THE HUNDRED

The Hundred: MI bag Oval Invincibles for GBP 123 million

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MI won with a bid of 123 million pounds.
MI won with a bid of 123 million pounds. © BCCI

Reliance Industries Limited (RIL), the owners of the Mumbai Indians in the IPL, have bagged the Oval Invincible team in The Hundred. They won a three-way bidding race in which tech entrepreneurs from the US and CVC Capital, a private equity firm that owns the Gujarat Titans in the IPL were also involved.

The England and Wales Cricket Board (ECB) would not comment but it is understood that the enterprise value of the Surrey-based South London team in the 100-ball tournament is 123 million GBP. The e-auction, which decided the winner, was for 49 per cent share and it would cost the RIL up to about 61 million GBP.

The owners of Birmingham City, a football team, have bagged the Birmingham Phoenix, reportedly for a valuation of 82 million GBP. Knighthead Capital are the owners of Birmingham City, once a Premier League side. They currently play in the EFL league, a second tier competition in English football. Phoenix are run by Warwickshire and it is understood that the county is not too keen on parting with its 51 per cent share -- partly or fully.

It was always apparent that the Ambanis were interested in one of the London-based teams - Lord's headquartered London Spirit being the other - and they eventually zeroed in on the Invincibles. They can own the 100 per cent or controlling stake once Surrey county which owns 51 per cent stake, divests with its share. The Invincibles were the winners of The Hundred in the first two seasons.

Mumbai-based Mukesh Ambani, who owns the RIL conglomerate, is the richest man in Asia. His Mumbai Indians team has subsidiaries in almost all the leagues in the world - IL T20 in UAE (MI Emirates), SA 20 (MI Cape Town) and MLC in the US (MY NY). The Ambanis will now have to engage with Surrey county, which owns 51 per cent shares.

A spokesman for the England and Wales Cricket Board (ECB) refused to confirm the news stating, "Not going to comment." The bidding started around 2.30 PM GMT on Thursday and as reported by Cricbuzz earlier, Oval Invincibles was first up in the blocks.

The ECB is conducting the sale in a phased manner so that the investors who fail to bag a team can come back to bid for the remaining sides. On Friday, the ECB will take up two other counties - London Spirit and Cardiff-based Welsh Fire - before resuming the auction next week for the remaining four sides - Manchester Originals, Northern Superchargers, Trent Rockets and Southern Brave.

As is well known, GMR, part-owners of Delhi Capitals in the IPL, recently bought Hampshire county and so naturally they would be aspiring to buy the Southampton-based Southern Brave. But it is unlikely that the GMR will be able to bag the Braves by default. The franchise, it is learnt, will be sold last and GMR will have to compete with investors to take Southern Brave.

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