Reliance Industries Limited (RIL), owned by Mukesh Ambani, has strengthened its presence in global cricket by acquiring a 49% stake in the Oval Invincibles, a franchise competing in The Hundred tournament organized by the England and Wales Cricket Board (ECB). The deal, valued at £60.27 million, places the franchise’s overall worth at £123 million. The acquisition was finalized through a competitive virtual auction.
According to a report by The Economic Times, Ambani’s bid surpassed offers from a high-profile consortium comprising Silicon Valley executives Sundar Pichai and Satya Nadella, as well as private equity giant CVC Capital Partners. With this addition, RIL continues to expand its cricket franchise portfolio, which already includes the 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 SA20, and MI Emirates in the International League T20 (ILT20).
Bidding Process for The Hundred Franchises
The ECB’s decision to sell 49% stakes in all eight teams of The Hundred has generated substantial global interest. The bidding process is being carried out in phases, beginning with the submission of binding offers on January 30. The multi-stage process includes initial expressions of interest, non-binding bids, and final binding offers. The first two teams made available for auction were the Oval Invincibles and Birmingham Phoenix.
If a team received more than two bids, a live auction determined the final price. However, in cases where only two offers were made, the highest bid automatically secured the stake. The sale process, which commenced in September 2024, is anticipated to conclude by the end of the following week.
Rising Interest in The Hundred
Introduced in 2021, The Hundred is a fast-paced 100-ball cricket format designed to engage new audiences. The tournament features eight city-based franchises and has been viewed as an attractive investment due to cricket’s extensive fan base in the UK. The ECB projects a significant revenue increase for the tournament, with central earnings expected to grow from £47 million in 2024 to £156 million by 2032, largely driven by broadcasting rights and sponsorship agreements.
High Demand for Top Franchises
Among the most sought-after teams in the competition are London Spirit, Oval Invincibles, and Manchester Originals. Additionally, reports indicate that Sun TV Network is interested in acquiring Northern Superchargers, while the GMR Group is targeting Southern Brave. The GMR Group has recently expanded its investments in cricket by purchasing Hampshire Sport & Leisure Holdings Ltd, which owns Hampshire Cricket and the Utilita Bowl stadium.