clash with Major League Cricket (MLC).
Updated on 31st January, 2025 by MyFortune11 Team.