The owners of the Indians of Mumbai, Reliance Industries Limited (RIL) will buy a 49% participation in oval invincibles after winning a virtual auction on Thursday afternoon. Ril will enter a period of exclusivity that will negotiate agreements with Surrey, the ECB and its financial advisors before completing the purchase.
It was understood that the winning offer valued 100% of the franchise in £ 123 million, which implies that Ril will pay just over £ 60 million for its 49% participation. The ECB declined to comment and it is not expected to confirm successful bidders, or valuations, until next week. Surrey also declined to comment.
Espncricinfo understands that Ril saw the competition of a consortium by Silicon Valley Tech (which involves the executive directors of Google, Microsoft and Adobe), and the private capital firm CVC. Invincible, twice defending champions in the Hen one hundred, are the first team that is sold in the final round of the ECB’s sales process.
The agreement will see that two heavyweights of their respective markets join: Mumbai Indians are widely seen as the most powerful IPL franchise, while Surrey is the richest English county club. The invincibles will become the sixth team led by Ril, after the Mumbai Indians (both in IPL and WPL), my New York (MLC), my Cape City (SA20) and my Emirates (ILT20).
Ril, owned by the Ambani family, was widely linked to the purchase of a participation in London Spirit, the Lord’s -based one hundred team, but moved its focus towards the invincibles as the sales process progressed. The host places had the option of selling part of the 51% participation that the ECB will give them as part of the privatization process, but Espncricinfo understands that Surrey has kept firm in its position that they will retain their controlling actions.
Among the failed bidders for the invincibles, it is also believed that CVC is in dispute for a participation in Birmingham Phoenix, which will be at stake later on Thursday. Meanwhile, the Technological Consortium will be in the mixture for a participation in the spirit of London on Friday, but will face the competition of the RPSG of Sanjiv Goenka (the owners of Lucknow Super Giants), the co -owner of Manchester United Avram Glazer and Cain International.
