Oval invisibles
Reliance Industries Limited (RIL), the owner of Mumbai Indians, agreed to purchase 49% stake in Oval Invinesables on Thursday afternoon, after a virtual auction. RIL will now negotiate the agreement with Surrey, ECB and their financial advisors, which will complete the shopping process. According to reports, Knighthead Capital has won the bid for Birmingham Phoenix. He is also the new owner of the US -based Hedge Fund Birmingham City Football Club and is now stepping into cricket.
How many deal
The RIL has a bid of about £ 60 million for 49% stake, as the total value of the invisibles is £ 123 million. The ECB has refused to comment on this, and it is expected that the final bid and evolution will be confirmed by next week.
Mi has 6 teams now
RIL overtook private equity firms such as Tech Consortium of Silicon Valley (which includes Google, Microsoft, and Adobe) and CVC. The deal will form a strong partnership between Mumbai Indians and Surrey Clubs. Mumbai Indians are already included in IPL, WPL, Mi New York, Mi Cape Town and other leagues, and now the Oval Invensibles will also come under it. This will be the sixth team of RIL, increasing the strength of his cricket franchise.
The ECB has described the deal as a step to secure the future of county cricket, and it is expected that this investment will strengthen county cricket in the next 20-25 years. The revenue received from the sale will be divided between 18 First Qsal Counties, MCC and recreational games in England and Wales. Meanwhile, the sales process of stake for other teams is also going on, including teams such as London Spirit and Welsh Fire. CVC and other major investors are also participating in it, who will play an important role in the future of English cricket.
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