The name has changed, the colours have changed and much of the conversation around the franchise has changed too.
Investment from Indian Premier League (IPL) side Mumbai Indians into Oval Invincibles led to The Hundred's most successful team rebranding itself as MI London and bringing the multi-billionaire Ambani family's cricket empire to The Oval.
Here, BBC Sport takes a look at what has changed, what has stayed the same and what the future holds for the franchise.
'We haven't looked at the contract once'
Reliance Industries Limited, chaired by Mukesh Ambani, bought a 49% stake in Oval Invincibles in a deal worth about £60m in January 2025, among the first sale of teams in The Hundred.
However, Surrey chief executive Steve Elworthy said their relationship with India's wealthiest family began long before the bidding process got under way.
"They've been huge supporters of The Hundred for a number of years," the former South Africa cricketer told BBC Sport. "They used to take our boardroom box every August to watch The Hundred when we were still Invincibles."
Early conversations convinced Elworthy and his team they had found the right partner in the Ambanis.
"The first meeting we had, we spent about 45 minutes talking about just cricket," Elworthy said.
At about £120m, MI London are the most valuable of the franchises after their London neighbours - the Lord's-based London Spirit, who were valued at about £300m.
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For the investors, the attraction must have been obvious.
The Oval is one of the world's most recognisable sporting venues, Invincibles had won five titles across men's and women's competitions and Surrey regularly attracts some of the highest attendances in the county game.
"We do cricket well," Elworthy said. "We've got an incredibly strong membership, incredible attendances across formats and we are based in London. It's a really attractive proposition."
As part of the deal, Invincibles were rebranded MI London, bringing the franchise in line with the rest of the MI stable that includes MI Cape Town, MI Emirates and MI New York.
But Surrey, who remain the major shareholder, were determined not to lose their identity.
Elworthy added: "The beauty of this partnership is that the agreement was signed in late 2025 and we are halfway through our first season together, but we haven't even had to look at the contract once.
"We're only looking to make this a success together."
So what has actually changed?
Not much - at least for the players, according to England all-rounder Will Jacks.
"It felt like a very smooth transition for me, having a foot in both camps," Jacks said, when asked about the team's changed identity.
The 27-year-old came through the ranks at Surrey, was part of Invincibles since its inception and also plays for MI in the IPL.
"The kit's changed obviously and it incorporates the blue and gold of MI but the training kit still has the Invincibles colours, so it is kind of a mix of the two," Jacks said.
"So I think they've done a good job of moulding the two together. But for us players and the coaching staff, everything feels very similar."
Tom Moody, who guided Invincibles to a hat-trick of men's titles as head coach, has been replaced by Kieron Pollard, who previously played in the IPL for MI as well as for their sister teams in Major League Cricket, SA20 and ILT20.
Mitchell McClenaghan also joined from the MI network as the men's bowling coach but there is still a strong Surrey presence in the coaching staff with Gareth Batty, Jim Troughton and Nic Pothas playing prominent roles.
It's a similar story with the women's side where Lisa Keightley, fresh from coaching MI in the Women's Premier League (WPL), succeeded Jonathan Batty but is joined by Surrey women's head coach Johann Myburgh and Dan Helesfay.
Perhaps the biggest additions from the MI investment have come in the form of commercial expertise and global reach.
"MI have got teams around the world and business around the world, so that's something we've learned from them," Elworthy said.
"The Hundred previously was pretty local. Whereas now, I think we've actually got a global brand here and global partners now. That's a brilliant place to be.
"All other teams MI have around the world, they are the sole owners. But they're a minority shareholder here but we don't behave like that. We behave as a team to do the best for MI London."
Former Australia and England coach Keightley echoed Elworthy's words.
"I know MI have been very mindful that for the first time, they're working with another organisation," Keightley said. "From my experience, both organisations are working really hard to make it successful.
"MI's insight from having so many teams is definitely helpful. I know how passionate the owners are and when they commit to something, they do everything to make sure the team's successful."
For players, it also offers a chance to play for other franchises in the MI network and thereby, grow their game.
"I've been very lucky," Jacks said. "Playing with so many great players and icons of Indian cricket at MI has opened me up to a lot of new things and skills. That experience, you can't buy that."
Keightley added: "If you're a MI London player, there's definitely an opportunity to be involved in WPL. Because you build the relationship, you know what a player can do and they know the environment that they're going into."
What's next for MI London?
Their supporters might still be adjusting to the new name and colours but Surrey and MI are already planning for the future.
One important part of their plans will be turning MI London into a brand that exists year-round rather than for just a few weeks each summer.
"You don't want a competition that everybody only thinks about while it's happening," Elworthy said. "It's our job to make sure there's a cycle all the way through the year."
They also plan to take greater responsibility for areas currently managed by the England and Wales Cricket Board (ECB).
Having completed the takeover only months before the start of the season, they have relied on ECB to deliver operational aspects, including ticketing.
But Elworthy said the club are currently considering which services they want to take in-house from 2027.
He said: "We want to control and run all the facets of the team - the delivery of the game, the global expansion and building the brand itself."
On the field though, the ambition remains unchanged. After five titles in as many years, MI London's focus is on producing more silverware-winning teams.
That may happen very soon if their men's team can maintain the form which has seen them reach second in the table after five matches.
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