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,

Mumbai Indians' winning bid at The Hundred reportedly values the franchise at 123 million pounds, meaning RIL will pay the Oval Invincibles just over 60 million pounds for its 49% stake

The Invincibles, based at Surrey's London home ground the Oval, are 2-time defending champions in the men's 100-ball competition while Mumbai are viewed as the most powerful IPL franchise

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

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.

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 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, the Ambanis, won the right to buy a 49 per cent stake in the Hundred team at a virtual auction on Thursday afternoon.