The Todd Boehly-backed Cain International have succeeded in securing a stake in Hundred side Trent Rockets. The group, led by Chelsea director Jonathan Goldstein and the football club’s joint-owner Boehly, put in the winning bid for a 49% stake in Rockets, valuing 100% of the team at what ESPNcricinfo understands to be around £80 million. The two parties will now finalise their agreement over an eight-week period that begins at the conclusion of the Hundred sale.
Cain International had been in the running for London Spirit, but pulled out of the bidding early, with a Silicon Valley consortium eventually triumphing in a bidding war with a mammoth £295m valuation of Spirit. This time, Cain International came out on top in a live auction. They are understood to have beaten the owners of Kolkata Knight Riders and Indian investor Amit Jain, who was working in conjunction with Royal Challengers Bangalore.
Rockets won the men’s Hundred in 2022, with their women’s team earning their best placing of third in the same season. The men’s team is currently coached by Andy Flower, with Jon Lewis in charge of the women’s set-up.
The sale of Rockets had originally been scheduled for February 3 but was subsequently delayed as the ECB sought to keep investors in the process who had failed with earlier bids. Nottinghamshire were understandably wary of their place in the queue, and saw prospective suitors – such as Lucknow Super Giants, who ended up with a 70% stake in Manchester Originals – put their money elsewhere. But the end result, which will see them retain a controlling stake of 51%, is positive.
The acquisition sees Boehly expand his sporting portfolio, having established roots in the UK as the leader of a consortium that purchased Chelsea for £4.25 billion in 2022.He is also co-owner of French football team Strasbourg and the LA Dodgers baseball team. Goldstein, a property entrepreneur, co-founded Cain International with Boehly in 2014, and also operates as the investment bank’s CEO. They are set to become one of four non-IPL owners, and the second to have involvement in English football after Knighthead Capital, the co-owners of Birmingham City who won the race for Birmingham Phoenix.
The total valuation of the seven franchises so far is circa £865m, with Southern Brave, the final team up on the table, likely to be sold on Wednesday. Brave are widely expected to be secured by GMR Group, co-owners of Delhi Capitals, who bought a majority stake in host county Hampshire last year. It is understood they are keen to partner up with other investors for the 49% portion of the team.