Chelsea co-owner Todd Boehly has agreed to buy a 49 per cent stake in Hundred franchise Trent Rockets, becoming the latest foreign investor in the 100-ball-a-side cricket competition.

Boehly’s Cain International group agreed to pay nearly £40 million ($50 million) for their stake as the Rockets, who are based at Nottinghamshire’s Trent Bridge ground, became the seventh of the eight teams to go to auction.

The county will retain control of the other 51 per cent.

Boehly had shown early interest in Lord’s outfit London Spirit, which eventually drew a startling overall valuation of more than £290 million. A 49 per cent share was sold to a Silicon Valley consortium.

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The American billionaire, who led a consortium that bought Premier League club Chelsea for £4.25 billion in May 2022, is also a minority owner of the Los Angeles Dodgers baseball team and has other sporting investments.

The running tally of valuations for the seven Hundred teams in which stakes have been sold so far is around £850 million, with Southern Brave set to follow close behind.

GMR Group, co-owners of Indian Premier League team Delhi Capitals, which recently bought a majority stake in Brave’s host county Hampshire, are heavily favoured to tie up that deal.

A period of exclusivity between the counties and their prospective investors will now ensue as details of each deal are finalised.

The Hundred has proved controversial, with many English and Welsh county fans angry at the way the tournament deprives their clubs of key players at the height of the season.

But cricket chiefs say funds raised from the sale of stakes in the eight franchises will support the 18 traditional counties.