Ambani outbids Nadella, Pichai to acquire Oval Invincibles cricket team
What's the story
The Ambani family, who own the Mumbai Indians franchise in the Indian Premier League (IPL), has now bought a big stake in the UK's Oval Invincibles cricket team.
The family obtained a 49% stake in the team, after a bidding war involving private equity firms and Silicon Valley executives, according to Bloomberg.
The acquisition marks their entry into the UK cricket scene, extending their influence beyond India's IPL.
Auction details
Ambanis secure stake in virtual auction
The Ambani family's company Reliance Industries Limited won this minority stake worth around £60 million in a virtual auction on Thursday.
After months of bidding, Surrey, the host venue, narrowed the shortlist to three.
The bidding for the Oval Invincibles stake was intense, with the Ambani finally outbidding CVC Capital Partners and a consortium of Silicon Valley CEOs, including Sundar Pichai and Satya Nadella.
The acquisition makes them influential players in one of the most valuable franchises in 'Hundred' competition.
Potential impact
Investment could boost Hundred's popularity in India
The Ambani family's interest in Oval Invincibles might convince Indian cricket authorities to permit domestic players to play in the Hundred.
This could boost the tournament's TV viewership numbers, as Indian players are not allowed to play in overseas tournaments.
The England and Wales Cricket Board (ECB) is selling 49% stakes it owns in each of the teams, while host venues can keep their 51% stakes or sell them partially or entirely. The auction is being run by Raine Group.
Ownership structure
Surrey retains majority stake in Oval Invincibles
Most of the Hundred team owners, including Surrey, are owned by their members.
The historic county club, which was founded in 1845, has reportedly opted to keep its 51% stake in the Hundred franchise.
This way they would have control over the team instead of giving away more power to new investment partners.
The Oval Invincibles team has Surrey's England player Sam Curran in its ranks.