Mumbai Indians acquire 49% of Oval Invincibles with Surrey-based team first to be sold off in ECB equity sale.
Mumbai Indians acquire 49% stake in Oval Invincibles after winning a virtual auction on Thursday afternoon.
Before finalising the transaction, RIL will negotiate agreements with Surrey, the ECB, and their financial advisors during a period of exclusivity.
Knighthead Capital, a hedge firm based in the United States, was reported to have been the successful bidder for Birmingham Phoenix on Thursday night. Knighthead is making significant investments in the city, including the creation of a new “sports quarter,” after purchasing Birmingham City Football Club in 2023. They would be entering the world of cricket for the first time.
RIL is expected to pay somewhat more than £60 million for its 49% ownership in the Invincibles, as their winning bid was estimated to value 100% of the franchise at £123 million.
In addition to declining to comment, the ECB is not anticipated to confirm successful bidders or valuations until the following week. Warwickshire and Surrey both chose not to comment.
RIL defeated rivals from the private equity company CVC and a Silicon Valley tech consortium that included the CEOs of Google, Microsoft, and Adobe. In the last stage of the ECB’s sales procedure, the Invincibles—two-time reigning champions in the men’s Hundred and two-time women’s champions—are the first team to be sold.
The agreement will bring together two dominant forces in their respective markets: Surrey, the wealthiest English county club, and the Mumbai Indians, generally regarded as the most potent IPL team. After the Mumbai Indians (in the IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20), the Invincibles will be the sixth team managed by RIL.
The Ambani family-owned RIL was frequently connected to purchasing a share in London Spirit, the Hundred team headquartered at Lord’s, but as the sales process progressed, they shifted their attention to the Invincibles.
Last month, Surrey’s chairman, Oli Slipper, informed the club’s members that the Invincibles “must and will retain the controlling stake” and that they had been “totally transparent” with potential investors about this, stating that it was a “clear red line” for them. Although RIL will probably have a say in any future rebranding, Slipper has already suggested renaming the team as the “Surrey Invincibles.”
The ECB views 2025 as a transitional year, therefore the Hundred’s fifth season is probably going to resemble the previous four. On Wednesday, the tournament’s schedule was revealed. The season is scheduled to run from August 5–31, avoiding a conflict with Major League Cricket.