Chelsea co-owner Boehly to invest in cricket with stake in Trent Rockets franchise in The Hundred

Chelsea part-owner Todd Boehly is looking to buy a slice of another English sports team — this time in cricket.

Cain International, a company co-funded by the American businessman, is paying 40 million pounds ($50 million) for 49% of Trent Rockets, a franchise in a tournament called The Hundred, according to widespread reports in the British media.

Neither Trent Rockets nor Cain International have publicly commented on the deal, which now enters a period of exclusivity between the parties before being finalized.

Boehly, who also part-owns the Los Angeles Dodgers, has been part of Chelsea's ownership since May 2022 after he fronted the $3.2 billion purchase of the Premier League soccer team with Clearlake Capital from the club's long-time owner, Russian oligarch Roman Abramovich.

Auctions of the eight franchises in The Hundred, which has been running since 2021, have attracted investors from India, Silicon Valley and New York over the past few days, likely earning the England and Wales Cricket Board more than 500 million pounds ($620 million) to reinvest in the domestic game.

The successful investors have all bought a minimum 49% share of the franchises, which are currently owned by affiliated county teams.

The Hundred is a shorter form of cricket — each team faces 100 balls — that can compare to the Twenty20 format, which is played in the popular Indian Premier League among other places.

Boehly and Behdad Eghbali, the co-founder of Clearlake Capital, have reportedly been engaged in a power struggle at Chelsea. There are reports the two factions want to buy each other out.

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AP cricket: https://apnews.com/hub/cricket