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,

Mumbai Indians' owners have bought a massive stake in the Oval Invincible franchise, which competes in The Hundred cricket tournament.

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.

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.

RIL, the owner of Mumbai Indians, has entered an exclusivity period to finalise agreements with Surrey, the England and Wales Cricket Board (ECB), and financial advisors before completing the purchase.

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.

Reliance Industries Limited, owners of Mumbai Indians, acquired a 49% stake in London’s Oval Invincibles for around £61 million. The move positions MI as influential in English cricket governance. The highest anticipated bid is for The London Spirit franchise,

Mumbai Indians owners Reliance Industries Limited (RIL) are set to acquire a 49% stake in the Hundred franchise Oval Invincibles after winning a three-way bidding war in a virtual auction on Thursday, according to a report.