Chelsea co-owner Todd Boehly has made a significant move by agreeing to purchase a 49% share in the Hundred franchise, Trent Rockets. This investment is being facilitated through Cain International, a partnership between Boehly and British businessman Jonathan Goldstein. The financial details reveal that they will be paying just under £40 million for the stake, which places the overall valuation of the Trent Rockets franchise at approximately £79 million.
Nottinghamshire, which houses the Trent Rockets at their Trent Bridge ground, will maintain control over the remaining 51% of the franchise. This strategic move serves to enhance the Rockets’ potential for growth and success while allowing for significant investment support from Boehly and Goldstein’s firm.
Cain International, known primarily as a real estate investment company, previously expressed interest in acquiring a stake in London Spirit. However, this opportunity was not realized as a 49% share in the Lord’s team was sold to a consortium from Silicon Valley for a substantial £145 million. The implications of such high-value sales illustrate the lucrative nature of franchises within the Hundred format.
The transaction concerning the Rockets contributes to a larger trend, as it adds to the total sales of stakes across the seven Hundred teams, which now exceed £500 million. In a broader valuation context, the combined worth of all seven franchises in the Hundred is estimated to be around £820 million. This demonstrates the growing financial landscape surrounding the format and the increasing interest from high-profile investors.
Southern Brave is poised to become the eighth and final franchise sold this week, with expectations that the buyers will be the co-owners of the Indian Premier League (IPL) team Delhi Capitals, following their buyout of the Hampshire hosts.
Boehly’s investment background is noteworthy; he famously led a consortium that acquired Premier League club Chelsea for £4.25 billion in May 2022, subsequently taking on the role of chairman at Stamford Bridge. His business partner, Jonathan Goldstein, is also actively involved with the Chelsea board, contributing to the club’s strategic direction. Boehly’s portfolio also includes minority ownership of the Los Angeles Dodgers baseball team and various interests in sports-related ventures through his conglomerate, Eldridge Industries.
Nottinghamshire’s sale of a 49% share marks the fifth instance where hosts of Hundred franchises have opted for similar strategic investments. For context, Surrey negotiated a £60 million deal with the owners of IPL’s Mumbai Indians for a 49% stake in Oval Invincibles, allowing them to retain majority ownership. Similarly, Warwickshire sold 49% of Birmingham Phoenix to the owners of Birmingham City FC for £40 million, while Glamorgan parted with the same stake in Welsh Fire to IT entrepreneur Sanjay Govil, also for £40 million.
Additionally, Marylebone Cricket Club (MCC) executed a share transaction with a consortium led by Nikesh Arora for a 49% stake in London Spirit. Lancashire made a notable move by agreeing to sell 70% of Manchester Originals to the owners of Lucknow Super Giants for around £81 million, making them pioneers in the realm of sharing substantial ownership in their franchise. In a historic first, Yorkshire divested their entire stake when the Sun Group, owners of the Sunrisers Hyderabad, agreed to pay just over £100 million for the Northern Superchargers.
The capital raised from these transactions is set to benefit the wider cricket community, with funds to be allocated among the 18 first-class counties, the MCC, and recreational cricket initiatives. As these deals move forward, they now enter an eight-week exclusivity period aimed at finalizing the partnerships, reflecting a dynamic and forward-looking approach to investment in cricket’s evolving landscape.
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