The joint owner of Chelsea Football Club has joined forces with one of his fellow board members to bid for the most valuable team in English cricket’s Hundred competition.
Sky News has learnt that Todd Boehly is backing a bid spearheaded by Jonathan Goldstein, a British property entrepreneur, in an offer for a large stake in London Spirit, the Lords-based franchise.
The bid represents the latest move by Mr Boehly, a billionaire financier, to gatecrash the British sporting elite, following his takeover of Chelsea in 2022 alongside Behdad Eghabli, the founder of Clearlake Capital.
Recent reports suggest the pair have fallen out and are looking at ways to buy each other out of the club.
Mr Boehly’s interest in the London Spirit franchise puts him and Mr Goldstein on a shortlist of a handful of bidders for – at least – a 49% stake in it.
Sources said this weekend that the other contenders to buy the interest as part of a process run by the England and Wales Cricket Board were Sanjiv Goenka, an Indian billionaire who owns the Indian Premier League’s (IPL) Lucknow Super Giants; the owners of the IPL’s Chennai Super Kings; India’s ultra-wealthy Ambani family; and possibly members of the Glazer family, which retains the largest stake in Manchester United Football Club.
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The London Spirit franchise is expected to command the highest price of the eight teams being auctioned, with one of Chelsea’s lenders, Ares Management, plotting the purchase of a stake in the Oval Invincibles, Sky News revealed on Friday.
CVC Capital Partners, one of the most prolific backers of global sport with stakes in the men’s professional tennis tour and rugby union’s Six Nations Championship, is also bidding for the Oval Invincibles.
Insiders said CVC had also submitted offers for two other Hundred franchises.
In total, roughly 35 bids are said to have been shortlisted for the eight teams, with the respective host counties able to decide whether they offload part of their 51% stake in order to give new investors control of the franchise.
Those 35 proposals are, in turn, said to have come from 15 separate investor groups.
The teams are in aggregate understood to have been valued at more than £600m in the first round of the auction, with the proceeds distributed across the recreational game, the 18 first-class counties and the MCC, which owns Lords.
The eight host venues play home to teams including the Northern Superchargers, Manchester Originals and Southern Brave.
A bigger-than-expected windfall from the process could offer a financial lifeline to a number of cash-strapped counties, with part of the proceeds likely to be used to pay down debt.
Concerns have been raised, however, that windfalls from the Hundred auction will not deliver a meaningful improvement in counties’ long-term financial sustainability.
The outcome of the auction, which will become clear in the coming months, is also likely to intensify other searching questions about the future of cricket, as the Test format of the game struggles for international commercial relevance against shorter-length competition.
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The Hundred auction is being handled by Raine Group, which also oversaw the sale of Chelsea to Mr Boehly and Mr Eghbali two years ago after Roman Abramovich was sanctioned by the government.
Mr Goldstein, CVC and the ECB declined to comment on the process.
The government is preparing to sell the final publicly owned shares in NatWest Group on Friday, drawing a line under one of the world’s biggest bank bailouts after nearly 17 years.
Sky News understands that the Treasury is preparing to offload its remaining stake – which is down to roughly 0.1% – in the coming hours, with a public statement likely either later on Friday or on Monday morning.
Sources cautioned that the timings were still subject to change.
The final disposal of a stake which at one point represented more than 80% of NatWest’s share capital has been anticipated for weeks.
Last week, Sky News reported that British taxpayers were heading for a loss of just over £10bn on the 2008 rescue of NatWest, then known as Royal Bank of Scotland (RBS), having pumped £45.5bn into the lender to prevent it – and the wider UK financial system – collapsing.
Confirmation of the sale of the Treasury’s final interest in NatWest will come almost 17 years after the then chancellor, Lord Darling, conducted what RBS’s boss at the time, Fred Goodwin, labelled “a drive-by shooting”.
Total proceeds from a government trading plan launched in 2021 to drip-feed NatWest stock into the market have so far reached about £13bn, with the final tally likely to be about £13.2bn.
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In addition, institutional share sales and direct buybacks by NatWest of government-held stock have yielded a further £11.5bn.
Dividend payments to the Treasury during its ownership have totalled £4.9bn, while fees and other payments have generated another £5.6bn.
In aggregate, that means total proceeds from NatWest since 2008 are expected to hit £35.3bn.
Under Rick Haythornthwaite and Paul Thwaite, now the bank’s chairman and chief executive respectively, NatWest is now focused on driving growth across its business.
It recently tabled an £11bn bid to buy Santander UK, according to the Financial Times, although no talks are ongoing.
Mr Thwaite replaced Dame Alison Rose, who left amid the crisis sparked by the debanking scandal involving Nigel Farage, the Reform UK leader.
Sky News recently revealed that the bank and Mr Farage had reached an undisclosed settlement.
During the first five years of NatWest’s period in majority state ownership, the bank was run by Sir Stephen Hester, now the chairman of easyJet.
Sir Stephen stepped down amid tensions with the then chancellor, George Osborne, about how RBS – as it them was – should be run.
Lloyds Banking Group was also in partial state ownership for years, although taxpayers reaped a net gain of about £900m from that period.
Other lenders nationalised during the crisis included Bradford & Bingley, the bulk of which was sold to Santander UK, and Northern Rock, part of which was sold to Virgin Money – which in turn has been acquired by Nationwide.
A trade court in the US has blocked President Donald Trump from imposing sweeping global tariffs on imports.
The ruling from a three-judge panel at the Court of International Trade came after several lawsuits arguing Trump has exceeded his authority, left U.S. trade policy dependent on his whims and unleashed economic chaos.
“The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs,” the court wrote, referring to the 1977 International Emergency Economic Powers Act.
The White House is yet to respond.
The Trump administration is expected to appeal.
This breaking news story is being updated and more details will be published shortly.
You probably recall the stories about Leicester’s clothing industry in recent years: grim labour conditions, pay below the minimum wage, “dark factories” serving the fast fashion sector. What is less well known is what happened next. In short, the industry has cratered.
In the wake of the recurrent scandals over “sweatshop” conditions in Leicester, the majority of major brands have now abandoned the city, triggering an implosion in production in the place that once boasted that it “clothed the world”.
And now Leicester faces a further existential double-threat: competition from Chinese companies like Shein and Temu, and the impending arrival of cheap imports from India, following the recent trade deal signed with the UK. Many worry it could spell an end for the city’s fashion business altogether.
Gauging the scale of the recent collapse is challenging because many of the textile and apparel factories in Leicester are small operations that can start up and shut down rapidly, but according to data provided to Sky News by SP&KO, a consultancy founded by fashion sector veterans Kathy O’Driscoll and Simon Platts, the number has fallen from 1,500 in 2017 to just 96 this year. This 94% collapse comes amid growing concerns that British clothes-making more broadly is facing an existential crisis.
Image: A trade fair tries to reignite enthusiasm for the local clothing industry
In an in-depth investigation carried out over recent months, Sky News has visited sites in the city shut down in the face of a collapse of demand. Thousands of fashion workers are understood to have lost their jobs. Many factories lie empty, their machines gathering dust.
The vast majority of high street and fast fashion brands that once sourced their clothes in Leicester have now shifted their supply chains to North Africa and South Asia.
And a new report from UKFT – Britain’s fashion and textiles lobby group – has found that a staggering 95% of clothes companies have either trimmed or completely eliminated clothes manufacturing in the UK. Some 58% of brands, by turnover, now have an explicit policy not to source clothes from the UK.
Image: Seamstresses in one of the city’s former factories
Image: Clothing industry workers in Leicester
Jenny Holloway, chair of the Apparel & Textile Manufacturers Association, said: “We know of factories that were asked to become a potential supplier [to high street brands], got so far down the line, invested on sampling, invested time and money, policies, and then it’s like: ‘oh, sorry, we can’t use you, because Leicester is embargoed.'”
Tejas Shah, a third-generation manufacturer whose family company Shahtex used to make materials for Marks & Spencer, said: “I’ve spoken to brands in the past who, if I moved my factory 15 miles north into Loughborough, would be happy to work with me. But because I have an LE1, LE4 postcode, they don’t want to work for me.”
Image: Shahtex in Leicester used to make materials for Marks & Spencer
Image: Tejas Shah, of Leicester-based firm Shahtex
Threat of Chinese brands Shein and Temu
That pain has been exacerbated by a new phenomenon: the rise of Chinese fast fashion brands Shein and Temu.
They offer consumers ultra-cheap clothes and goods, made in Chinese factories and flown direct to UK households. And, thanks to a customs loophole known as “de minimis”, those goods don’t even incur tariffs when they arrive in the country.
Image: An online advert for Chinese fast fashion company Shein
According to Satvir Singh, who runs Our Fashion, one of the last remaining knitwear producers in the city, this threat could prove the final straw for Leicester’s garments sector.
“It is having an impact on our production – and I think the whole retail sector, at least for clothing, are feeling that pinch.”
Image: Inside one of the city’s remaining clothesmakers
While Donald Trump has threatened to abolish the loophole in the US, the UK has only announced a review with no timeline.
“If we look at what Trump’s done, he’s just thinking more about his local economy because he can see the long-term effects,” said Mr Singh. “I think [abolishing de minimis exceptions] will make a huge difference. I think ultimately it’s about a level playing field.”
A spokesperson for Temu told Sky News: “We welcome UK manufacturers and businesses to explore a low-cost way to grow with us. By the end of 2025, we expect half our UK sales to come from local sellers and local warehouses.”