Mumbai Indians owners win bid for 49% stake in Oval Invincibles
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Reliance Industries Limited (RIL), owners of the Mumbai Indians, has secured a 49% stake in the Oval Invincibles after winning a virtual auction on Thursday. This acquisition marks RIL’s entry into a period of exclusivity to negotiate agreements with Surrey, the ECB, and financial advisors before finalizing the purchase. RIL outbid a consortium of Silicon Valley tech executives, including leaders from Google, Microsoft, and Adobe, as well as private equity firm CVC. The Oval Invincibles, two-time champions in the men’s Hundred tournament, become RIL’s sixth franchise, joining Mumbai Indians, MI New York, MI Cape Town, and MI Emirates. Surrey has maintained its commitment to retaining a controlling stake in the Invincibles despite the sale. Chairman Oli Slipper emphasized that retaining control is a “clear red line” for the club. While the exact bid amount remains undisclosed, it is anticipated that the Invincibles will be among the most expensive franchises sold in this round. Other bi...