Chelsea part-owner Todd Boehly is aiming to acquire a stake in the world of cricket, diversifying his sports investments.

Reports indicate that Cain International, a firm backed by Boehly, is set to invest £40 million (approximately $50 million) for a 49% ownership in the Trent Rockets, a team competing in a tournament known as The Hundred.

At this time, neither Trent Rockets nor Cain International has released any official statement regarding the transaction, which is currently in a period of exclusivity as final details are negotiated.

Boehly, who is also a part-owner of Major League Baseball’s Los Angeles Dodgers, became a stakeholder in Chelsea back in May 2022 when he led a $3.2 billion acquisition of the Premier League club in partnership with Clearlake Capital, taking over from long-serving owner Roman Abramovich.

The auctions for the franchises in The Hundred tournament, which has been operational since 2021, have attracted a wide array of investors, including those from India, Silicon Valley, and New York. This influx of investment is expected to yield the England and Wales Cricket Board upwards of £500 million (around $620 million), which will be reinvested into enhancing domestic cricket.

All successful bidders in this recent round of auctions were required to secure a minimum 49% stake in the franchises, which are currently linked with local county teams.

The Hundred represents a shorter format of cricket in which each team faces a total of 100 balls, drawing some comparisons to the Twenty20 format widely played in competitions like the Indian Premier League.

There have been reports of a power struggle between Boehly and Behdad Eghbali, co-founder of Clearlake Capital, concerning their roles at Chelsea, with indications that the two factions are considering potential buyouts of each other’s shares in the club.