The billionaire owners of Indian Premier League team Mumbai Indians have won the right to buy a stake in Oval Invincibles in a landmark move for English cricket.

On Thursday the Invincibles became the first of the eight Hundred teams to agree a deal to sell shares to private investors.

Reliance Industries Limited, owners of Mumbai and a number of teams in other franchise leagues, won the auction for a 49% stake in the Invincibles. They will now enter an eight-week period of exclusivity in order to finalise the partnership.

Surrey opted to retain control of the other 51%, which they were gifted by the England and Wales Cricket Board (ECB). Both Surrey and the ECB declined to comment.

According to one source, the deal valued 100% of the franchise at about £120m, meaning Reliance will pay about £60m for their 49%.

Reliance are owned by the Ambani family, one of the wealthiest families in the world.

The final auctions for the eight Hundred teams is the culmination of a sales process that began in September.

The Invincibles deal will be followed by Birmingham Phoenix and the remaining six teams will be sold in the coming days.

It is understood Reliance fought off competition from private investment firm CVC and a consortium of Silicon Valley entrepreneurs.

It means the Invincibles will be affiliated with a Mumbai Indians group that also includes men’s teams in the United States, South Africa and the United Arab Emirates, and a team in India’s Women’s Premier League.

The Invincibles’ men are two-time and current Hundred champions, while the women were winners in both 2021 and 2022.