Cricket NSW Chair Joins Trent Rockets Board as Hundred Investment Deals Near Completion
Trent Rockets have become the seventh franchise in The Hundred to finalise a private investment deal, with Cricket New South Wales chair John Knox appointed to the team’s board as part of the arrangement.
Knox’s appointment comes as part of the £40 million deal agreed earlier this year between Nottinghamshire and private equity firms Ares Management and Cain International, who have acquired a 49% stake in the Rockets. The partnership has now been formalised, marking a significant step forward in the England and Wales Cricket Board’s (ECB) push to secure the financial future of The Hundred.
The deal sees Rockets run as a joint venture between Nottinghamshire, who retain majority control, and the investors, represented by Knox, Jonathan Goldstein (Cain CEO), and Joe Stelzer (Cain senior managing director), who will take three seats on the team’s seven-member board. Nottinghamshire’s board members include director of cricket Mick Newell, who also serves as Rockets’ general manager.
Knox’s involvement in the franchise is independent of his role with Cricket NSW, which he has chaired since 2018. A key figure in Australian cricket administration, Knox played a major role in the ousting of former Cricket Australia chair Earl Eddings in 2021 and helped implement gender diversity targets on the NSW board. Professionally, he serves as a partner and head of Australia/New Zealand at Ares Management.
The move comes as Cricket Australia continues to explore private investment opportunities for its own domestic T20 competition, the Big Bash League. Knox previously told the Australian Financial Review that cricket is his “life’s passion,” and labelled T20 as a “tremendous… growth opportunity.”
Oval Invincibles Deal the Final Piece Remaining
With the Trent Rockets’ deal now official, only one franchise – Oval Invincibles – has yet to complete its investment agreement. Surrey’s partnership with Reliance Industries, owners of the Mumbai Indians, is expected to be finalised later this week after a prolonged legal process involving more than a dozen lawyers. The ECB had originally projected that all franchise deals would be completed within an eight-week exclusivity period following February’s auction, but timelines have significantly extended.
Once concluded, the sale of minority stakes across all eight Hundred franchises will generate more than £500 million for the ECB and its stakeholders. These funds are intended to be distributed throughout the English cricket system, including the 18 first-class counties.
Last week, Gloucestershire confirmed they had cleared all outstanding debt after over two decades, crediting the financial boost from The Hundred's investment round as a turning point. Treasurer Nick Bryan described it as a “seminal moment” for the club.
New Era Begins at Trent Rockets
While the boardroom sees new leadership, Trent Rockets also face changes on the field. Last week, long-serving men’s coach Andy Flower departed the franchise to take over at London Spirit, replacing Justin Langer. Flower had coached the Rockets since the competition’s inception and was a central figure in their setup. Finding his successor will be a key priority for the newly formed board.
Despite these changes, the ECB remains optimistic that the private investment model will secure long-term sustainability for The Hundred, allowing franchises to operate more independently while continuing to support the wider domestic structure.
With the Oval Invincibles deal on the brink of completion, the ECB's ambitious transformation of its flagship white-ball tournament nears its final stage.