The Ambani family won a high-stakes bidding battle this week to secure a stake in the London-based Oval Invincibles cricket team. Reliance Industries Limited won a virtual auction with the minority stake worth about £60 million on Thursday and is now slated to take a 49% holding in the team. The Ambanis also own the Mumbai Indians franchise within the Indian Premier League.
The Mukesh Ambani-led company had faced off against global giants for the Oval stake sale — with the shortlist eventually down to three after several months of bidding. The Ambanis were pitted against CVC Capital Partners and a consortium of Silicon Valley chief executive officers including Alphabet Inc.’s Sundar Pichai during the live auction.
It is understood that RIL will enter a period of exclusivity during which they will negotiate with county club Surrey and the England and Wales Cricket Board.
Who are the Oval Invincibles?
The Invincibles — based at Surrey’s London home ground the Oval — are two-time defending champions in the men’s 100-ball competition. Oval Invincibles is seen as one of the most valuable franchises in the new, short-form Hundred competition because it plays its home matches in the capital.
The Hundred and stake sales — Explained
The Hundred is a literal interpretation of the format which sees each side face 100 balls. The shorter games are designed to attract new audiences with simpler rules and half-time entertainment.
English cricket launched a process last year to auction off stakes in the eight teams across England and Wales in a bid to boost the sport’s finances domestically and grow the Hundred, which began in 2021. The Oval stake sale was the first to be agreed.
The England and Wales Cricket Board is selling the 49% stakes it owns in each of the teams, while the host venues can decide to keep their 51% stakes or sell all or part of them. The auction is being run by Raine Group, the investment bank that previously advised on the sale of Manchester United and Chelsea football clubs.
Source: Mint