The owners of Indian Premier League side Mumbai Indians have won the race to buy a 49 percent stake in English cricket Hundred franchise Oval Invincibles, according to reports on Thursday.
All eight of the competition's city-based franchises, each of which has a men's and women's team, will be matched with preferred investors over the next week.
English cricket chiefs are aiming to bring in private money in order to attract the world's top players in a competitive global market.
ESPN Cricinfo said Mumbai Indians owners Reliance Industries Limited (RIL) had won a virtual auction, with the minority stake worth about £60 million ($75 million).
It is understood that RIL will enter a period of exclusivity during which they will negotiate with county club Surrey and the England and Wales Cricket Board (ECB).
The Invincibles, based at Surrey's London home ground the Oval, are two-time defending champions in the men's 100-ball competition while Mumbai Indians are viewed as the most powerful Indian Premier League franchise.
India's billionaire tycoon Mukesh Ambani is the chairman and managing director of Reliance Industries.
Surrey chairman Oli Slipper told Surrey members last month the club "must and will retain the controlling stake" in the Invincibles.
The ECB declined to comment and are planning to announce the results of all eight tenders when the process is completed in the coming days.
The Hundred has proved controversial, with many English county fans angry at the way the tournament deprives their clubs of key players at the height of the season.
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But the ECB says funds raised from the sale of stakes in the eight franchises will support the 18 traditional counties.