Mukesh Ambani Acquires Ownership Stake in Oval Invincibles
Mukesh Ambani, the patriarch of Asia's wealthiest family, has purchased a 49% stake in Oval Invincibles, the inaugural franchise sold within The Hundred league. This acquisition marks a significant milestone in the England and Wales Cricket Board's (ECB) auction of stakes in all eight Hundred teams.
Oval Invincibles, valued at £123 million, is the first team to be sold. The Ambani family, owners of the Indian Premier League (IPL) team Mumbai Indians, reportedly secured the deal for just over £60 million.
Ambani's bid surpassed those from CVC and a consortium of Silicon Valley executives, including Sundar Pichai (Google CEO), Satya Nadella (Microsoft CEO), and Shantanu Narayen (Adobe CEO). CVC remains in contention for the Birmingham Phoenix franchise.
For four years, the ECB managed and controlled the eight Hundred teams. Now, the ECB is selling 49% stakes while transferring 51% ownership to host counties, who may retain or sell the shares.
The sales process, overseen by the Raine Group and Deloitte, involves exclusive negotiations with winning bidders and host venues. Bids are made in 15-minute intervals, and the highest bid secures the stake.
Mumbai Indians, with five IPL titles, are among the most successful IPL franchises. The Ambani family has expanded their cricket portfolio with teams in South Africa's SA20 (MI Cape Town), UAE's ILT20 (MI Emirates), and the United States' Major League Cricket (MI New York).
As part of Surrey's agreement with the Ambanis, cricketing control will be shared. Initially, Surrey sought to retain complete control under their 51% stake.
The Silicon Valley consortium will participate in the auction for London Spirit on Friday, facing competition from Sanjiv Goenka (Lucknow Super Giants), Avram Glazer (Manchester United), and Cain International (Chelsea).
Other teams scheduled for sale include Welsh Fire, Manchester Originals, Northern Superchargers, Trent Rockets, and Southampton-based Southern Brave. GMR, the Indian co-owner of Delhi Capitals, is a strong contender for Southern Brave.
Chennai Super Kings and Kolkata Knight Riders, previously interested in acquiring stakes, have withdrawn due to price concerns, sales process issues, and the "participation agreement."
The ECB aims to avoid an "IPL takeover" and prefers that approximately half of the Hundred teams be owned by IPL franchises. Proceeds from the sales will be distributed among counties and the recreational game.