The owners of Mumbai Indians, Reliance Industries Limited (RIL), who holds a 49 stake in Oval Invincibles, has acquired a virtual auction victory after acquiring a controlling stake in the team after Reliance won a tight duel. The £60 million deal will see RIL become a significant owner of The Hundred, the England franchise-based cricket competition.
Strategic Expansion for Mumbai Indians’ Global Empire
Through this acquisition, RIL makes yet another move in its expansionary blitz and today Oval Invincibles becomes the sixth RIL-backed franchise. The cricketing juggernaut is already in control of Mumbai Indians (IPL WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20). By establishing a toehold in The Hundred, RIL also strengthens its position at the top of professional franchise cricket both at home and abroad.
Oval Invincibles Deal Done as Reliance Industries Limited Defeat Silicon Valley Giants and Private Equity Titans
The bidding process saw fierce competition, with RIL outpacing a consortium of Silicon Valley executives from Google, Microsoft, and Adobe, as well as private equity firm CVC. It highlights the financial strength and strategic plan of Mumbai Indians to go beyond the IPL.
Although the England and Wales Cricket Board (ECB) has not yet confirmed valuations, or indeed winning bidders, industry sources suggest that Surrey, England’s wealthiest county club in the game, will remain the majority controlling owner of the club at 51%. The decision is the result of the chairman of Surrey Oli Slipper’s aforetime-declared election that Surrey should still maintain a controlling proprietary interest.
Future of Oval Invincibles: Rebranding on the Horizon?
Since the deal with RIL, speculation about the potential renaming of a franchise has been intensified. Slipper previously suggested a change of name for the team to become known as the “Surrey Invincibles” (but RIL may be involved in deciding the group’s name and branding).
What’s Next in The Hundred’s Franchise Sales?
During its recent acquisition, RIL marks the race for gaining the majority of the other Hundred franchises’ ownership stakes. It has been reported that CVC is looking into Birmingham Phoenix while the Silicon Valley outfit is rumoured to bid for London Spirit. Besides the other applicants are RPSG (owner of Lucknow Super Giants), co-owner of Manchester United Avram Glazer, and Cain International.
The ECB plans that all the stakes sales in all eight teams of the tournament will provide essential capital to the English cricket game. It will provide the necessary financial security for county cricket and grassroots development for the next twenty years.
Keeping up the restructuring of the franchise cricket world, Mumbai Indians have now unveiled their latest step a declaration for a new era for The Hundred and others’ evolving landscape of international T20 leagues.
Also, see: Mukesh Ambani’s Advice to Gen Z: Use AI as a Tool, But Don’t Abandon Critical Thinking