Todd Boehly and investors ‘ideal fit’ for Trent Rockets – Nottinghamshire chair
The investment of nearly £40million will acquire a 49 per cent stake in the Hundred team
Chelsea co-owner Todd Boehly’s Cain International group and fellow investors Ares Management Credit are an “ideal fit” for Trent Rockets, according to Nottinghamshire chair Andy Hunt.
Rockets, who are based at Nottinghamshire’s Trent Bridge, became the seventh of the eight Hundred teams to go to auction and attracted a winning bid for a 49 per cent minority holding.
Boehly had shown early interest in Lord’s outfit London Spirit – which eventually drew a startling overall valuation of more than £290million.
However, alongside Ares – whose existing sporting portfolio includes investments in Inter Miami, McLaren Racing and Atletico Madrid – the Cain International group has now agreed to pay nearly £40m for a stake in Trent Rockets.
The two parties will enter an eight-week period of exclusivity, with due diligence and legal checks, after which the deal is expected to be finalised, which will see Cain and Ares acquire a 49 per cent stake in the Rockets. Nottinghamshire will retain the majority 51 per cent holding.
“The experience of Cain and Ares in helping businesses in recreational and leisure sectors to grow, and their focus on delivering long-term benefits, made them an ideal fit for this investment,” Hunt said.
“The Hundred has been an undoubted success in Nottingham – welcoming a diverse audience, attracting some of the world’s best players and delivering an experience for supporters that is unrivalled on these shores.
“This investment, alongside those in other competing teams, will both help to safeguard the future of our 18-county system and elevate The Hundred to ensure it is able to thrive as one of the finest competitions of its kind worldwide.”
Cain International chief executive Jonathan Goldstein – a director on the Chelsea board – is confident the Rockets can build towards further success in the Hundred, with the men’s side having won the 2022 title at Lord’s.
“Trent Rockets is a team with a strong heritage and an exciting future, and we are thrilled to be part of that journey,” he said.
“We look forward to working with the team to build on its success and deepen its impact in Nottingham and beyond.”
Based on the figures for the Rockets deal, the full 100 per cent of the side would come to just under £80m.
That means the running tally of valuations for the seven Hundred teams stands in the region of £850m, with Southern Brave set to follow close behind.
Delhi Capitals owner GMR – which recently bought out the Brave’s host county Hampshire – is heavily favoured to tie up that deal and complete an astonishing influx of money into the English and Welsh game.
Glamorgan have also spoken for the first time about their forthcoming partnership with Sanjay Govil. The tech entrepreneur, who also owns reigning Major League Cricket champions Washington Freedom, has agreed a £40m fee for 49 per cent of the Welsh Fire brand.
Club chair Mark Rhydderch-Roberts said: “Washington Freedom ticked all of the boxes and has been our preferred bidder for some time so we are delighted that they have chosen to partner with us.
“They share our belief that both Glamorgan and Welsh Fire have huge potential and that Welsh Fire, in particular, can become a global brand, opening commercial opportunities on a different scale across the whole spectrum of Welsh Cricket.”
Govil added: “I’m thrilled for this next step forward in renewing and expanding cricket for the next generation of fans. I’m looking forward to the benefits our partnership will have not only for recreational cricket in the United Kingdom, but for strengthening the cross-border relationship between international teams, franchises, and fans for years to come.”
