Surrey to retain majority stake in Oval Invincible as negotiations with Reliance begin

Surrey welcome chance to work with giants of IPL, but resolve to keep controlling stake

Surrey to Retain Majority Stake in Oval Invincibles Amid Exclusive Talks with Reliance Industries

Surrey County Cricket Club has confirmed that it will retain its majority stake in Oval Invincibles as they enter into a period of exclusive negotiations with Reliance Industries Limited (RIL), the parent company of Mumbai Indians. The announcement follows last month’s equity sale of the Hundred franchise.

Key Highlights:

• RIL’s Stake Acquisition: Reliance Industries secured a 49% stake in the Oval Invincibles for a valuation of £123 million during a live auction held on January 30.
• Equity Transfer: The ownership transition, where the team’s control will shift from the England and Wales Cricket Board (ECB) to Surrey County Cricket Club, is set to occur by the end of 2025.
• Transaction Value: RIL is expected to pay approximately £60 million for their share in the franchise.
• Exclusive Negotiations: Discussions between Surrey County Cricket Club and RISE Worldwide, a subsidiary of Reliance Industries, will shape the future partnership beginning with the 2026 season.
• Franchise’s Success: Oval Invincibles are the reigning Men’s Hundred champions and have been the most successful team across both men’s and women’s tournaments in the competition’s four-year history.
• RIL’s Growing Portfolio: Mumbai Indians, the IPL’s five-time champions, will now be associated with the Invincibles, joining their other cricket franchises: MI New York (MLC), MI Cape Town (SA20), and MI Emirates (ILT20), bringing their total to seven teams worldwide.

RIL’s Expansion in Global Cricket

Reliance Industries had previously been linked to purchasing a stake in London Spirit but eventually decided to focus on Oval Invincibles.

• London Spirit’s Sale: The London Spirit franchise was secured by a Silicon Valley tech consortium, valuing the Lord’s-based team at £295 million.
• Additional IPL Stake Sales: Up to five IPL teams are expected to be involved in the ownership process by the end of this month:
  • Sun Group, owners of Sunrisers Hyderabad, secured a 100% stake in Northern Superchargers for £100 million.
  • Sanjiv Goenka’s RPSG Group, owners of Lucknow Super Giants, is expected to acquire a 70% stake in Manchester Originals.
  • GMR Group, co-owners of Delhi Capitals, is reportedly set to acquire Southern Brave.
  • Owners of Kolkata Knight Riders and Rajasthan Royals are also rumored to be interested in Trent Rockets.

Surrey’s Commitment to Retain Control of Invincibles

Surrey has reiterated its commitment to maintaining its controlling stake in Oval Invincibles, welcoming the opportunity to collaborate with a highly successful global franchise.

• Surrey’s Position: Surrey County Cricket Club emphasized their desire to keep their majority stake while working with a partner like Mumbai Indians, who have won 11 league titles globally, including at least one in each competition they participate in.
• Oli Slipper’s Statement: “We said at the outset that we wanted the best partner to ensure that Surrey continues to leads the way in English cricket, and in Mumbai Indians that is what we have got. They share our passion for cricket, they own the biggest and most successful team in the IPL, and we believe this partnership will bring continued success to both Surrey CCC and our Hundred team.”
• Off-Field Growth: Slipper also highlighted the potential off-field benefits, stating that RIL’s global business success would contribute to Surrey’s growth beyond cricket.
• Excitement for Partnership: “I couldn’t be more excited to welcome Mrs. Nita Ambani, Akash, and his team as our new partners,” Slipper added.

Statements from RIL Leadership

• Mrs. Nita Ambani’s Statement: “Cricket is more than just a sport it’s a passion that unites people across geographies and cultures. Welcoming Oval Invincibles into our Mumbai Indians family is a proud and special moment.”
• Akash Ambani’s Statement: “England, with its rich cricketing culture, has always been special to the game. To have the iconic Oval, which has witnessed some of cricket’s greatest moments, as our home venue is truly special.”

The partnership between Surrey and Reliance Industries marks a new chapter for Oval Invincible, boosting their international presence and global reach within the cricket world.