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The 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.<\/b><\/p>\n
On Thursday the Invincibles became the first of the eight Hundred teams to sell shares to private investors.<\/p>\n
Reliance Industries Limited, owners of Mumbai and a number of teams in other franchise leagues, purchased a 49% stake in the Invincibles.<\/p>\n
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.<\/p>\n
According to one source, the deal valued 100% of the franchise at about \u00a3120m, meaning Reliance will pay about \u00a360m for their 49%.<\/p>\n
The final auctions for the eight Hundred teams is the culmination of a sales process that began in September.<\/p>\n
The Invincibles deal will be followed by Birmingham Phoenix and the remaining six teams will be sold in the coming days.<\/p>\n
It is understood Reliance fought off competition from private investment firm CVC and a consortium of Silicon Valley entrepreneurs.<\/p>\n
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.<\/p>\n
The Invincibles’ men are two-time and current Hundred champions, while the women were winners in both 2021 and 2022.<\/p>\n<\/div>\n
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