Surrey have confirmed that they will be retaining their majority stake in Oval Invincibles, as they begin their period of exclusive negotiations with Reliance Industries Limited (RIL), the owners of Mumbai Indians, in the wake of last month's Hundred equity sale.

That means they are expected to pay just over 60 million for their equity share when the team ownership transfers from ECB to Surrey County Cricket Club at the end of 2025. This will be undertaken through negotiations with RISE Worldwide, Reliance's subsidiary, which has been named as the club's preferred partner from the 2026 season onwards.

Mumbai Indians, five-times winners of the IPL, are widely seen as the most powerful IPL franchise, while Surrey are the richest English county club. The Invincibles' men's and women's teams will become the sixth and seventh teams associated with RIL, after Mumbai Indians (in both the IPL and WPL), MI New York (MLC), MI Cape Town (SA20) and MI Emirates (ILT20).

RIL, owned by the Ambani family, had been widely linked with buying a stake in London Spirit, but that franchise was eventually secured by a Silicon Valley tech consortium that valued the Lord's-based franchise at 295 million.

Up to five IPL teams could be involved in team ownership when the sales process is completed later this month. Last week, Sun Group - owners of Sunrisers Hyderabad - secured a 100% stake in Northern Superchargers for 100 million, while Sanjiv Goenka's RPSG Group - owners of Lucknow Super Giants - expected to land a 70% stake in Manchester Originals when their negotiations are complete.

Southern Brave is widely expected to be secured by GMR Group, co-owners of Delhi Capitals, who last year bought a groundbreaking majority stake in host county Hampshire, while the owners of Kolkata Knight Riders and Rajasthan Royals are among those who are understood to have shown interest in Nottingham-based Trent Rockets.

Surrey, however, have reiterated their desire to keep hold of their controlling stake in Invincibles, while welcoming the chance to work with a franchise that has won 11 league titles across the globe, including at least one in each of the competitions they have competed in.

Oli Slipper, Chair of Surrey CCC, said: "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. I couldn't be more excited to welcome Mrs. Nita Ambani, Akash and his team as our new partners."

Mrs. Nita M Ambani, Owner of Mumbai Indians, said: "Cricket is more than just a sport, it's a passion that unites people across geographies and cultures. Welcoming Oval Invincibles into our Mumbai Indians family is a proud and special moment."

"England, with its rich cricketing culture, has always been special to the game," Akash Ambani, Owner of Mumbai Indians, added. "To have the iconic Oval, which has witnessed some of cricket's greatest moments, as our home venue is truly special."