Oval Invincibles' investor talks stall £520m cricket windfall

Yahoo

4 days ago

Unresolved talks between India's richest family and the county cricket club which hosts the Oval Invincibles Hundred team are threatening to delay the delivery of a vast windfall for the sport.
Sky News has learnt that RISE Worldwide - a subsidiary of the Ambani family's vast conglomerate, Reliance Industries - and Surrey County Cricket Club have yet to agree on several key issues relating to the sale of a 49% stake in one of the competition's most lucrative franchises.
Cricket insiders said on Tuesday that the name under which the team would play upon completion of the deal was among the outstanding issues.
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Reliance owns the Indian Premier League's Mumbai Indians, as well as teams in South Africa, the UAE and the US.
One source said that talks between RISE Worldwide and Surrey were not at a complete impasse but could still take time to resolve, even as English cricket's governing body is keen to announce that a £520m windfall for the sport had been finalised.
The Indian billionaires agreed to pay roughly £60m for a 49% stake in the Oval Invincibles, with Surrey CCC retaining ownership of the remaining 51%.
In a statement issued at the time the deal was struck, Akash Ambani said: "We are glad to be part of Oval Invincibles-the most successful team in The Hundred-and welcome them into the Mumbai Indians family.
"England, with its rich cricketing culture, has always been special to the game.
"To have the iconic Oval, which has witnessed some of cricket's greatest moments, as our home venue is truly special.
"We look forward to collaborating with like-minded partners, Surrey CCC, who share our passion and ethos for the sport."
On Tuesday, sources indicated that the remaining issues between the Indian investors and Surrey CCC could be resolved imminently.
The England and Wales Cricket Board (ECB) has been waiting for investors in the eight Hundred franchises to sign participation agreements for several months following an auction in February which valued the participating teams at just over £975m.
The proceeds of its stake sales will be distributed to all of English cricket's professional counties as well as to the grassroots game.
The windfalls are being seen as a lifeline for many cash-strapped counties which have been struggling under significant debt piles for many years.
Each group of investors in the Hundred - where host counties include Nottinghamshire and Yorkshire - has been asked to sign a venue hire agreement and shareholder agreement with the owner of the venue at which their team plays.
Sources said that RISE Worldwide had yet to formally sign these two contracts with Surrey CCC.
Oli Slipper, Surrey CCC's chair, said in February: "We said at the outset that we wanted the best partner to ensure that Surrey continue to lead the way in English cricket and in Mumbai Indians that is what we have got.
"They share our passion for cricket, they own the biggest and most successful team in the IPL, the Mumbai Indians, and we believe this partnership will bring continued success to both Surrey CCC and our Hundred team.
"Beyond cricket, the huge success of RIL's global business will help Surrey to thrive off the field too."
The most valuable Hundred sale saw a group of technology tycoons, including executives from Google and Microsoft, paying about £145m for a minority stake in Lord's-based London Spirit.
A majority of the new investors in the Hundred have now agreed to revised terms with the ECB, after negotiations which will result in the host venues retaining control of their teams' intellectual property rights.
Investors will also hold an effective veto over future expansion of the Hundred, while the ECB will be barred from launching any other short-form professional version of the sport while the Hundred remains operational.
Some details relating to future broadcast rights have yet to be completely finalised.
Surrey CCC and the ECB declined to comment, while RISE Worldwide could not be reached for comment.