The Hundred has completed its final two franchise agreements, recording the full transition into the England and Wales Cricket Board’s (ECB) new ownership model. The most notable development is the rebranding of Oval Invincibles as MI London from the 2026 season, following Reliance’s acquisition of a 49% stake in the franchise.
The ECB had earlier announced its plan to introduce private investment into The Hundred, in order to strengthen long-term sustainability and bring new financial resources for the sport. Six franchise deals were completed in July, leaving only Oval Invincibles and Trent Rockets pending. With Reliance and Cain & Ares now finalising their respective agreements, all eight teams in The Hundred officially have strategic partners. According to the ECB, the combined valuation of the franchises crosses GBP 975 million, with over GBP 500 million set to flow into English and Welsh cricket, including a dedicated GBP 50 million investment in grassroots development.
Reliance Strategic Business Ventures Limited (RSBVL) partnered with Surrey County Cricket Club to complete the Oval Invincibles deal. Under the agreement, Surrey will hold 51% ownership, while Reliance will own 49%. With the deal closed, both the men’s and women’s teams will be rebranded as MI London from the 2026 edition of The Hundred. The new name matches Reliance’s wider global cricket vision, which includes teams such as MI Cape Town and MI New York.
Trent Rockets also completes the investment process
Trent Rockets also completed their investment process earlier, with Nottinghamshire CCC partnering with Cain & Ares under a 51-49 split. The ECB confirmed that with all eight agreements finalised, each franchise will now be managed by a newly formed TeamCo comprising the host venue and private investors. These TeamCos will assume operational control of the teams while continuing to work closely with the respective county clubs.
The ECB stated that the influx of private investment will help expand the competition and improve the overall cricketing ecosystem. Vikram Banerjee, Managing Director of The Hundred, revealed that completing all eight deals is a big step toward elevating the competition.
He described the new partners as world-leading, further stressing that the focus is now on making the 2026 season the best yet. The funding from these partnerships will be distributed across professional counties, with a promise of strengthening cricket at every level.
The completed partnerships across the eight teams include deals with Knighthead for Birmingham Phoenix, Tech Titans for London Spirit, RPSG Group for Manchester Originals, Sun TV Network for Northern Superchargers, Reliance for MI London, GMR Group for Southern Brave, and Cain & Ares for Trent Rockets. Percentage splits vary, but most follow the 51-49 model between county clubs and investors.
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