After competing against private equity firms and Silicon Valley executives, The Ambani family secured a 49% stake in the Oval Invincibles cricket team. This spots the first successful sale in a process focused at enhancing cricket’s financial landscape through the new Hundred competition.
The Ambani family achieve success in a high-stakes bidding battle this week to join a stake in the London-based Oval Invincibles cricket team. Reliance Industries Limited won a virtual auction with the minority stake cost nearly £60 million on yesterday and is now attacked to take a 49% holding in the team. The Ambani family also own the Mumbai Indians franchise in the Indian Premier League.
The Mukesh Ambani-led company had faced off against worldwide leaders for the Oval stake sale-with the shortlist eventually down to three after many months of bidding. The Ambanis were marked against CVC Capital Partners and a consortium of Silicon Valley chief executive officers involving Alphabet Inc.’s Sundar Pichai during the live auction.
It is acknowledged that Reliance Industries Limited will enter a period of rarity during which they will arrange with country club surrey and the England and Wales Cricket Board.
Who are the Oval Invincibles?
Based at Surrey’s London home ground the Oval- The Invincibles-are two-time defending champions in the men’s 100-ball competition. Due to playing its home matches in the capital, Oval Invincibles is seen as one of the most valuable franchises in the new, short-form Hundred competition.
The Hundred is a exact meaning of the format which sees each side face 100 balls. Due to simpler rules and half-time entertainment the shorter games are designed to attract new audiences.
The England and Wales cricket Board is selling the 49% stakes it owns in every team, while the host venues can determine to keep their 51% stakes or sell all or some part of them. Raine Group is being run the auction, the investment bank that before advised on the sale of Manchester United and Chelsea football clubs.
