THE OWNERS of the Indian Premier League (IPL) team Mumbai Indians have reportedly secured a deal to acquire a 49 per cent stake in Oval Invincibles, a franchise in England’s Hundred competition.
Reports on Thursday stated that Reliance Industries Limited (RIL), which owns Mumbai Indians, emerged as the successful bidder.
All eight city-based teams in the Hundred, each with a men’s and women’s side, are expected to be paired with preferred investors over the next week.
The England and Wales Cricket Board (ECB) aims to attract private investment to remain competitive in the global market and secure top international players.
According to ESPNCricinfo, RIL won a virtual auction for the minority stake, valued at around £60 million. The company will now enter an exclusivity period to negotiate terms with county club Surrey and the ECB.
Oval Invincibles, based at the Oval in London, are the reigning champions in the men’s Hundred competition.
Mumbai Indians are considered one of the most influential franchises in the IPL. Mukesh Ambani, chairman and managing director of RIL, is among India’s leading business figures.
Surrey chairman Oli Slipper had previously assured club members that Surrey "must and will retain the controlling stake" in the Invincibles.
The ECB has not commented on the deal and is expected to announce the results of all eight tenders once the process concludes in the coming days.
The Hundred has drawn criticism from some English county cricket supporters who argue that the tournament takes key players away from their teams during the domestic season.
However, the ECB has stated that proceeds from selling stakes in the eight franchises will help fund the 18 county clubs.
(With inputs from AFP)
Bobby Bawa
