OVAL INVINCIBLES, the most successful team in The Hundred, will be renamed MI London after Surrey County Cricket Club announced a partnership with India's Reliance, with the two parties taking 51 per cent and 49 per cent stakes in the franchise.
The rebranded name is a reference to Mumbai Indians, the Indian Premier League (IPL) franchise owned by Reliance. The Indian conglomerate also owns other franchises around the world with similar names, including MI New York and MI Cape Town.
"We're pleased to have reached an agreement with the Reliance team over our partnership in the Hundred franchise team," Surrey chair Oli Slipper said in a statement on Wednesday (3).
"Reliance bring a significant depth of cricket and business expertise and have had great success with their franchise teams in India and around the world – there's no doubt that they are here to win."
The deal, now complete, has transferred the franchise's ownership from the England and Wales Cricket Board (ECB) to the new shareholders.
Oval Invincibles won the women's title in the first two seasons in the 100-ball tournament, and their men's teams have won in the last three seasons, with the franchise amassing five titles in five years.
"London holds a special place in the heart of cricket, and we are honoured to be part of its rich heritage," Reliance director Nita Ambani said.
Mumbai Indians are the joint most successful men's team in the IPL after winning the title five times. Reliance are reported to have paid around £60 million for their share in the Invincibles.
Earlier this year, Sanjiv Goenka's RPSG Group, who own the IPL team Lucknow Super Giants, acquired a 70 per cent stake in the Hundred's Manchester Originals. Goenka told the BBC in August that the team will incorporate 'Super Giants' into its name.
The Hundred is set to introduce its first-ever player auction in March ahead of its sixth edition, adopting a format inspired by the IPL.
The ECB also confirmed that Chelsea co-owner Todd Boehly's Cain & Ares Management Credit group finalised their investment in Trent Rockets in October.
Deals involving all eight Hundred sides have now been completed after stakes in the other six franchises were sold in July.
(Agencies)
