Ambanis & Brady group agree Hundred deals

The billionaire owners of Indian Premier League team Mumbai Indians have won the right to buy a stake in Oval Invincibles in a landmark move for English cricket.

On Thursday the Invincibles became the first of the eight Hundred teams to agree a deal to sell shares to private investors.

Reliance Industries Limited, owners of Mumbai and a number of teams in other franchise leagues, won the auction for a 49% stake in the Invincibles. They will now enter an eight-week period of exclusivity in order to finalise the partnership.

Surrey opted to retain control of the other 51%, which they were gifted by the England and Wales Cricket Board (ECB). Both Surrey and the ECB declined to comment.

According to one source, the deal valued 100% of the franchise at about £120m, meaning Reliance will pay about £60m for their 49%.

Reliance are owned by the Ambani family, one of the wealthiest families in the world.

The final auctions for the eight Hundred teams is the culmination of a sales process that began in September.

The Invincibles deal will be followed by Birmingham Phoenix and the remaining six teams will be sold in the coming days.

It is understood Reliance fought off competition from private investment firm CVC and a consortium of Silicon Valley entrepreneurs.

It means the Invincibles will be affiliated with a Mumbai Indians group that also includes men's teams in the United States, South Africa and the United Arab Emirates, and a team in India's Women's Premier League.

The Invincibles' men are two-time and current Hundred champions, while the women were winners in both 2021 and 2022.

The ECB is retaining control of The Hundred competition, but is selling stakes in the teams to provide a cash injection to the game in this country.

The hosts of the eight teams have been given a 51% stake in their franchise, which they can sell or keep, with the ECB then selling the remaining 49%.

The eight hosts are Lord's (Marylebone Cricket Club (MCC)/London Spirit), The Oval (Surrey/Oval Invincibles), Southampton (Hampshire/Southern Brave), Cardiff (Glamorgan/Welsh Fire), Trent Bridge (Nottinghamshire/Trent Rockets), Edgbaston (Warwickshire/Birmingham Phoenix), Old Trafford (Lancashire/Manchester Originals) and Headingley (Yorkshire/Northern Superchargers).

Of the 51% the hosts have been given, they can keep all, or choose to sell all or part of their stake.

From the total money raised, 10% will go straight to the recreational game. Proceeds from the 49% sales will be divided between the 18 first-class counties and the MCC. If a host decides to sell part or all of its stake, it will hand over 10% of what it receives to be divided between the 18 counties and MCC.

Little change is expected to The Hundred for the upcoming 2025 season, which the ECB sees as "transitional". Some team names, colours or branding could change in 2026.

If a virtual auction on a grey Thursday in January does not sound too exciting, the reality is English cricket has just experienced its most important moment since the invention of professional T20 more than 20 years ago.

Inviting investment is designed to safeguard the future of the game for many years to come, but it will also alter its path, possibly irreversibly.

The chance to buy into English cricket was always likely to be enticing for IPL teams. Mumbai Indians, owned by the famous Ambani family, are perhaps the most glamorous of all. It is no surprise the Reliance group have moved for one of the two London Hundred teams, seen as the most lucrative.

Much in the same way that Manchester City and other Premier League clubs have created global football networks, so too have Mumbai Indians and the rest of the IPL across franchise cricket leagues.

Whereas English football is often the centre of a multi-club system, English cricket has so far been outside the worldwide structure. Now, Mumbai have a foothold in one of this country's oldest cricketing institutions: The Oval.

One key difference is that the other Mumbai teams were founded from scratch in new leagues. The Invincibles are an existing entity. With Surrey, the biggest county in England, owning the majority share, Reliance may not have the final say in cricketing matters.

The Hundred is a divisive presence in the English game, with some believing it detracts from more traditional formats. Now there will be a wait to learn how the investors influence cricket in this country.