Mumbai Indians owners buy stake in Oval Invincibles

The owners of Indian Premier League team Mumbai Indians have won the right to buy a stake in Oval Invincibles in a landmark move for English cricket.

On Thursday the Invincibles became the first of the eight Hundred teams to sell shares to private investors.

Reliance Industries Limited, owners of Mumbai and a number of teams in other franchise leagues, purchased a 49% stake in the Invincibles.

Surrey opted to retain control of the other 51%, which they were gifted by the England and Wales Cricket Board (ECB). Both Surrey and the ECB declined to comment.

According to one source, the deal valued 100% of the franchise at about £120m, meaning Reliance will pay about £60m for their 49%.

The final auctions for the eight Hundred teams is the culmination of a sales process that began in September.

The Invincibles deal will be followed by Birmingham Phoenix and the remaining six teams will be sold in the coming days.

It is understood Reliance fought off competition from private investment firm CVC and a consortium of Silicon Valley entrepreneurs.

It means the Invincibles will be affiliated with a Mumbai Indians group that also includes men's teams in the United States, South Africa and the United Arab Emirates, and a team in India's Women's Premier League.

The Invincibles' men are two-time and current Hundred champions, while the women were winners in both 2021 and 2022.

The ECB is retaining control of The Hundred competition, but is selling stakes in the teams to provide a cash injection to the game in this country.

The hosts of the eight teams have been given a 51% stake in their franchise, which they can sell or keep, with the ECB then selling the remaining 49%.

The eight hosts are Lord's (Marylebone Cricket Club (MCC)/London Spirit), The Oval (Surrey/Oval Invincibles), Southampton (Hampshire/Southern Brave), Cardiff (Glamorgan/Welsh Fire), Trent Bridge (Nottinghamshire/Trent Rockets), Edgbaston (Warwickshire/Birmingham Phoenix), Old Trafford (Lancashire/Manchester Originals) and Headingley (Yorkshire/Northern Superchargers).

Of the 51% the hosts have been given, they can keep all, or choose to sell all or part of their stake.

From the total money raised, 10% will go straight to the recreational game. Proceeds from the 49% sales will be divided between the 18 first-class counties and the MCC. If a host decides to sell part or all of its stake, it will hand over 10% of what it receives to be divided between the 18 counties and MCC.

Little change is expected to The Hundred for the upcoming 2025 season, which the ECB sees as "transitional". Some team names, colours or branding could change in 2026.