Mumbai Indians owners Reliance Industries Limited (RIL) are set to buy a 49% stake in Oval Invincibles after winning a virtual auction on Thursday afternoon. RIL will enter into a period of exclusivity which will see them negotiate agreements with Surrey,

The owners of Indian Premier League giants Mumbai Indians have agreed a deal to buy a stake in Oval Invincibles in a landmark moment for English cricket. Reliance Industries Limited, owned by India’s richest family,

India's Ambani family has sealed a landmark agreement to become the first external shareholder in one of English cricket's eight Hundred franchises, Sky News can exclusively reveal.

Oval Invincibles is one of the most successful teams in The Hundred, having won the men’s tournament in the first two seasons. The team is currently owned by Surrey County Cricket Club, which will retain a 51% stake. The deal allows the RIL to conduct talks with Surrey for potential future ownership expansion.

Mumbai Indians owners, Reliance Industries Limited are on the verge of owning a 49% stake in Surrey-based team, Oval Invincibles. They won the virtual bidding war on Thursday. CVC Capitals, which owns Gujarat Titans,

The winning bid reportedly values the franchise at 123 million pounds, meaning RIL will pay just over 60 million pounds for its 49 per cent stake.

Oval Invincibles have become the first Hundred franchise to see a 49 per cent stake sold, with India's Ambani family the winning bidders.