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, with Nottinghamshire confirming on Wednesday that they will be retaining their majority 51% stake in the team.
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.
"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," Andy Hunt, Nottinghamshire's chair, 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."
Goldstein, CEO of Cain International, said: "Cricket has long been a cornerstone of British sport, bringing communities together and creating moments that last a lifetime. Trent Rockets is a team with a strong heritage and an exciting future, and we're thrilled to be part of that journey. We look forward to working with the team to build on its success and deepen its impact in Nottingham and beyond."
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 eight franchises is set to exceed £900 million, with Southern Brave, the final team up on the table, sold on Wednesday to 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.
This story was updated at 1100GMT on Wednesday, February 12, following confirmation of Southern Brave's sale and Nottinghamshire's equity stake