Oval Invincibles sale delayed due to unresolved issues, reports say
Unresolved issues including the future name of the franchise have delayed completion of the sale of Oval Invincibles – and the flow of funds to hard-up counties – according to reports.
The deal will see RISE Worldwide, a subsidiary of the Ambani family’s Reliance Industries, take 49 per cent ownership of the Oval Invincibles franchise for £60m. The remaining 51 per cent will remain under the control of Surrey County Cricket Club.
Sky News reported that talks between RISE Worldwide and Surrey CCC were not in deadlock, but could take time to settle. One of the outstanding issues is said to be a new name for Oval Invincibles following the deal completion.
Reliance Industries own multiple teams
The Ambanis’ Reliance Industries also owns the Mumbai Indians team in the Indian Premier League, as well as MI Cape Town, MI Emirates and MI New York.
At the time of the sale, Nita Ambani, owner of Mumbai Indians, said: “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.
“With this partnership, we expand our MI fan base across India, New York, the UAE, South Africa, and now England – ushering in a new chapter of our global cricketing journey.
“At Mumbai Indians, we remain deeply committed to nurturing young talent, building champion teams, and bringing fans closer to the game.”
An auction in February valued the eight Hundred franchises at closer to £1bn, with the England and Wales Cricket Board (ECB) waiting for investors to sign participation agreements. Most of the proceeds from the stakes sales will be distributed to English cricket’s professional counties as well as at grassroots level.
Despite the £520m windfall expected from the Hundred sales, county cricket still faces viability questions, as highlighted by an industry report earlier this month.