Reliance Industries to Acquire Stake in Oval Invincibles

Mumbai Indians owners, Reliance Industries Limited, are set to acquire a 49% stake in the Hundred franchise Oval Invincibles. The acquisition deal, valued at 123 million pounds, follows a competitive e-auction. This expansion makes Oval Invincibles the sixth team under RIL’s management.

Reliance Industries Limited (RIL), owners of the successful Mumbai Indians cricket franchise, are poised to extend their sports management portfolio by acquiring a 49% stake in the Oval Invincibles. This move follows a competitive bid in a virtual auction, according to ESPNcricinfo.

Valued at 123 million pounds, the deal sees RIL investing just over 60 million pounds into the franchise. RIL emerged victorious against prominent competitors, including a Silicon Valley tech consortium and private equity giant CVC.

With this acquisition, Oval Invincibles becomes the sixth team under RIL's management, further solidifying its presence in international cricket. Surrey remains firm on retaining the majority stake in this pioneering privatisation by the ECB.

(With inputs from agencies.)