Mumbai Indians’ Owners Secure 49% Stake in Oval Invincibles After Successful Bid

Surrey-based Oval Invincibles become the first team sold in the ECB’s equity sale, with IPL giants securing the winning bid.

Mumbai Indians‘ parent company, Reliance Industries Limited (RIL), is set to acquire a 49% stake in Oval Invincibles after emerging victorious in a virtual auction on Thursday. RIL now enters an exclusivity period, during which it will negotiate final agreements with Surrey, the England and Wales Cricket Board (ECB), and financial advisors before completing the purchase.

Meanwhile, reports on Thursday night suggested that Knighthead Capital, a US-based hedge fund, won the bid for Birmingham Phoenix. Knighthead, which acquired Birmingham City Football Club in 2023, is heavily investing in the city, including plans for a new “sports quarter.” This would mark their first venture into cricket ownership.

RIL’s winning bid for the Invincibles reportedly values the franchise at £123 million, meaning they will pay just over £60 million for their 49% stake. The ECB has declined to comment on successful bidders or valuations and is not expected to confirm details until next week. Both Surrey and Warwickshire also declined to comment.

Sources indicate that RIL outbid strong contenders, including a Silicon Valley tech consortium featuring the chief executives of Google, Microsoft, and Adobe, as well as private equity firm CVC. The Invincibles, reigning two-time champions in both the men’s and women’s Hundred, have now become the first team to be sold in the ECB’s final sales process.

This landmark deal brings together two powerhouses from their respective markets: Mumbai Indians, widely regarded as the most dominant IPL franchise, and Surrey, the wealthiest English county club. With this acquisition, the Invincibles become RIL’s sixth cricket franchise, joining Mumbai Indians (IPL and WPL), MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20).

Initially, RIL had been linked with purchasing a stake in London Spirit, the Lord’s-based Hundred franchise, but ultimately shifted focus to the Invincibles. While host venues were given the option to sell part of the 51% stake allocated to them under the ECB’s privatisation process, sources suggest that Surrey remains firm in retaining a controlling share.

Surrey Retains Control of Invincibles as RIL Joins Ownership

Surrey chairman Oli Slipper reassured club members last month that the county “must and will retain the controlling stake” in Oval Invincibles. He emphasized that prospective investors were made fully aware that this stance was a “clear red line” during negotiations. Slipper has previously suggested renaming the team to ‘Surrey Invincibles,’ though any rebranding decisions will now involve input from Reliance Industries Limited (RIL).

CVC Misses Out, Tech Giants Eye London Spirit

CVC, the owners of Gujarat Titans in the IPL, were also reportedly in the race for a stake in Birmingham Phoenix but ultimately missed out on both of the first two teams sold. Meanwhile, a Silicon Valley tech consortium—including executives from Google, Microsoft, and Adobe—is set to compete for a 49% stake in London Spirit on Friday. Their competition includes Sanjiv Goenka’s RPSG (owners of Lucknow Super Giants), Manchester United co-owner Avram Glazer, and private equity firm Cain International. A minority stake in Welsh Fire will also be up for sale the same day.

More Teams on the Market Next Week

The final-round bidding process follows a structured format: sealed bids are used if two parties remain, while a live auction takes place if three or more bidders are involved. Next week, stakes in Manchester Originals, Northern Superchargers, and Trent Rockets will be available for purchase, with Southern Brave—the only team hosted by a privately owned county, Hampshire—set to be the last franchise sold.

ECB Sees Privatisation as Key to Cricket’s Future

The England and Wales Cricket Board (ECB) believes that selling stakes in the eight Hundred franchises will “future-proof” county cricket for the next 20 to 25 years. Proceeds from the sales will be distributed among the 18 first-class counties, MCC, and grassroots cricket in England and Wales.

While the ECB views 2025 as a transitional year for The Hundred, the upcoming fifth season will maintain its familiar format. Fixtures were announced on Wednesday, with the tournament set to run from August 5-31—avoiding a scheduling conflict with Major League Cricket.