Mukesh Ambani’s Reliance Industries Limited (RIL) has expanded its cricket empire by acquiring a 49% stake in the Oval Invincibles, a franchise in the England and Wales Cricket Board’s (ECB) The Hundred tournament. The deal, valued at £60.27 million, raises the franchise’s overall worth to £123 million and was secured through a competitive virtual auction.
According to reports, Ambani’s bid outpaced high-profile contenders, including a consortium from Silicon Valley featuring Sundar Pichai and Satya Nadella, as well as private equity firm CVC Capital Partners. This acquisition marks another milestone for Reliance, which already owns several successful cricket franchises, including Mumbai Indians in the Indian Premier League (IPL) and Women’s Premier League (WPL), MI New York in Major League Cricket (MLC), MI Cape Town in South Africa’s SA20, and MI Emirates in the ILT20.
The ECB had earlier decided to sell 49% stakes in all eight franchises of The Hundred, generating immense global interest. The phased bidding process for the stakes began with the submission of binding offers on January 30. The process involved multiple stages, including initial expressions of interest, non-binding bids, and final binding bids. The Oval Invincibles and Birmingham Phoenix were the first two teams to be auctioned off.
In cases where more than two bids were submitted for a team, a live auction determined the final sale price. However, if only two bids were received, the highest bidder secured the stake. The sale process, which began in September 2024, is expected to conclude by the end of next week.
With this acquisition, RIL continues to strengthen its position as a dominant player in global cricket, broadening its influence in top-tier competitions around the world.