Indian Premier League owners will be allowed to rename Hundred franchises after their Indian teams without buying a controlling stake under the conditions of the sales process that starts next month. The Guardian has learned that such is the England and Wales Cricket Board’s eagerness to attract Indian money that even a minority investment will give the new owners huge influence, with all of the 10 IPL owners expected to bid.

The Ambani family which owns Mumbai Indians is believed to be preparing a huge bid for London Spirit, which could lead to the team being rebranded as MI London. Mumbai already own teams in three other T20 leagues – MI Cape Town, MI New York and MI Emirates – and buying into the Hundred franchise based at Lord’s is their next target.

London Spirit are viewed as the jewel in the crown of the Hundred auction and are expected to attract bids worth several times more than many of the other franchises when the ECB begins the process of selling 49% of the eight teams next month. The ECB is hoping to raise around £400m from the sale, with sources involved in the process telling the Guardian that London Spirit could account for a quarter of the sales revenue.

One potential complicating factor is the fact that the Marylebone Cricket Club are currently minded to retain the 51% shareholding in London Spirit they will be gifted by the ECB, a position which will be put to MCC members at a special general meeting next month. Such is the level of investment that will be required to buy the other 49% however that it is expected to include rights to rename the team.

“All the IPL owners are saying they will bid, but they will want some control for their cash,” a source involved in the sale process told the Guardian. “It’s essentially a big brand play for the IPL so we expect them to push for name changes, which will depend on the amount they have invested.”

The ECB has been holding talks with potential investors over the past few months, with American sports franchise chiefs including the Hollywood star Ryan Reynolds and the Manchester United owner Avram Glazer expressing interest. The governing body has been given the green light by the counties to formally begin the process next month, which will be run by the American bank, the Raine Group, which also managed the recent sales of United and Chelsea.

The Oval Invincibles are attracting the second-most interest after London Spirit due to their large existing fanbase, huge ticketing database and geographic location, although Surrey chairman Oli Slipper has indicated that the club may follow MCC in keeping their 51% stake. The Invincibles will play in the men’s final on Sunday at Lord’s, against the winners of the eliminator between Birmingham Phoenix and Southern Brave on Saturday. In the women’s competition, Oval Invincibles will play London Spirit on Saturday for the right to contest the final the next day against Welsh Fire.

Elsewhere Rajasthan Royals are expected to bid for the Northern Superchargers as part of their proposed investment in Yorkshire, while Delhi Capitals want Southern Brave having already agreed a £120m deal to buy Hampshire.

Birmingham City’s American owners Knighthead Capital, whose investors include NFL icon Tom Brady, are interested in Birmingham Phoenix and have attended several Hundred matches this summer.