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Opening Yorkshire To Private Investment Is Essential For The Club’s Future, Says Colin Graves
Yorkshire County Cricket Club: Colin Graves, the Chairman of the Yorkshire County Cricket Club, has said the club must go from a traditional members-owned club to becoming a private structure -– through a process of demutualisation -- in order to survive in the future. Graves was re-elected as Yorkshire's chairman for a second stint in February this year. Through a statement on the club’s official website, Graves said Yorkshire lost 2.7 million pounds, despite hosting an Ashes Test last year, which takes the total losses beyond 9 million pounds.
“As discussed at our AGM in April, the Club’s current status as a mutual society continues to prove a blocker to attracting private financing. A demutualisation -– thereby converting the club to a private structure, which unlocks potential private investment – appears at this point essential for the Club’s future.”
“My firm intention is that members’ current rights are protected, and that demutualisation would represent no change to their current interaction with YCCC. The Club would be better structured to be self-sustaining, still in existence, and to capture maximum value for YCCC from any processes such as The Hundred.”
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- 06 Feb 2021 04:31