Mukesh Ambani’s BIG bet in cricket, acquires 49% stake in…, for Rs 6485088162, Beat off competition from Sundar Pichai, Satya Nadella

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Mukesh Ambani’s BIG bet in cricket, acquires 49% stake in…, for Rs 6485088162, Beat off competition from Sundar Pichai, Satya Nadella

Mukesh Ambani’s BIG bet in cricket, acquires 49% stake in…, for Rs 6485088162, Beat off competition from Sundar Pichai, Satya Nadella

With Mukesh Ambani’s latest acquisition, Reliance Industries continues to strengthen its presence in global cricket, reinforcing its commitment to the sport.

Mukesh Ambani (File)

Mukesh Ambani’s Reliance Industries Limited (RIL) has expanded its global cricket portfolio by acquiring a 49% stake in the Oval Invincibles, a franchise in the England and Wales Cricket Board’s (ECB) The Hundred tournament. The deal, worth £60.27 million, values the team at £123 million and was finalized through a competitive virtual auction.

According to an Economic Times report, Ambani’s bid overcame a high-profile Silicon Valley consortium featuring Sundar Pichai and Satya Nadella, as well as private equity powerhouse CVC Capital Partners. With this acquisition, RIL adds the Oval Invincibles to its growing list of cricket franchises, 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 ILT20.

Bidding Process For Hundred Teams

The ECB’s decision to sell 49% stakes in all eight franchises of The Hundred has generated significant global interest. The phased bidding process, which began with the submission of binding offers on January 30, includes multiple stages: initial expressions of interest, non-binding bids, and final binding bids. The Oval Invincibles and Birmingham Phoenix were the first two teams to be auctioned.

In cases where more than two bids were submitted for a team, a live auction determined the final sale price. If only two bids were received, the highest bidder secured the stake. The sale process, which began in September 2024, is expected to conclude by the end of next week.

Growing Interest In Hundred

Launched in 2021, The Hundred is a fast-paced 100-ball cricket tournament aimed at attracting new audiences. It features eight city-based franchises and is seen as a promising investment due to cricket’s massive following in the UK. The ECB projects central revenue for The Hundred to increase from £47 million in 2024 to £156 million by 2032, driven by media rights and sponsorship deals.

High Demand for Top Teams

The most sought-after teams include London Spirit, Oval Invincibles, and Manchester Originals. Meanwhile, Sun TV Network and GMR Group are reportedly targeting Northern Superchargers and Southern Brave, respectively. GMR Group recently bolstered its cricket investments by acquiring Hampshire Sport & Leisure Holdings Ltd, which owns Hampshire Cricket and the Utilita Bowl stadium.

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