Chelsea co-owner Todd Boehly has acquired a 49% minority stake in the Nottingham-based Hundred franchise, Trent Rockets, for nearly £40 million. His company, Cain International, co-founded with Chelsea director Jonathan Goldstein, emerged as the winning bidder in an auction process by the England and Wales Cricket Board (ECB). The auction valued Trent Rockets at £79 million, and Cain placed the successful bid, outpacing competition from the Indian Premier League’s Kolkata Knight Riders and businessman Amit Jain.
Cain International, in partnership with private equity firm Ares Management, will now hold a significant portion of the franchise, with Nottinghamshire County Cricket Club (CCC) maintaining a majority 51% stake. This marks a new chapter for the franchise, which had drawn considerable interest, with around 15 parties initially exploring the opportunity to invest. The auction opened at £60 million, and despite the fierce competition, Trent Rockets were ultimately acquired for a comparatively lower figure given their place in the sale order.
This purchase raises the total valuation of Hundred franchises beyond £850 million. The ongoing sale of franchises is part of the ECB’s broader strategy to expand and professionalize the competition. The Southampton-based Southern Brave, the final franchise to be auctioned, is expected to fetch a high price, with GMR, the Indian business group that co-owns the IPL’s Delhi Capitals, anticipated to make the winning bid.
Boehly’s interest in the Hundred comes after he was previously involved in bidding for London-based franchises but was outbid for both London Spirit and Oval Invincibles. Despite missing out on those opportunities, Boehly turned his attention to Trent Rockets, a franchise that was highly sought after during the auction process. Nottinghamshire had initially shown a preference for an IPL partner, but by the time the bidding for Trent Rockets took place, other IPL-related bids had already been concluded, allowing Boehly’s group to secure the franchise at a relatively lower price.
The deal marks a significant step for Boehly, whose involvement in cricket further diversifies his sports investment portfolio, which already includes ownership of Chelsea Football Club. The ECB, Nottinghamshire, and Raine Group, the advisors overseeing the auction, are reportedly satisfied with the price achieved under the circumstances. With Nottinghamshire holding onto a controlling stake, they could potentially cash in further in the future, should the franchise continue to grow in value.
The Trent Rockets, a team known for its strong fanbase and competitive presence in The Hundred, now enters a new era with Boehly’s group on board, providing an exciting prospect for the franchise’s future development.