Current location:style >>
Rajasthan Royals launch ANOTHER bid to invest in cash
style129People have gathered around
IntroductionRajasthan Royals have launched another bid to buy into Yorkshire with club facing going bust unless ...
Rajasthan Royals have launched another bid to buy into Yorkshire with club facing going bust unless they attract new investment this year.
In an email sent to Yorkshire members earlier on Monday chairman Colin Graves disclosed that the club 'are engaged in discussions with several potential funding partners', with Rajasthan understood to be regarded as the most credible investors at this stage.
Mail Sport revealed last September that Rajasthan had offered Yorkshire around £25millon to buy the club outright, but following protracted negotiations that deal collapsed as the Board were reluctant to end over 160 years as a private members' club.
In his letter to members today however, Graves described the process of demutualisation - moving from being member-owned into private ownership - as 'essential' and admitted Yorkshire are facing a battle for survival.
Graves is understood to have been involved in the initial talks with Rajasthan before he returned to Yorkshire as chairman in February, so their return to the negotiating table is understandable.
IPL side Rajasthan Royals have made another bid to buy into Yorkshire County Cricket Club
Yorkshire chairman Colin Graves (pictured) has admitted the club needs investment if they are going to survive
Rajasthan Royals made a £25m offer to buy Yorkshire - who play at Headingley (pictured) - last year, but were unable to agree a deal
The 76-year-old appears to have had a dramatic change of heart however, as in the run-up to the election which saw him win 88 per cent of the vote Graves told members that Yorkshire had no plans to take the club into private ownership.
Graves now claims that demutualisation is essential for Yorkshire to attract the investment they need to survive after losing £2.7m last year despite hosting a successful Ashes Test match, with further heavy losses forecast for this year. Such a move would need by ratified by a 75 per cent majority of Yorkshire's members with a turnout of at least 50 per cent.
In Monday's letter Graves makes clear that without additional investment Yorkshire's future beyond this year cannot be guaranteed.
'Unfortunately there is no doubt that without swift and decisive action YCCC will be fighting for its survival during 2024,' Graves wrote. 'During recent months the Board has been working extensively to secure new financing to ensure the club survives throughout 2024.
'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. We are currently engaged in discussions with several credible funding partners.'
Rajasthan Royals - who have England captain Jos Buttler in their ranks - must be regarded as credible bidders
The size of Rajasthan's offer and potential stake is not known at this stage, but given their long-term interest the IPL franchise must be regarded as credible bidders.
Investing in Yorkshire would also give them a stake in the potentially more lucrative Northern Superchargers Hundred franchise, as the ECB are in talks about handing over a 51 per cent share of each of the franchises to the host counties, which include Yorkshire.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Earth Enigma news portal”。http://bosniaandherzegovina.spaceforanything.com/content-30a899079.html
Related articles
Police break up pro
styleANN ARBOR, Mich. (AP) — Police broke up a pro-Palestinian encampment Tuesday at the University of Mi ...
【style】
Read moreLilly rides Mounjaro, Zepbound to better
styleRapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, ...
【style】
Read moreFinnish hacker imprisoned for accessing thousands of psychotherapy records and demanding ransoms
styleHELSINKI (AP) — A Finnish court on Tuesday sentenced a 26-year-old man to six years and three months ...
【style】
Read more
Popular articles
- UK court rules that extension of UK police powers to intervene in protests is unlawful
- To fend off tourists, a town in Japan is building a big screen blocking the view of Mount Fuji
- Miriam: Death Of A Reality Star review
- HBCU Xavier of New Orleans moves closer to establishing a medical school
- New York's high court upholds requiring insurance to cover medically necessary abortions
- Mom shopping in Target stunned by small print on Clorox wipes
Latest articles
Ecuador: Fire department honors five rescue dogs during retirement
I'm a psychologist
Growing wildfire risk leaves states grappling with how to keep property insurers from fleeing
Explainer: What makes China magnet for multinational corporations?
Closing prices for crude oil, gold and other commodities
California's population grew in 2023, halting 3 years of decline
LINKS
- Audit finds Wisconsin Capitol Police emergency response times up, calls for better tracking
- PGA Tour goes to Dallas for same course and new title. LIV Golf plays in Singapore
- US, Mexico drop bid to host 2027 World Cup
- Finnish hacker imprisoned for accessing thousands of psychotherapy records and demanding ransoms
- Walmart launches store
- WADA defends pick of Swiss prosecutor under scrutiny in review of Chinese swimmers case
- Walmart launches store
- Trainer and Brehm can find a few perks amid New Orleans disappointment
- New Jersey and union ask judge to dismiss anti
- EMMA COWING: Humza Yousaf's obsession with gender politics showed an absolute contempt for women