When Reliance Industries completed its purchase of a 49% stake in Oval Invincibles back in January 2025, it wasn't just a business transaction — it was a statement of intent. The deal, valued at around £60 million, brought one of cricket's most powerful dynasties to south London and set in motion a transformation that goes far beyond a fresh coat of paint on the branding. As someone who has spent years watching franchise cricket evolve around the world, I can say with confidence that this is one of the most significant ownership changes English domestic cricket has seen in a generation.
From Oval Invincibles to MI London: More Than a Name Change
The rebrand is the most visible sign of what's happened. The blue and gold of Mumbai Indians has replaced the Invincibles' familiar colour scheme, and the name MI London now sits alongside the global MI brand. But Surrey chief executive Steve Elworthy has been keen to stress that this isn't a hostile takeover — it's the culmination of a relationship that predates the formal bidding process by several years. According to Elworthy, the Ambani family had regularly occupied Surrey's boardroom box at The Oval during previous Hundred seasons, long before any commercial discussions began. That kind of organic connection tells you something important: this isn't money chasing a trophy asset; it's genuine enthusiasm for the product.
The Financial Muscle Behind the Ambani Investment
Reliance Industries is chaired by Mukesh Ambani, one of the wealthiest individuals on the planet, and the scale of his organisation means that £60m, while significant in English cricket terms, is the beginning rather than the ceiling. The current valuation of MI London sits at approximately £120 million, which makes them the second most valuable franchise in The Hundred behind London Spirit — a Lord's-based outfit valued at roughly £300 million. For bettors keeping an eye on the long-term outright markets, that financial backing should push MI London firmly into the favourites column for seasons to come, as investment of this magnitude tends to accelerate squad development and commercial growth simultaneously.
What Has Stayed the Same — and Why That Matters
Amid all the change, Surrey's cricket infrastructure and leadership have remained in place, which is arguably the shrewdest aspect of this arrangement. Elworthy recounted that the very first formal meeting with the Ambani representatives spent the best part of 45 minutes discussing cricket — tactics, talent, the game itself — before any commercial conversation took hold. That tells you the new investors understand what drives success on the pitch. The franchise had already won three consecutive Hundred men's titles as Oval Invincibles, so there was no need to dismantle what worked. The MI London model appears to be augmenting excellence rather than replacing it.
What the Future Holds for MI London and Surrey
The alignment with the global Mumbai Indians brand opens doors that simply weren't available to a standalone English domestic franchise. Player pipelines, coaching networks, data analytics resources, and commercial partnerships that span India, the UAE, and South Africa could all filter through to the MI London operation over time. For English cricket supporters, the hope is that this investment translates into world-class overseas talent coming to The Oval and, crucially, into development pathways for homegrown Surrey players. If Elworthy and his team manage the relationship as carefully as early signs suggest, MI London could become the template for how international investment in The Hundred is supposed to work — ambitious, respectful of local identity, and genuinely focused on the cricket.
The colours have changed and the name is new, but the foundation at The Oval remains solid. With Ambani money behind them and Surrey's cricket nous intact, MI London look set to be a dominant force in The Hundred for years to come.
