Mumbai Indians' owners have bought a massive stake in the Oval Invincible franchise, which competes in The Hundred cricket tournament.

Mumbai Indians owners Reliance Industries Limited (RIL) are set to buy a 49% stake in Oval Invincibles after winning a virtual auction on Thursday afternoon. RIL will enter into a period of exclusivity which will see them negotiate agreements with Surrey,

Mumbai Indians' winning bid at The Hundred reportedly values the franchise at 123 million pounds, meaning RIL will pay the Oval Invincibles just over 60 million pounds for its 49% stake

The Invincibles, based at Surrey's London home ground the Oval, are 2-time defending champions in the men's 100-ball competition while Mumbai are viewed as the most powerful IPL franchise

Oval Invincibles have become the first Hundred franchise to see a 49 per cent stake sold, with India's Ambani family the winning bidders.

The England and Wales Cricket Board (ECB) will begin the process of selling teams from the Hundred on Thursday, January 30, as per Cricbuzz.

Oval Invincibles is one of the most successful teams in The Hundred, having won the men’s tournament in the first two seasons. The team is currently owned by Surrey County Cricket Club, which will retain a 51% stake. The deal allows the RIL to conduct talks with Surrey for potential future ownership expansion.