The Hundred: MI bag Oval Invincibles for GBP 123 million

Reliance Industries Limited (RIL) has won a three-way bidding race to acquire the Oval Invincibles team in The Hundred for 123 million GBP. The England and Wales Cricket Board (ECB) will not comment on the matter, but it is understood that the enterprise value of the Surrey-based team is 123 million GBP.

The e-auction, which decided the winner, was for 49 per cent share and would cost RIL up to about 61 million GBP. The owners of Birmingham City have bagged the Birmingham Phoenix for a valuation of 82 million GBP, but Surrey county is reportedly not keen on parting with its 51 per cent share of the Invincibles.

The Ambanis, owners of the Mumbai Indians in the IPL, have zeroed in on the Invincibles and can now own the 100 per cent or controlling stake once Surrey county divests its share. The Invincibles were the winners of The Hundred in the first two seasons.

The ECB is conducting the sale in a phased manner, with the next two counties up for auction being London Spirit and Welsh Fire. The remaining four sides – Manchester Originals, Northern Superchargers, Trent Rockets, and Southern Brave – will be auctioned off next week.