Billionaire Ambani family acquires stake in Oval Invincibles cricket team
London, UK - The Ambani family, owners of the Mumbai Indians franchise in India's lucrative cricket league, has emerged victorious in the bidding battle for a 49% stake in the Oval Invincibles cricket team in London. The purchase marks the first successful sale in the England and Wales Cricket Board's auction of stakes in its eight Hundred competition teams.
The Oval Invincibles, along with the London Spirit, is considered one of the most valuable franchises in the Hundred due to its home matches being played in the capital. The ECB launched the auction process last year to bolster domestic cricketing finances and grow the Hundred, which debuted in 2021.
After months of negotiations, the Ambanis emerged as the frontrunners, prevailing over CVC Capital Partners and a consortium of Silicon Valley executives led by Alphabet Inc.'s Sundar Pichai. The live auction on Thursday sealed the deal in favor of the Ambanis.
The ECB is selling 49% stakes in each team, while host venues have the option to retain their 51% stakes or sell them partially or entirely. The auction is being managed by Raine Group, the investment bank that handled the sales of Manchester United and Chelsea football clubs.
The Hundred format features matches where each team faces 100 balls, a shorter and more accessible game designed to attract new audiences with simplified rules and halftime entertainment.