We have advised Cain International (Cain) on its acquisition, in strategic partnership with Ares, of a 49% stake in The Hundred franchise Trent Rockets.
The investment by Cain in Trent Rockets, alongside investments in the other franchises, represents a significant milestone in the ongoing commercialisation of The Hundred cricket competition. Nottinghamshire County Cricket Club will retain control of the remaining 51% stake and continue to host the Rockets at their Trent Bridge ground.
Cain, a partnership between Jonathan Goldstein and Eldridge Industries, manages over US$13.6 billion in AUM, with key investments in lifestyle and entertainment, including Aman, The St. James, Delano, Maslow’s Group, Prezzo, and Swingers. Goldstein also serves on the board of Chelsea FC. The transaction marks Cain’s first direct investment in a professional sports club.
Our multidisciplinary team advising Cain International was led by Jonny Bethell (Partner), Omar Amin (Senior Associate) and Alexander Stones (Associate) in the Private Equity team.
Commercial agreements were handled by Adam Rendle (Partner), Richard Bursby (Partner), Simon Jupp (Senior Counsel) and Sam Tee (Associate). Graham Samuel-Gibbon (Partner) and Harriet Revington (Senior Counsel) advised on tax matters.
Commenting on the transaction, Jonny Bethell said: "This deal represents another significant step in the evolution of cricket as a commercial sport. As a cricket fan, it is a fascinating transaction to have worked on. As a lawyer, it was a pleasure to be part of setting up something unprecedented in UK sport.”
Cain client partner Michael Goldberg said: “We're delighted to have once again supported Cain International in securing this strategic investment. The transaction demonstrates the continued appetite for investment in sports and franchises in which we're very well placed to advise."
Joe Stelzer, Senior Managing Director and Head of UK Private Equity at Cain International said: "We are very excited to be making this investment in the growth of cricket alongside our partners at the NCCC and Ares. We have been collaborating with Taylor Wessing for many years and appreciate their impressive commercial insight and pragmatic approach on transactions. The team showed their expertise and in depth understanding in both novel deals and the sports sector."
The wider team included:
- Employment, Pensions & Mobility: Sean Nesbitt (Partner) and James Watkins (Senior Counsel).
- Data Protection: Sian Skelton (Partner) and Megan Lukins (Senior Associate).
