The owners of Indian Premier League franchise Mumbai Indians have acquired a 49% stake in Oval Invincibles, marking a significant shift in English cricket, the BBC reported.
The Invincibles are the first of the eight teams in The Hundred to sell shares to private investors. Reliance Industries Limited, which owns Mumbai Indians and several other franchise teams globally, secured the stake while Surrey retained the remaining 51%. Surrey was originally gifted control of the team by the England and Wales Cricket Board.
Both Surrey and the ECB declined to comment on the deal, according to the BBC.
A source told the BBC that the agreement values the Invincibles at approximately £120 million, making Reliance’s share worth about £60 million.
The sale is part of the final auction for The Hundred teams, concluding a process that began in September. (NewsWire)